Our checking account provides a very reasonable .55% interest rate. However, its only on the first $25k within the account. Anything above that number and the interest earned is at a rate of .10%. Real weak.
Currently, we are going strong with $25k in the account.
In a payroll oddity, the Prof and I got paid on the same day! I can't recall it ever happening before since she's bi-monthly and I'm bi-weekly. So, we had a nice influx of cash today but it has nowhere to go. I talked yesterday about this being a 3 paycheck month for me and the credit card bill has already been paid. So, now I'm just saving money until the mortgage and HD bill come due.
For whatever reason, I'm been thinking about utilizing a different checking account to try and save money. PNC is a great bank, but I've never really reasearched other options. I could be earning more in interest each month by using Schwab, Ally, or someone else. Perhaps this is short-sighted since I know I have a tuition payment due in August and our savings account will fall substantially at that point, but what if I can earn an extra 50 to 150 basis points in the time being.
It's worth investigating. In addition, opening up a better banking account could open up better brokerage oppurtunities. PNC is not a very brokerage place for small stock investing. The BlackRock Funds do not very well - but those funds are LT. Right now is a good time to buy (as evidenced by II-VI being priced 20% below last year's amount. In addition, PNC stock is priced well below its normal trading level and it hasn't fluctuated in 10 years! So, yes, I will be investigating other banking/investing options. The simplicity of PNC VW and Checking accounts is great - but I'm sure there are better options as well. It would be foolish not to have the discussion.
Perhaps I'm losing my edge.
R.J.
Currently, we are going strong with $25k in the account.
In a payroll oddity, the Prof and I got paid on the same day! I can't recall it ever happening before since she's bi-monthly and I'm bi-weekly. So, we had a nice influx of cash today but it has nowhere to go. I talked yesterday about this being a 3 paycheck month for me and the credit card bill has already been paid. So, now I'm just saving money until the mortgage and HD bill come due.
For whatever reason, I'm been thinking about utilizing a different checking account to try and save money. PNC is a great bank, but I've never really reasearched other options. I could be earning more in interest each month by using Schwab, Ally, or someone else. Perhaps this is short-sighted since I know I have a tuition payment due in August and our savings account will fall substantially at that point, but what if I can earn an extra 50 to 150 basis points in the time being.
It's worth investigating. In addition, opening up a better banking account could open up better brokerage oppurtunities. PNC is not a very brokerage place for small stock investing. The BlackRock Funds do not very well - but those funds are LT. Right now is a good time to buy (as evidenced by II-VI being priced 20% below last year's amount. In addition, PNC stock is priced well below its normal trading level and it hasn't fluctuated in 10 years! So, yes, I will be investigating other banking/investing options. The simplicity of PNC VW and Checking accounts is great - but I'm sure there are better options as well. It would be foolish not to have the discussion.
Perhaps I'm losing my edge.
R.J.
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