your faith has come down to money & a tv

Sunday, May 28, 2006

And Just When I Think One Thing...

Something else has to come along and happen.

Well, in this case, it deals with the last post in which I thought I was going to open up an Internet Money Market account at Zions bank. Just when I had decided to open said account to take advantage of their 4.71% APY, I find out that Emigrant Direct has raised their rate up to 4.65%. I was planning on opening up an online bank account with Emigrant Direct anyway. In fact, the night before the rate went up, I was on my computer trying to sign up at Emigrant Direct (The problem in the sign-up process was that my internet connection decided it was just suddenly not going to work. Thanks Comcast!).

So, I'm currently going through the process of opening the Emigrant Direct account and I'm starting to wonder if I should even bother with the Zions account at all. The Zions account only has a mere .06% higher interest rate than the Emigrant. Is it really worth going through all that account opening process (again) just to get a little bit higher rate? I'm thinking no, not really.

I also need to mention a concern I found recently regarding the Internet Money Market account at Zions. If you need to close your Zions Internet Money Market account within the first 60 days you will be charged a $3 fee. This is a big deal for me, since you have to keep at least $1000 dollars in this account to keep getting the elevated interest rate. If you go under $1000 you won't be charged any account fees or anything, you'll just get a much lower interest rate. So the problem then becomes if Zions interest rates do not keep up with those of the market, I won't be gaining as much interest as I could be, since I'd have to leave $1000 in the account. With Emigrant this is not a problem at all, since your min. balance can go down to $1 (maybe even less) and you'll still get the same high interest rate. With Emigrant, if I want to move my money out and into accounts that will gain more, I can easily do so.

As I write this, it seems I'm even going the extra step of convincing myself that I should just put my savings funds into the Emigrant account and call it good. Well, I'll probably have plenty of time to think about it because from what I hear the Emigrant Direct opening process can take a week and a half or so. I'll let ya'll know what happens.


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