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Is It Worth Switching Savings Accounts For An Increase Of .36% In Interest?

25 June 2010 No Comment

I see so many financial blogs focused on helping individuals find the best savings rate and I understand the motivation there, but is it really worth moving your money back and forth for a few tenths of a percent in annual interest?  I mean honestly, if my savings rate is under 2% (which it is), I basically assume zero.  The reality is I’m losing money by having my cash sit in my savings account because the inflation rate is assuredly higher than 1.46%.

I’ve looked into EverBank a few times and think it’s a pretty good place to have my money parked.  I like its background and it seems like a trusted partner for a saver.  The rate I’d get on my savings account there would be 1.46% APY.  Currently, I’m getting 1.10% APY at ING Direct.  Yes I could earn more money at EverBank, but it’s not really worth the hassle to me to switch my money over.  I have ING all set up to have various “buckets” for putting money toward various goals and items, so I’m comfortable where I am.

What do you think?

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