Destination England

Our journey from debt to England…and everything in between!

Bank Accounts

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I’ve been debating about the number of accounts that I currently have, and if it would be in my best interest (no pun intended) to reduce them.  Right now I have my main checking account, a basic savings, and a rainy day savings through my work’s credit union, a checking account with US Bank, and recently I opened a Checking/Savings account with Chase.  I also am part of my mother’s checking account through US Bank, but that is used primarily for making payments for her nursing home as well as any other needed expense related to her.

So let’s break them down:

BCU

  • Checking – This is my primary checking…the one most of my money goes in and out of.
  • Savings – I don’t actually use this savings account, as it was required to have when I opened the checking. It holds a $5 balance though.
  • Rainy Day Fund – Or as I’ve named it “Moving to England Fund” This is just a place to throw money into for our move to England. I have it because it has a great interest rate (1.5% the first year, and then 3% up to $25,000 after)

US Bank

  • Checking – This is supposed to be an emergency fund, but I have failed miserably at that.  Maybe it the fact that the funds are easily accessible. 

Chase

  • Checking – This was actually opened to house our money for England so that it was “out of sight, out of mind.”  Though this account has been a total disappointment.  I suppose for a domestic account, it wouldn’t be bad.  Though, for international use, it isn’t very good.  Though I did get a $100 for opening it.
  • Savings – I got this one because I thought it would be easier to horde money there for our trip to England.            

So there we go…six accounts total.  Far too many!!!  Ideally, I’d like to have only four accounts.

  • One joint account for Sarah and I
  • One primary account for myself
  • Our Emergency Fund
  • Savings for Move to England/Other

So I am considering closing the US Bank Account all together.  The Chase account, I have to keep for at least six months to avoid fees, but overall I’m not impressed by it enough to keep it past that.  To be honest, Chase feels like their bank accounts are a foot in the door to sell me other products they have.  Plus, since we do a lot of international travel, they charge 3% on all international transactions.  My credit union is 1%.   With all of this, I was thinking of moving over to a local credit union.  I might even talk to Sarah about doing the accounts through my current credit union, just to keep everything centralized. I think this will help streamline the money, and bring everything back in focus.  Right now, I feel like our money is everywhere, and it gives me a headache.

Originally, I thought having them at different banks would allow for less chance of “touching” the funds, but with this day and age it hasn’t had that affect.  It’s still easy to go to the bank and get money, debit cards allow instant access, and transferring funds electronically from one institute to another is far too easy.  I do worry about having the accounts in one location presents the problem of leaving money alone.

Time will tell how we deal with this dilemma, and I think there will be some variation of this.  Suggestions are always welcome!

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Written by Jas

April 20, 2010 at 6:15 pm

Posted in Debt, Family, Finance

Tagged with , , ,

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