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Banking final update

December 24th, 2009 at 05:40 am

I'm near the finish line in getting all of my bank accounts straightened out.

My Wachovia account is finally squared away. It's completely hands-free. All I have to do now is just close the account some time late 2010 when the 5% saving program ends.

My PerkStreet account is set up, but will need to see it in motion to confirm that everything is working as it should. I've re-routed $1000 a month to it, and because it earns 1% cash back on purchases, I'm going to use it to pay off as much of my bills and expenses as possible.

My current credit union account is now my primary savings account. I need 12 transactions per month to maintain 3% APY. So, I will do that and then switch off to my credit card and PerkStreet.

If it works out as advertised, I will probably keep PerkStreet for as long as they give 1% cash back. I don't have any incentive to keep Wachovia, so I will likely close that when their savings program is over.

8 Responses to “Banking final update”

  1. Joan.of.the.Arch Says:

    May I asked what tipped the decision toward using the 3% credit union versus the 5% Wachovia for your primary savings?

  2. Broken Arrow Says:

    Ah, that's a good question as it's a detail I neglected to mention.

    Wachovia will only allow $100 per month to transfer into their savings program. (They also have this thing where every purchase is rounded up to the nearest dollar, and the difference is placed in there, but that's negligible to me.)

    My credit union has no such limits... unless I somehow exceed $50k, which sadly, I'm in no danger of doing.

  3. Ima saver Says:

    Great rates, wish I could get something like that!! What is the name of your credit union, if I may ask??

  4. Broken Arrow Says:

    Coastal Federal Credit Union's Go Green Checking.

    They require you to be a member of an affiliated company or organization. I don't remember the details, but I recall one non-profit organization that anyone can join for $10, which will then get you into CFCU.

    The 3% APY is for a checking account, so the money is completely liquid. The eligible maximum for the 3% is $50k, and you must make at least 12 transactions per month with the check card.

  5. Jerry Says:

    We are changing our banks this vacation, swapping from BofA to USAA (they also have done our insurance). BofA has been crushing us with overseas ATM fees, and USAA charges nothing extra. It's really a no-brainer. Plus, they have really good customer service.
    Jerry

  6. Broken Arrow Says:

    Glad to hear it. I've heard lots of good things about USAA and lots of bad things about BoA. I've been looking into PenFed as well... but in any case, thanks for chiming in!

  7. Ima saver Says:

    Thanks BA. I might have a problem cause I don't live in North Carolina. (but just 10 miles outside of N. Carolina)

  8. Broken Arrow Says:

    Well, Ima. As it turns out, you don't really NEED to live in NC to be a member. However, it does make it less convenient for you than, say, myself who is really lucky because I'm literally 2 blocks away from a branch....

    But they also have a nice online website where you can do most of your banking there. Except for the occasional checks, I almost never go to their branches actually.

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