If you read PF blogs, you have probably heard talk as of late about the newly rebranded Ally Bank (formerly GMAC). The reviews seem positive, but what really grabs attention are their rates. I believe they’ve got the highest interest rates around right now, and I’m finding it very tempting to open up an account and see what it’s all about.
I’m trying to control those urges, however. I always said that I wouldn’t chase rates. I started out with an account at ING Direct, and while it remains my main banking institution, I have also opened accounts at HSBC Direct and FNBO Direct. I opened the HSBC account to try it out, and decided to check out FNBO when I was hunting down good CD rates. I’m probably going to move more of my long term savings over to one of those two banks, but I haven’t decided which one yet.
As I update my monthly net worth, I sometimes find myself wondering if perhaps I have too many accounts. I have accounts at those three banks (and numerous sub-accounts at ING, though I very much like that feature) as well as one at a local brick and mortar bank. For the most part, there aren’t any transactions on the other accounts, just continually growing savings, but I don’t want to spread myself too thin. Unless I was socking away some huge amounts of cash, I don’t know that it would be worth it to constantly move money just to get that extra .25%. Sometimes, simplicity is the best way to go.
That said, I’ve got an ING CD due next month, and I will defintely be scoping out rates and potentially moving money to another account, but not opening a new account. I think three online accounts is more than enough.
Do you rate chase?
Love Counting My Pennies?
Sign up to get our latest content by email.