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Not A Payday Report

February 1st, 2015 at 09:46 pm

This last Friday is not a payday, but of course I always save money over from previous paydays for the one Friday that has no paycheck each month. So these are the bills that went out today.

$250.00 AMEX
_186.00 Storage
__44.66 Life Insurance (Me)
__45.30 Life Insurance (DH)
__74.41 Car Insurance
__48.75 House Insurance
_120.00 Physical Therapy
-------------------
$769.12 Total Money Out

I need to sign up for a new bank savings account tomorrow, the one Julie posted about today. It will be with a bank that has 1.05% interest. That is .30% higher than what I am getting now. I could be earning $11.50 on my EF each month instead of $7.21. It doesn't seem like much but over a year that is $138 or $86.52, a difference of $51.48. And of course it'll be far more than that once the house sells and there is more money in the bank.

I think I'll probably end up completely closing out the Capitol One 360 account. I've been holding on to it due to old ING loyalty, which is silly because they aren't ING and they have never been as good as ING was. They've had plenty of time to match the other couple of online banks that are giving higher interest rates and they haven't done it, so it is time to say good-bye to them. But I will keep it open until we are done with taxes, probably just with $5 in it.

7 Responses to “Not A Payday Report”

  1. doingitallwrong Says:

    I'm in the same boat with Capital One 360, I have an account at My Savings Direct that pays 1.05% and I know I really should move the Cap One money over there, but I have an odd loyalty to ING, too. Good point, though, about them having had ample time to increase their interest -- I've kind of been hoping they'd do so, since when they were ING they usually were one of the best rates, but Capital One is a different bank...

  2. Another Reader Says:

    The problem with Mysavingsdirect.com is that it is operated by Emigrant Direct. That company has started several high yield on-line savings banks, only to drop the rates without notice not too long after starting them. I refuse to do business with them now because of this. I would check depositaccounts.com for equal yields with more consistent banks.

  3. LuckyRobin Says:

    AR--Well if they do, I can always switch it to another bank. There are a couple doing .99% and 1%, which is still better than C1-360.

  4. Another Reader Says:

    GE Capital Bank is also paying 1.05 percent.

  5. LuckyRobin Says:

    AR--Do they have a minimum account size?

  6. LuckyRobin Says:

    Never mind. I can see that the don't. They do however say they reserve the right to change the interest rate at any time, so not sure how that really makes them different from Emigrant. However, they are at least a bank that I have had personal experience with before with an old credit card. AR--Have you had personal experience with GE? Do you like their interface?

  7. FrugalTexan75 Says:

    I'm also in the camp of still being with ING ... er Cap One because I've been there so long. I've been with them since before I found this site in 2005 ... I am considering moving the majority of my savings out, but keeping my checking there. As far as I know, they still are the best for paid checking. (interest)

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