So this applies to residents of Tennessee, but there are other banks in other states that do similar things.
We had our checking and safe deposit box with a well known, big chain bank. We had an "interest bearing checking account". Know how much interest we made every month? $1.16 on average. Besides getting you a sweet tea at Mickey D's, what good is that going to do you? AND we had to keep a certain balance in there at all times.
So a friend tells me about another bank, First State. You can start an account with only $25. Each household can have two accounts. The interest is currently 3.01% (change effective in October 2011) on up to $15,000 and the going rate on any amount thereafter. We now make $90-$100 in interest every month. Yes you read that correctly. Now, there is not a branch in every city in Tennessee, but it is so worth looking into.
Here's the fine print......
- You have to sign up for E-statements, which means you don't get them in the mail, you print them off yourself. All the better for us. We are forever getting other people's mail. Makes me wonder how much of my mail I'm losing.
- You have to have one automatic payment or automatic debit per month per account. Again, in today's world, so easy. I have direct deposit, and for the other account a bill is automatically paid every month.
- And finally, you have to use your debit card 15 times for each account in the month. This one worried me at first. I just didn't use debit cards. I was cash, check or charge. But it was really very easy. Another thing you could do.... if you wanted two accounts but wanted to leave one to grow and only mainly use one, all you need to do is get 15 of those sweet teas from Mickey D's. You were going to get them anyway right?
I was a little apprehensive about switching banks at first. I thought it would be such a hassle. It really wasn't. And the bonus.... we also switched our safe deposit box and got a bigger one for a lower fee! The only thing you need to be sure of is to leave enough money in your account at the old bank to cover any outstanding checks or automatic bills until you get them switched over. Also leave it open long enough to be sure you switch over any direct deposits. Once the automatic things have switched and all the checks have cleared, close that account and start making money!
Until next time.... Honor the Lord with your wealth, and the firstfruits of all your crops, then your barns will be filled to over flowing Proverbs 3:9-10a