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.