A bank for every penny

As promised earlier this summer in Do you save money? Today finally a post about what I do with my pennies. I know I promised it much sooner but my saving-account-life has been going through a rollercoaster!

I just set up some automatic savings plans for three of my savings accounts, that’s three out of four. Yes I have FOUR savings accounts! This happened entirely by accident.  In 2007 I started discovering more and better options with regards to interest rates, my bank’s savings account was just not very interesting so I signed up for an ING direct savings account and quickly opened an additional sub account. Due to some stuff going on in my life in 2008 I decided to CLOSE my ING accounts.  Flashforward to 2010.

In May 2010 I once again hoped to jump on the high interest bandwagon as my financial journey progressed. I opened an Ally high interest savings account and discovered then that my ING accounts were never closed! It appears my account was just inactive and after activating it I was left with $3.46 in interest. Not bad? Today I decided that I may as well take advantage of the signup bonus that ING offers since two members of my family have inquired about opening an account. That may just result in two $25 bonusses for me. Sweet! (Hint; if you also would like this bonus my Orange key can be found below this post, use that key to open your account with a $100 minimum deposit and we BOTH get 25 bucks!)

The goals and savings plans I set for the savings accounts (all FREE by the way) are as follows:

ING Direct Emergency fund – $1000 for Oct 20, 2011 $36.14 Bi-weekly
– ING Direct Trip fund 2011 – $1000 for June 6, 2011 $62.19 Bi-weekly
– Ally misc savings – no goal $10 Bi-weekly
– regular bank savings account – no plans (I may just end up closing this account)

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A total of $118.33 will be withdrawn from my chequing acount on a bi-weekly basis starting Friday, Oct 20th. This is the first time ever that I am saving with an automatic plan so we’ll see how it goes. It may work and I may just cancel it next week. I tend to want 100% control and automating the process to me means that I no longer control when the money goes. I just have to make sure the money is there to to be withdrawn. I’ll keep you posted on my progress. 🙂

Which bank do you think is best when it comes to savings accounts? It seems to be limited here in Canada and better on the other side of the border, what do you think?

Ps: This is NOT a sponsored post, if you would like my Orange key so you and I both get a $25 bonus please use this code when signing up for your account; 


Happy saving!

Published by Renée

I write about my life, travel and my financial up and downs on my blog, Nickel By Nickel, while contradicting myself daily. ;)

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