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Clever Dude

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  • I just signed up for ING’s Electric Orange checking, and it is exactly what I was looking for in online checking. I still a normal checking account at my local CU, which I will need to use in the rare cases that I need to write actual checks.

    I would just be using HSBC high yield online savings, but by federal law savings accounts a limited to 6 non-ATM withdrawals per month. So I direct deposit my paychecks into my savings, and once a month I withdrawal however much I need into my Electric Orange checking. I can then transfer that money to pay off my credit card (I pay it off every month), pay bills, add to my brokerage account, fund my CU checking account, etc. All the while the money in my Electric Orange account is still making 4% interest.

    Also, if adding yet another online banking account is going to add too much confusion to your finances, I suggest signing up for the free Yodlee MoneyCenter service (moneycenter.yodlee.com). That way you can see all of your account balances, and auto-login to any of the accounts.

  • I agree with you that automatic saving is important. I set up automatic transfers for both my daughter’s 401k and for our ROTH ira. If it was left up to me to remember to move the money every month, I’d surely forget.

    It seems like the big hurdle to get over is just setting up the automatic transfers. Once that is done, letting the money flow in to the accounts each month is EASY!

  • Also note that if you are getting a company match in your 401k, it’s like getting an immediate 100% return. I would fund 401k then work on debt.

  • My problem is that I switched employers 3 times in 1 year before getting to my current employer. I was worried I wouldn’t stick around to vest in the employer match (which I was right for the last 2 companies), and I am only partly certain I’ll be sticking around this company another 2 years to vest.

  • It can be complex reading about and customizing finances. But it’s also rewarding. Just a little research and clicking a few buttons on websites — and suddenly you have a bunch of more cash every year.

  • […] Save, Save, Save […]

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