No. of Recommendations: 4
Hi all (long time no post!) :)

I've read a few threads about ING's electric orange checking account, and finally opened one up. I find that it works for me because it pays interest on all balances, while my current checking account (at US Bank) requires a high minimum balance to earn interest. I didn't really like not having checks, so I came up with a way to use both accounts

Here's my plan:
1. My paychecks will still be direct deposited into my US Bank account.
2. I will pay rent, car payments, and all non-credit card bills from this account, as well as the minimum payments on the 2 cards I've got balances on.
3. Each paycheck, I'll transfer the "snowball" amount that I can pay that month to ING Savings, which is a higher APR than the checking.
4. At the end of the month, I'll transfer any money + interest from savings to the checking (transfers are available immediately, so I can earn more interest rather than having to plan a few days ahead to get the money into my US Bank account)
5. Once a month I'll pay the snowball card with the amount I just put into the ING checking account.
6. Also, all paypal payments from Pinecone Research ($5 a piece) will go into the ING accounts right away.

I've been thinking of ways to use this account to earn some interest, while sticking to my snowball payments. My 2 cards are at 1.9% and 0%, so I'll be earning more in interest than I'll be paying. Also, keeping the money all month in savings will help if anything unexpected comes up during the month that I need to use that money for- I haven't already sent it to Chase, causing me to charge again.

I am not getting as much interest as I could be if I used the ING account only, but I like having the checks and local branch banks, it just makes me feel a bit better for now. Perhaps in the future I can move to deposit some or all of my paychecks into this account to earn interest between payments.

Anyways, just wanted to share with you all my new plan.. I'm looking at Sept 7 as my payoff date! (Was going to be done just before my 25th birthday but a new job and a few other expenses have pushed it back a few months- but I may change that with more OT hours!)

I hope all is well with you all.

lurking alot these days
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