A few weeks ago, my bank offered checking accounts paying 3.1% interest. I immediately changed all of my checking and money market accounts over to the new accounts. (I didn't have to close the old accounts and can still use the old checks, so it was pretty painless)
My personal checking account had NEVER paid any interest and my business checking account only paid 1/2 of 1 percent if you had over $5000 in there.
My business account contains other people's money, which I use to pay their bills as my dh builds their homes. At best, this account has earned me $5-10 a month and I have just left the money in the account.
When I checked my balance today, I had been credited $90.28 in interest!! Hey, that is great!! Since it is "new" money to me, I have decided to write myself a check for $90 and deposit it in my savings account.(which is also one of their new checking accounts)
I know that both checking accounts are paying the same interest, but I don't consider the business checking account as "my money" and I like to see my personal savings checking account go UP!!
Prev. total $18,205.00
today 90.00
new total $18,295.00
$90 in interest
July 19th, 2008 at 10:01 pm
July 19th, 2008 at 10:42 pm 1216507352
July 19th, 2008 at 11:20 pm 1216509625
I, too, just shifted some savings (emergency) into a checking account for the good interest, 5.01%. Hope that holds out. There was no guarantee that it would still be the rate even tomorrow.
July 20th, 2008 at 01:30 pm 1216560642
July 20th, 2008 at 01:43 pm 1216561397
July 20th, 2008 at 10:21 pm 1216592469