While I have very much enjoyed my credit union and their high APYs, I am at the same time finding their 12 transactions per month requirements kind of irksome. There are some months when I run short of this quota and I feel like I have to buy something just to maintain the interest rate.
The tipping point was last month, when I didn't receive my normal interest rate because I was literally 1 transaction short! Actually, I did make a 12th transaction (with Red Box) but it wasn't soon enough to register on that month.
To add insult to injury, my CU recently pared down the interest rate some more, from 3.01% to 2.25%.
I ran some quick numbers, and if I were to go with a simple, maintenance-free savings account that had a slightly lower interest rate, I could lose as much as $50 per year in interest difference. Certainly, even $50 has been a big enough difference that I've kept up with it so far, but after the frustration of missing my interest payment last month, I think I'm ready to move on.
I just don't like the feeling of having to constantly monitor an account, and when I am short, I do not want to feel like I must find something to buy or else I'm going to lose that interest rate.
Anyways, just my yammering for the day.
Streamlining
April 23rd, 2010 at 01:52 pm
April 23rd, 2010 at 03:16 pm 1272035781
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Jerry