Comparing rates is the right approach. It's smart to save for a rainy day. But it's also a good idea to keep your debt load low. So if you have extra money, where should it go? Before deciding, compare what you're earning on your savings to the rate you're paying on your debt. As this calculator shows, if the debt interest rate is significantly higher, you might end up with more money in the long run by paying down what you owe.
Attacking your debt might be the best saving strategy of all.
Andrews Federal Credit Union is a full-service financial institution with stateside locations in Washington, D.C., Maryland, Virginia and New Jersey, as well as overseas locations in the Netherlands, Belgium and Germany.