It’s the 17th day of the month and I have earned $.75 cents in interest on my ING savings account! This past Monday, I called my bank back at home (Sacramento) and had them send me a $14,000 check and I deposited that check into my local credit union on Thursday. Now, I am fully prepared to bid on a home when the right home comes up for sale! I didn’t transfer the money into my ING account where I could earn a higher interest rate b/c I will need access to the money quickly. The money in my ING savings account takes about 7 days to get to the money between tranferring in between financial institutions. You should put money into an ING account if you need access to your money quickly, the money that I throw into ING is money that I do not need right away. For example, my DMV savings account, it is fully funded but I don’t need that money until October so it will sit in that savings account collecting compounding interest until I need it.
It’s all about saving money and building up the Benjamins!