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trying to figure out if its worth it to move my money to online savings acct
My bank interest rate on my savings is only .25 right now. I looked online and ING/360/Ally was .75 give or take. I know that is a decent difference, though really with the rates this low, its not a huge huge difference. If I put 20,000 my annual return with ING would be like $150 per year. So I guess at my bank I am only making about $60 per year return. I am not sure how difficult it is to move all my money from one to another, but I often wonder if its worth the hassle of moving everything for 1/2 percent. It was much more appealing when rates were 5-6% in a high interest savings. I wonder if we will ever see those days again.
p.s. I know every little 1/2 percent counts, so just wondering what you would just make the move or wait until rates went up enough.
Re: trying to figure out if its worth it to move my money to online savings acct
"You know you're in love when you don't want to fall asleep because reality is finally better than your dreams." - Dr. SeussI use ING (now CapitalOne360) and love it. It's very user-friendly. You could always just transfer a small balance from your credit union to start with. Then, if you like it, you can move the rest or a majority of it later. It only take a couple of clicks to transfer the money through the website and the extra interest is just free money for you. If you want to sign up, here is my referral link: https://home.capitalone360.com/referafriend?save=MRrzcsuF1y Full disclosure that I would get a bonus if you signed up through it. But even if you don't use a link, I still think it's worth the switch to get more interest.
@MrNibbles