A Lot time ago I had got into the online high yield savings account. It’s been a couple years now since I’ve had an ING Direct savings account. A regular savings account at a bank gives me a whopping 0.5% interest. I used to have one as Wells Fargo until I sat back one day and wondered what the point was. ING has been really good to me so far.

The problem is that I’m an APY whore. Last I remember ING had an APY of 4.50%. I stumbled upon Capital One’s savings account had an APY of 4.80%, so obviously I hoped onto that one. Now my dilemma is that I’ve been reading about HSBC Direct and EmigrantDirect, both of which have have an APY of 5.05%. Since I just started a new job I’ve been looking for somewhere to shell away my earnings so that they can earn a little bit of interest while I leave them for a rainy day.

I used that Mathematics degree that I just earned and concluded that 5.05% is greater than %4.50. And since I was going with the “don’t put all your eggs in one basket” routine I would need two savings accounts. So I decided I would open an account at HSBC Direct (they give an ATM card with the account, so that was the selling point) and I would use my Capital One account as a back up. That plan seemed to work out fine in my head, so I quickly called up ING and closed my account.

Again we have a problem. ING Direct decided to this beautiful new feature - Electric Orange. This is a basically a paperless checking account. They do free bill pay, have a 4.00% APY on a balance in the checking account, and you get an ATM card. You can do electronic check payments to companies and also get ING to send paper checks to anyone of your choice. The only problem (if you can call it that) is that you can’t order your own checks from a third party, but who cares? Since I just got my rent to be automatically deducted from my checking account, I have absolutely no use for paper checks, ever.

So here’s the new plan: leave $500.00 total in my Wells Fargo real checking account, reopen my ING savings account and also open the Electric Orange checking account, open a savings account at HSBC, and eventually close the account at Capital One. Wow, that’s a lot to do. I’ve already got the ING stuff set up. I finished my HSBC application 5 minutes ago. The only thing left to do is do away with Capital One (sorry, it was nice while it lasted) and also have my checks direct deposited to ING Electric Orange and my HSBC savings account.

Aren’t y’all happy for me? I’m on my way to financial security :). We’ll see how this all works out in a few months, but I am really excited about gaining that interest.

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