Check your savings account rates

I had moved all my savings to Wamu before they failed and were offering 5% on their savings accounts. I knew they had been dropping the rate, but I looked the other day and it was down to 1.15%. I signed up with ING Direct to try them out since they’re offering closer to 2.5%. Was easy to setup an account and withdraw funds from my checking. If you’re interested in opening an ING Direct account, leave a comment and I can send you a referral email that gives you $25 just for signing up (I get $10).

My comment on a post about checkbook balancing

I left this comment on the Your Money Relationship site in response to this post and the Mrs. A comments, Do You Still Balance Your Checkbook? I Sure Don’t

I’m one of the “young’uns” Mrs. A is referring to. I was balancing my checkbook right out of high school while I was working part-time during college, but I eventually stopped because it served no purpose for me. During college I was writing a few more checks, but now I only write 1 or 2 a month. 80% of my transactions go on credit (payed off every month and I never ever use debit) and the rest are electronic bank transfers. Those transactions get pumped into Yodlee Moneycenter and are categorized so I can see how I’m doing against my budget throughout the month and track spending with almost zero effort on my end.

So I could theoretically balance my checkbook and write every single electronic transfer down, but why? I’m already reviewing every single transaction the day after it posts to my checking account. Do I need to look at my monthly statement just to say “Yup I spent all that money.”?

Like Adam I don’t even look at my monthly statements, I just have to check in at Yodlee Moneycenter every couple days and see what’s posted to my accounts.

I don’t run my finances like a business because I don’t need to account for my expenses. How much did I spend on groceries last month? Was I under budget? Great, that’s all I need to know.

Does anyone still write everything down and balance their checkbook? I can’t imagine doing that with the number of electronic transactions I’ve got going.


Washington Mutual’s fall was quick and painful. The bank’s stock was down like 95% with a market cap of $2 billion and a couple hundred billion in outstanding loans so there’s no surprise they failed. What does surprise me is how quick they went down. I opened a checking account at BofA last week just in case so I’ll have to decide what to do with that. I was getting 4% in my savings account with WaMu, so if JPMorgan nerfs that rate I’ll jump ship. Too bad I didn’t know about BofA’s referral program before opening my account, could have gotten me and the Blarg $25 each. If anyone wants to move from WaMu to BofA let me know and I’ll send you a referral.