No Debt Plan

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In part of a full disclosure effort, I thought I should share what accounts I use and for what purposes.

• Checking (for paper checks): Regions Bank
  • This is used only for expenses that must have a paper check that cannot be done via ING’s electronic checking; examples: tithing to church.
  • Interest rate: 0% (free checking, no fees, no minimum balance requirement).
  • We keep a $250 buffer in here and transfer money from ING as needed.
• Checking: ING Electric Orange*
  • This is our primary checking account. We pay 99% of our bills electronically, and this really does the trick. You can also request a paper check be sent to someone, and ING will print and mail it for you — for free. Transferring money between ING accounts and outside accounts is very easy, so writing paper checks with Regions is no big deal.
  • Current Interest Rate (1/16/08): 3.15% APY
• Savings: ING Direct Savings*
  • This is used for all of our savings goals (emergency fund, trips, holding spot until we have enough for a Roth IRA, etc.)
  • Current Interest Rate (1/16/08): 4.10% APY
• Roth IRAs: Vanguard
  • Technically this isn’t set up yet, but this is our choice. No fees if we use electronic statements. We would have chosen electronic anyways for environmental choices.
• Discount Broker: Firstrade
  • $6.95/per stock trade. Seems like the best deal around (other than perhaps Zecco). We don’t use this a lot anymore.

* - ING runs a promotion that gives you $25 if you open an account with $250+ if you were referred. The person referring you gets $10, and you get $25. Again, only if you put in $250 to start. $25 is a 10% return off of your deposit of $250 — instantly. I can give referrals for both the checking and savings account. If you’re interested, leave a comment. It’s a win-win.

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