Brandon asked me about this again and what I am doing with this now and if things were still the same with this plan.  Great question, Brandon.  Here’s the update:

Here is my suggestion for a starting set of accounts that you should have as a foundation and why. You will want to open three separated accounts. Here is my set up.

------------------   ---------------    -----------------
|    Checking    |   |   savings   |    |   emergency   |
------------------   ---------------    -----------------

I changed my checking to something more local because I found that sending checks to deposit got a little annoying.  Also, my wife already was using Bank of America, and then I got a job in the same building as a Bank of America, so it just seemed like it was time to make the move.  Here’s the current setup:

------------------   ---------------    -----------------
|    Checking    |   |   savings   |    |   emergency   |
|    B of A      |   |    Schwab   |    |      ING      |
|    0.00% APY   |   |  1.00% APY  |    |    2.20% APY  |

------------------   ---------------    -----------------

I don’t know what Bank of America has for rates right now, and don’t even care considering how dismal all rates are right about now.  This is very sad actually to see how things have changed.  The rates on everything have gone down A LOT as you can see below:

------------------   ---------------    -----------------
|    Checking    |   |   savings   |    |   emergency   |
|    Schwab      |   |     ING     |    |     E*Trade   |
|    4.00% APY   |   |  4.10% APY  |    |    5.05% APY  |

------------------   ---------------    -----------------

I haven’t followed up on this enough so there may be better accounts, but that’s what I’m using right now.  Feel free to comment and let me know if you have thoughts on this or would like to let me know about other accounts that might be better than my suggestions.

If you haven’t read the previous post then you can check it out here

  • Share/Bookmark