Money that is invested in an interest bearing account such as a savings account or certificate of deposit earns interest. The rate at which interest is paid varies, but it will be a small percentage of the balance in the account.

Rates may be either variable or fixed. Fixed rates remain the same, but variable rates are tied to the wider economy and may go either up or down. If you want to place your savings in an interest bearing account, then you should shop around in order to get the best rate of interest.

Some interest bearing accounts require investors to pay fees. If you are considering taking out such an account, you should ensure that the amount of interest being earned is greater than the cost of the fees, otherwise you will be losing money on the account.

Interest bearing accounts are one of the safest ways to invest your money. There is no element of risk involved and the money you deposit in the account remains safe, even if the interest being earned is variable. The potential gains may be higher with investments such as stocks and shares, but the potential losses are also much worse. The money that is placed into an interest bearing account is safe. If it is left in the account, the interest will gradually accumulate. Essentially, a small amount of money can be made, without risking a loss.

Your money will be completely safe as long as the bank with which you have invested it remains in business. If you choose a bank that has been insured by the FDIC, then your investment will be secure even if the bank should fail.

Savings accounts are usually the most convenient type of interest bearing accounts since there are usually fewer limitations on deposits and withdrawals, although this depends on the account. Some savings accounts come with ATM cards.

A certificate of deposit (sometimes known as a CD) is a fixed term investment. This means that when a CD is opened, the investor agrees to keep their money in it for a specified period of time, which could be anything from three months to five years or more. The longer the investment period, the higher the interest rate that will be offered. If you decide to withdraw your money before the specified date, you will be required to pay a penalty fee, which will usually be the equivalent of three months worth of interest. This means that if you need to access your savings in an emergency, you will have to pay to do so.

Banks can link interest bearing savings accounts, certificates of deposit and checking accounts. This can make it easier to organize your money. It is also possible to have an interest bearing checking account.

Gas prices are far from their peak we experienced in the summer of 2008, but on a historical basis, they are still well above average. In turn, people are resorting to creative measures to save money at the pump – from hybrid cars to credit card deals with rebates. We all know a fuel efficient car makes sense, but are these credit cards truly worth the hassle? Let’s take a closer look…

Gas Station Cards
These are charge cards affiliated with a specific station; such as Shell, BP, Chevron, etc. Their fuel rebate is only offered at the station which issues the card.

Are they worth it? Well, if you only buy gas at that particular station, then some of them may be worth considering. For example, the Shell credit card offers a 5% gas rebate at Shell stations. That’s a pretty generous discount, but the main drawback is that it only applies to purchases at their stations. What happens if you’re out of town and there is no Shell in sight? Another negative is that this is considered a brand name station, so often their price per gallon is pretty high. Is it worth saving 5% if you are paying 15 cents more per gallon? Last but not least, the interest rate on these (including the Shell credit card) tends to be astronomical. So although you may be earning a rebate, if you every carry a balance, the 20%+ APR will quick cancel out any rewards you’ve earned.

Regular Credit Card Deals
Alternately, a number of banks (including Discover, American Express, and Chase) offer cards which give a high rebate on gas, regardless of where you’re buying it. For most people, this is probably the best option. That way you don’t have to restrict yourself to buying from a specific company. Instead, you can fill up your tank anywhere you want and still earn an above average discount. The drawback is that these banks are constantly changing the reward structures of these cards, so you will probably have to sort through all the credit card deals to find the best offer currently available.

Ever Carry a Balance?
Whether you go with a gas station issued card or one from a bank, the bottom line is that the interest rates on reward cards generally tends to be rather high. So if you are someone that ever carries a balance, then these so called credit card deals may end up hurting more than they help.