Who doesn’t love the web? The web now grants us specials on savings accounts as well. All major banks have special interest rates on account that are web based. Key factors that should be looked at for Online Savings Accounts are Website reliability/security and customer support. Listed below are rates as of December 18, 2008.

• FNBO Direct. No fees, no minimum balance. 3.25% APY.
• E*TRADE Bank. No fees, no minimum balance. 3.01% APY.
• ING Direct. No fees, no minimum balance. Orange Savings Account 2.75% APY. Electric Orange 3.05% APY. Orange CDs – 12-month CDs 3.50% APY.
  Note: ING Direct offers a $25 bonus to new customers who deposit $250 or more. Once you have an account you can earn $500 by referring other customers.
• HSBC Direct. No fees, no minimum balance. 3.00% APY.
• CitiBank Ultimate Savings. No fees, no minimum balance. 2.75% APY.

Popularity: unranked [?]

Snowflaking is a more basic and simple approach to the snowball effect to debt reduction. When you think of snowballing, you think dollars a day while when you think of snowflaking, you think of pennies a day.

With this approach, even a dollar a day extra can accumulate to a large reduction in time. I would use this to pay off the higher interest debt first. Adding the snow flake effect as extra monthly principal.

You can take income from minor second income ventures as well.

Ebay.com – One approach is to sell items on ebay.

Craigslist.org – craigslist then take the extra income to apply it to snow flakes.

Survey Online – Another approach would be to take surveys online.

Yard Sale – Even old methods such as yard sales can deem valuable and effective to the cause.

You can use any of these methods to gain extra income and you should send payments immediately or as soon as your permitted to.

Popularity: 40% [?]