The best savings account in the US right now is 1.8%.

This is roughly $50 per year interest earned on $2,800 savings balance.

There is a simple way to earn a lot more cash. Instead of depositing savings into a bank account and suffering low rates I suggest you trade of income as a superior option.

By trading for income I mean selling options – usually puts and covered calls. (Check out investopedia for easy to understand definitions.)

I focus mostly on selling puts.

By selling a put, you receive cash up front for agreeing to buy a stock at the "strike" price before the expiration date. Our downside risk is reduced from the upfront cash collected and you often make money without having to buy the stock (if the stock trades above the "strike" price at expiration then the option expires worthless and you keep all the cash).

The best trade I have found for today is through glass-maker Corning (GLW).

World's leading high-tech-glass and fiber-optic-cable maker. The firms "Gorilla Glass" is used in more the 5 billion devices. If you use electronics then there is a high probability that you are an indirect customer of Corning.

Last year, Corning generated $10.2 billion in sales, a new company record. With big 13% profit margins, the company has plenty of cash left over to reward shareholders. During the past 5 years Corning has increased its dividend payments by 14% annually with a current dividend yield of 2.6%.

Corning is a great business trading at a very attractive price fundamentally. Shares trade with a low EV/EBITDA of 10.7.

The stock bottomed at $26 and is now in a short term consolidation pattern.

Instead of guessing if or when the stock will rise in price is it much safe to sell puts, collect cash upfront and agree to buy the shares are a lower price.

Suggested Trade:

Sell the July, $28 puts on Corning for $0.66 (using a Good to Cancel limit order). You are paid an instant 2.4% premium that you keep no matter what happens.

If Corning is above $28 through expiration, the put expires worthless which works out to a 19.1% annualized return.

If Corning closes below $28 on expiration, put sellers will buy shares and can potential collect more income by selling covered calls.

For protection use a stop loss at $25.75 which is below Corning's May 30 low of $26.35.

For every 1 put contract sold you earn $66 per $2,800 purchase obligation. This is more than you would earn in an entire year at the bank.

If this trade can be repeated every 7 weeks you can potential earn $462 in the next year.

Corning shares are trading at a good price. The company pays a big dividend. And shares have stopped falling. Take advantage and sell puts today!

Disclosure: I wrote this article myself, and it expresses my own opinions. I have no business relationship with any company whose stock is mentioned in this article.

P.S. Home Depot (HD)is now at a four-month high of $191.36. If you sold the June 15, $180 puts on the May 2 recommendation, you're on track to close the trade for an 1.8% gain in a little more than six weeks or 14.9% annualized. Hold the position with a stoploss at $162.
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