I opened up a new personal checking account last month. I don't keep much money in my personal checking because I put in just enough to pay the bills.
However, this new checking account pays 3.1% interest, so I am keeping all of my weekly budgeted money for property taxes, car insurance and house insurance in this account.
Yesterday, this account paid me $12.98 in interest; the first time I have ever earned interest on a personal account in my life!! This is great. The only requirement is that I must keep $1000 in the account in order to be paid interest.
I love it!!
$12.97!!
August 13th, 2008 at 03:17 pm
August 13th, 2008 at 03:33 pm 1218641605
August 13th, 2008 at 03:49 pm 1218642546
August 13th, 2008 at 04:10 pm 1218643854
I love it when people get happy over the littlest things.
I would think that $12.97 would be chump change to you, but you are genuinely happy to get it.
I want to get to that point someday!
August 13th, 2008 at 04:39 pm 1218645583
That is an awsome rate indeed. But in order to earn $12.98 a month, I am guessing one would need to keep $5,000 or so in the account. I guess the good news / bad news for me is that I don't have $5,000 in expenses monthly nor do I net $5,000 monthly.
August 13th, 2008 at 08:43 pm 1218660214
I do have about $5000 in there now. What I did was I put my tax money (for property tax, car insurances (6 cars) and house insurance in there.
I also put in my medical account money (we self insure ourselves), my christmas club money, and an car fund.
This is part of my budget and always before, I left that money in envelopes. I budget for these things weekly, but they only get paid a few times a year. So, sometimes the account will be low when I pay big things like property tax!
August 13th, 2008 at 08:45 pm 1218660332