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Money Lessons You Don't Need To Follow

What used to be bedrock advice for your parents' generation might not be the best strategy in the 21st century. Here's how to keep pace with the brave new post–piggy bank world.
By Amy Shearn
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Old Lesson: Bank with the Local Guy

Supporting local businesses is great, but you don't need to follow your parents' footsteps in keeping their life savings at First Local Urbantown Bank with No Branches Anywhere Else. There are banks that exist entirely online, and experts say they are not only safe but can save you a lot of money in fees. Kiplinger.com points out that because online-only banks don't have the same overhead costs as traditional banks, they can offer high interest rates on checking and savings accounts. Kiplinger rated the best deals in online banking here.

Published on February 06, 2013
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Please note: This is general information and is not intended to be legal advice. You should consult with your own financial advisor before making any major financial decisions, including investments or changes to your portfolio, and a qualified legal professional before executing any legal documents or taking any legal action. Harpo Productions, Inc., OWN: Oprah Winfrey Network, Discovery Communications LLC and their affiliated companies and entities are not responsible for any losses, damages or claims that may result from your financial or legal decisions.
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