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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 | 7 Comments »

7 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?

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