WWYD re: switching banks?

Re: WWYD re: switching banks?

• jennyk213

  March 2011

  I would switch regular accounts to bank 3.  For the mortgage and credit cards, do what makes financial sense.   Are the rates at bank 3 better than what you're getting now?  If yes, when you factor in closing costs or other up front fees, is your monthly payment going to be lower?  It seems silly to switch for convenience if it's going to cost more in the long run.
  

  
  Tired after a long morning of hiking and swimming.

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• pattymctatty

  

  March 2011

  I'd stick with the better rates if you're in debt repayment mode. Switch your checking account to your most convenient location.
  

  What we do:

  One bank for checking & mortgage, plus 1 emergency cc

  Another bank for savings and fun money checking accounts

   

  Oops, I got into Dad's hair goop. At least I gotta mohawk! My Blog Updated: March 2012

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• mikeandmonica

  March 2011

  pattymctatty:

  I'd stick with the better rates if you're in debt repayment mode. Switch your checking account to your most convenient location.
  

  Ditto this - we have our main checking account with the most convenient bank, but then we have our mortgage through another bank, our car loans and one checking through a credit union, and another checking account for all my student loans and that is where the mortgage comes out.  It is almost easier to save money because it is harder to get at actually.

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• Sue/Mike

  March 2011

  mikeandmonica:

  pattymctatty:

  I'd stick with the better rates if you're in debt repayment mode. Switch your checking account to your most convenient location.
  

  Ditto this - we have our main checking account with the most convenient bank, but then we have our mortgage through another bank, our car loans and one checking through a credit union, and another checking account for all my student loans and that is where the mortgage comes out.  It is almost easier to save money because it is harder to get at actually.

  That was confusing to read, but then I thought, "wait, that sounds like what we do."  Agree that the money is harder to get at since it's in different locations.  It everywhere and nowhere at the same time.
  

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