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No interest checking account?

March 25th, 2006 at 09:51 pm

My checking account is no fee, but also no interest.

In the beginning, I was more concerned with bouncing checks than I was with not earning interest, so all the money went into the checking account and stayed there.

After a year, I'm not fairly comfortable with the ease of transferring money from savings to checking online. I've not encountered any real problems (I have found, though, that they do maintenance at midnight which is my normal banking hour).

So, my new goal is to keep as much in savings as possible and only move it to checking when I know money will be coming out. Now, since several of my bills are automatic withdrawal, I make sure to keep a minimum of $400 in there and bump it up to $600-700 when I know to expect a withdrawal.

I know interest rates are low and this won't make much difference, but I'm messing with it anyway, why not make some money off of it, right?

2 Responses to “No interest checking account?”

  1. Ima saver Says:

    I have an interest bearing business checking accout. But even if I keep $10,000 in there, they pay me just pennies a day. The rate changes according to how much I have in there, but it is usually 1/4 % to 1/2%.
    I try to keep the balance as low as I can and keep the money in my money market acct. which pays 3 1/2%. It has a checking account feature, but you can only write 3 checks a month and I write about 40.

  2. DivaJen Says:

    I do what you're going to do - keep most of my money in a money market account and then move it over to checking as needed. I'm allowed 6 transfers per month, which is plenty.

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