While on the ING site this weekend I was looking at their list of accounts and got interested in having a chceking account that earns interest. The one we've had for almost 20 years at our local bank does not have that option. Lately our balance in the account most of the month has been quite high since I've instituted a new bill paying schedule. Why not make some money on the balance?
I came to the forums and read what others had to say about the Electric Orange account and then decided to give it a try. I decided to try using it to pay the credit card bills each month and also to keep the money there for budget categories that don't get used as often (yearly tracfone bill, clothing, etc.).
I am hesitant to put the money for things like the car payment and mortgage there since I have coupons I'm supposed to send in with those payments. I don't know how that would be done. ???
I set up 2 automatic deposits that will be made biweekly to Electric Orange. DH gets paid weekly and I get paid biweekly. So one amount will be automatically transferred on the weeks that I get paid and another amount on the weeks only DH receives a check.
I feel that this is another step forward in managing our finances.
April 2nd, 2007 at 05:47 pm 1175536079
Good luck with the new account! Earning interest on your money as it just sits there is both easy and a good idea.
Sara
April 2nd, 2007 at 10:21 pm 1175552492
I think I'll give this a try for a month or 2, see how it goes, and then transfer all but just a bit over to ING. I'll keep enough in the account to keep it open so there's money locally that's easy to get at in a crisis.