Comments on: Increasing My Savings, An Experiment, and Extra Income http://www.consumerismcommentary.com/2006/05/30/increasing-my-savings-an-experiment-and-extra-income/ A premiere personal finance blog, established 2003. Within, Flexo discusses his own experiences with money, and he and other authors comment on a wide range of personal finance topics. Sat, 21 Nov 2009 16:42:00 -0500 http://wordpress.org/?v=2.8.5 hourly 1 By: » This Week in the Archives: Be Your Own Boss, Graduation, and The Long Tail on Consumerism Commentary: A Personal Finance Blog http://www.consumerismcommentary.com/2006/05/30/increasing-my-savings-an-experiment-and-extra-income/#comment-104799 » This Week in the Archives: Be Your Own Boss, Graduation, and The Long Tail on Consumerism Commentary: A Personal Finance Blog Mon, 28 May 2007 14:58:08 +0000 http://www.consumerismcommentary.com/2006/05/30/increasing-my-savings-an-experiment-and-extra-income/#comment-104799 [...] May 30: Increasing My Savings, An Experiment, and Extra Income [...] [...] May 30: Increasing My Savings, An Experiment, and Extra Income [...]

]]> By: Free Money Finance http://www.consumerismcommentary.com/2006/05/30/increasing-my-savings-an-experiment-and-extra-income/#comment-18346 Free Money Finance Fri, 02 Jun 2006 10:30:55 +0000 http://www.consumerismcommentary.com/2006/05/30/increasing-my-savings-an-experiment-and-extra-income/#comment-18346 Star Money Articles for the Week of May 29... Here are interesting posts and news this week from the MoneyBlogNetwork members and beyond: Consumerism Commentary is increasing his savings and extra income. AllFinancialMatters has developed a series of financial calculators. MightyBargainHunter lear... Star Money Articles for the Week of May 29…

Here are interesting posts and news this week from the MoneyBlogNetwork members and beyond: Consumerism Commentary is increasing his savings and extra income. AllFinancialMatters has developed a series of financial calculators. MightyBargainHunter lear…

]]> By: Flexo http://www.consumerismcommentary.com/2006/05/30/increasing-my-savings-an-experiment-and-extra-income/#comment-9954 Flexo Wed, 31 May 2006 12:09:29 +0000 http://www.consumerismcommentary.com/2006/05/30/increasing-my-savings-an-experiment-and-extra-income/#comment-9954 That's a good observation. I have savings at ING Direct and Emigrant Direct, and when I opened each account, it was when that particular bank had the highest rate. It's not a lot of cash, so the quarter point interest I might gain by jumping around whenever one bank leapfrogs anouther is not worth it to me. If a different bank is a clear winner after another six months, I might consider changing, or at least depositing new funds there. I don't want to keep too much money in these types of accounts because they barely keep up with inflation after taxes. That’s a good observation. I have savings at ING Direct and Emigrant Direct, and when I opened each account, it was when that particular bank had the highest rate. It’s not a lot of cash, so the quarter point interest I might gain by jumping around whenever one bank leapfrogs anouther is not worth it to me.

If a different bank is a clear winner after another six months, I might consider changing, or at least depositing new funds there. I don’t want to keep too much money in these types of accounts because they barely keep up with inflation after taxes.

]]> By: JR http://www.consumerismcommentary.com/2006/05/30/increasing-my-savings-an-experiment-and-extra-income/#comment-9704 JR Wed, 31 May 2006 06:07:42 +0000 http://www.consumerismcommentary.com/2006/05/30/increasing-my-savings-an-experiment-and-extra-income/#comment-9704 I'm a little surprised that you maintain a "best banking rates" page, yet choose to use the bank with the worst rate. ING has the easiest-to-use website (HSBC and Virtual Bank are particularly painful), but their rates are consistently about a half point less than the others. That half point of lost interest won't make a huge difference for most people, but not choosing the higher rate seems like throwing away easy free money. I’m a little surprised that you maintain a “best banking rates” page, yet choose to use the bank with the worst rate. ING has the easiest-to-use website (HSBC and Virtual Bank are particularly painful), but their rates are consistently about a half point less than the others.

That half point of lost interest won’t make a huge difference for most people, but not choosing the higher rate seems like throwing away easy free money.

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