{"id":950,"date":"2010-08-10T09:07:57","date_gmt":"2010-08-10T14:07:57","guid":{"rendered":"http:\/\/www.mdmproofing.com\/iym\/weblog\/?p=950"},"modified":"2010-08-08T14:09:06","modified_gmt":"2010-08-08T19:09:06","slug":"rewards-checking-gets-shot-2","status":"publish","type":"post","link":"https:\/\/www.mdmproofing.com\/iym\/weblog\/2010\/08\/rewards-checking-gets-shot-2\/","title":{"rendered":"Rewards Checking Gets a Shot, Part 2"},"content":{"rendered":"

Back in June, I blogged<\/a> about my household’s upcoming changeover from using ING Direct’s Electric Orange<\/a> checking account (my EO review<\/a>) to a rewards checking account offered by one of our in-state credit unions.<\/p>\n

The single reason for this change? <\/p>\n

Interest, baby. Interest.<\/p>\n

As of this post, ING’s Electric Orange pays a rate of 0.25% APY, and its Orange Savings pays 1.10% APY. Contrast this with the 4.38% APY offered by the credit union’s rewards checking (on balances up to $25k), and the difference is … well, huge.<\/p>\n

Now Our Interest Pays The Water Bill<\/h3>\n

After consolidating various accounts, we’ve gone from earning $8 to $15 per month in interest to earning $60 to $70 per month. Nice jump, huh? Those earnings are enough, after taxes, to pay for our monthly water and trash bill … and then some.<\/p>\n

So yes, I’m pleased with the change. So far. I still don’t like using a debit card, but since we only have to use it 12 times per month to get the maximum advertised rate, I suppose I can live with that. (We use it only for small-amount, in-person purchases. Any other purchases go on one of our cash-back credit cards, which we pay in full each month.)<\/p>\n

I probably should’ve looked into rewards checking long ago, but my aversion to debit-card use is pretty darn strong!<\/p>\n","protected":false},"excerpt":{"rendered":"

Back in June, I blogged about my household’s upcoming changeover from using ING Direct’s Electric Orange checking account (my EO review) to a rewards checking account offered by one of our in-state credit unions. The single reason for this change? Interest, baby. Interest. 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