NCN recently asked what is your checking and savings system?
I have three checking accounts and two savings accounts. Let me explain.
I have a checking account at Bank #1 because it was convenient at the time. I forget entirely why that was now. But when I bought my condo, I needed a cashier’s check and Bank #2 was very convenient and ubiquitous so I opened an account and started sending my direct deposit there. I began to use the account at Bank #1 solely for linking things like online payment services so it’s mostly been dormant. I am reluctant to close it because it would be a headache to relink stuff to another account.
Bank #2 convinced me to open a free overdraft savings account, so I get piddly interest there, but I also have an Electric Orange and Savings account with ING Direct. (Ask me for a referral in the comments if you want to open an account.)
So currently I keep a small balance <$100 in Bank #1 checking & Bank #2 savings, and I keep Bank #2 checking at a minimum most of the time. The only interest-bearing checking I have is with ING, so I cycle most of my money through their service.
One problem is that I have free checking at Bank #1 and Bank #2 because of Direct Deposit, but for some reason my company will not route DD to two banks. (Something every other employer could do if offered.) So I know one day Bank #1 will figure this out and start charging me some interest. It’s why I try to cycle some electronic payments back and forth once a month because that seems to avoid the charge. I am going to have to close my account at Bank #1 eventually. I just have to get everything switched over. (I favor Bank #2 over Bank #1 because I also have a credit card with them.)
What would be good is if I managed my mortgage online because Bank #1 is affiliated with the mortgage bank, but I’ve never really needed to manage my mortgage before. I’ve never had a problem with that account, but I hope that the mortgage relationship will keep Bank #1 from charging me fees on the checking account. That would be awesome.
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