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in the process of consolidation

October 20th, 2010 at 04:10 am

One thing that one has to know about my little fiscal empire - I have money scattered throughout several banks. It worked well once when the interest rates were reasonable, the FDIC limit was $100K, and I needed a bank with a fair number of branches so visiting my sister wouldn't be a hassle. (Remember those days. My, it seems so long ago!).

Course it was explained to me that no bank really needs a depositor anymore; they get all they need from the Federal Reserve at 0.25% or even 0%.

Anyway, now my savings seems scattered and unwieldly. If I'm not going to be earning much in interest, at least I should put it in a place easy to manage and consolidate. As my CDs mature, I'm planning to move them to ING. Turns out that even the Electric Orange checking has a better rate than many 1yr CDs out there. I'm sure that there are places with a higher interest rate, this consolidation just feels like the downstroke of a heart beat - send the savings out when times are good, bring them back in and wait.

I'm going to go a bit slow and see what I can and can't do with Electric Orange. Best case is that I can do anything and the ATM situation is good, which means I can move the CDs, and even move the Chase account. I like the brick & mortar (I'm over 40 after all), and it turns out that ING has a brick & mortar site about 4 blocks from work.

Posted in Fixed Income, Recession | 8 Comments »

8 Responses to “in the process of consolidation”

  1. My English Castle Says:
    October 20th, 2010 at 04:46 am 1287550009
    1287550009

    I need to consolidate as well. I'm not sure WHY we have two checking accounts. I just never get around to switching the payroll deposit and my IRA transfers to our joint account.

  2. Broken Arrow Says:
    October 20th, 2010 at 12:18 pm 1287577086
    1287577086

    I didn't know ING has brick & mortars here.

    I've also consolidated my cash positions a little while back. Like yourself, it's gotten unwieldy and provided little benefit back.

  3. MonkeyMama Says:
    October 20th, 2010 at 02:09 pm 1287583778
    1287583778

    The new FDIC limit makes things so much easier, doesn't it?

    Sounds like a good plan!

  4. ThriftoRama Says:
    October 20th, 2010 at 02:58 pm 1287586684
    1287586684

    I often feel like I have too many accounts to manage. There is genius in simplicity. I am surprised, though, that ING has a branch. I didn't know they had any!

  5. frugaltexan75 Says:
    October 20th, 2010 at 07:18 pm 1287602320
    1287602320

    I've been using Orange since shortly after they opened it up to all customers. I have been very happy with it, although I don't really use the ATM feature.

    As of now, I have two checking accounts and two savings. I probably should consolidate the funds in the Susie Orman account (remember that deal?) into my ING savings. Just haven't gotten around to it yet. I think maybe I've held off on it on the slim hope that I can just leave it there and not have to touch it *ever*. Smile

  6. Homebody Says:
    October 21st, 2010 at 04:48 pm 1287679702
    1287679702

    We need to do some consolidating after opening up the latest 2.51% checking on the first $25,000. We now have 4 accounts (including orange!).

  7. baselle Says:
    October 22nd, 2010 at 07:01 pm 1287774075
    1287774075

    Hmm, homebody, mind if I ask where you got that 2.51% checking?

  8. Jerry Says:
    October 23rd, 2010 at 12:55 am 1287795356
    1287795356

    We have two accounts in the States, and one over here. We bank with USAA (also our insurance company) and with Bank of America, although when we return to the States we will close the BofA accounts. They have been ridiculous. Oh, and an Orange account, too. I would use USAA only if I could, they are really great and have excellent customer service, which is always a huge selling point for me. I also was unaware that there were ING banks in the States.
    Jerry

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