Certificate of deposit calculator

Despite the puttering pace of the economy, you can rev up your personal finances with some mouse clicks and a few phone calls. Designate a day, log on to the Internet, and shop around for lower bank fees and higher interest rates on your savings and investments. Follow this guide and you'll generate big bucks

1 GO FOR BANK

Does your bank offer the best deal? Check out bankrate.com, and compare savings rates and checking-account or ATM fees for banks in your region. Better yet, if customer service isn't a high priority, look for deals at many Internet banks. They typically have low or no minimum balances and let you earn interest on regular checking accounts. Bankrate posts a list of the best Internet banking deals regularly, or you can go directly to netbank.com ([888] 256-6932) or wingspan.com ([888] 736-8611).

Potential savings: up to $400 a year by eliminating excessive fees.

2 CUT AND SAVE

Take out the scissors and reduce your plastic power to one or two cards. "If you carry a balance, look for lower interest rates," says Eleanor Blayney, certified financial planner and principal of Sullivan, Bruyette, Speros & Blayney, a financial-planning firm in McLean, Virginia. "If you pay your bill in full, look for a low annual fee," she adds. Visit cardtrak.com or ramresearch.com for help in navigating the credit-card jungle.

Potential savings: between $300 and $500 a year by reducing your monthly payments and lowering your interest rate.

3 WORK YOUR MONEY

Tired of the paltry interest rate on your savings account? Switch to a money-market account, which typically pays at least a couple percentage points more; it's virtually risk-free and offers check-writing services or ATM cards. If you have cash that you won't need for a while, try a certificate of deposit (CD) for an even higher interest kick. CDs have terms of three months to several years. The longer the term, the higher the interest rate. Adding a point or two to earned interest can mean hundreds of dollars in your pocket (depending on the size of your savings stash). Find current rates at bankrate.com or with one of the tools at moneycentral.msn.com.

Potential savings: from $50 to $200 in additional interest.

4 HOME IN ON SAVINGS

Consider refinancing your mortgage. Remember this: The longer you plan to stay in your home, the smaller an interest-rate break you'll need to save money. If you're planning to stay put for 20 to 30 years, then even a 1-percent rate change can mean thousands in savings. Check out this mortgage calculator to see if refinancing is for you: hsh.com/pamphlets/refi.html.

Potential savings: from $2,000 to $10,000 a year by lowering your interest rate.

5 COVER IT

Your family needs insurance coverage for your car, your home and for lost income should you die or become disabled. Here are some policies you don't need: extended warranties, flight insurance (most credit-card companies cover you for $100,000 or more for using their card to charge your ticket) and cash-value life insurance. Term life insurance has much lower premiums. Get insurance help at moneycentral.msn.com.

Potential savings: up to $500 by getting rid of unnecessary insurance.

6 NIP COSTS

Make sure you're using the cheapest electric, gas and telephone services. Consumers in many states can now choose their energy company. Log on to energyguide.com, plug in your zip code and look at the rates in your area. For the cheapest talk time, go to trac.org.

Potential savings: up to $200 a year in lower utility bills.

7 CHAT UP A PRO

Make a call to the Financial Planning Association ([800] 647-6340) and talk to a CFP, who can help you sort out debt problems and get your financial future on a sure footing. For help finding a sister-friendly planner in your area, contact the Coalition of Black Investors (cobinvest.com/contact.html).

Potential Savings: nothing up-front, but thousands in the long run.