*cry* There went my awesome interest rate.

**MomToTwoBoys** · 08-03-2008, 05:33 PM

As of September 1st, 2008, the following interest rate calculation changes will be made to:

Money Master High Interest Savings Account - 1.5% on balances less than $5,000 and 2.25% on balance of $5,000 or more.

Ugh.

That ING account was looking better and better until I read that. Now, I think it may be a requirement for me to put savings into an ING account and leave this savings account for a sinking fund. I primarily had the savings account through Scotiabank because there was no waiting period on transfers and I was getting 2.25% as of now (it was higher before).

**Greebo** · 08-03-2008, 05:45 PM

Savings accounts aren't investments. You're going to lose money compared to inflation, no matter what. With the debt you've got (reading your sig) and taking a wild guess at interest rates, your time and money would be better invested in reducing your debt quickly. Saving money (other than a baby emergency fund) and chasing half a percent is a pointless exercise when you earn $20 on $1000 in savings in a year but PAY $150 on $1000 on a CC at 15%.

As for chasing the half a percent - is it really worth fretting over FIFTY CENTS per 100 dollars invested? The difference between 1.5% and 2% on $1000 is $5 a year.

I think that's worth about 15 seconds of your agonizing about it, or less, don't you?

**MomToTwoBoys** · 08-03-2008, 05:59 PM

I guess you're right. DH's savings account and mine, put together, make up the $1,000 for the baby EF. We also needed to buffer $165 for DS #2's bus fee (which will not be refunded to us, so we consider that used) and then $360 dollars to cover all of DS #2's dental work until the end of October (he has his last three filling appointments then). The filling appointments, we're reimbursed almost 100% of (for example, we paid $202 the other day and we're receiving back $162.68 of that).

I had just wanted to get the most bang for my buck.

**MomToTwoBoys** · 08-03-2008, 06:11 PM

I guess you're right. DH's savings account and mine, put together, make up the $1,000 for the baby EF. We also needed to buffer $165 for DS #2's bus fee (which will not be refunded to us, so we consider that used) and then $360 dollars to cover all of DS #2's dental work until the end of October (he has his last three filling appointments then). The filling appointments, we're reimbursed almost 100% of (for example, we paid $202 the other day and we're receiving back $162.68 of that).

I had just wanted to get the most bang for my buck.

**Greebo** · 08-03-2008, 07:43 PM

Yep - the most bang to be gotten though is by paying off that debt!

So get kraken!

**Wendy99** · 08-03-2008, 08:43 PM

ugh i hadn't heard that news yet about the high interest savings account, that's where mine is too UGH

**EmilyD** · 08-03-2008, 08:47 PM

Since my bank's rate is .05 .. 1.5 sounds better then that.

Guess we will just have to move it around to the highest rates.

**Wendy99** · 08-03-2008, 09:25 PM

I'll leave my money in that account, as it's not my 'investment money' .. I don't have any of that yet lol (maybe someday

), but that interest rate still isn't horrible .. I guess

**MomToTwoBoys** · 08-03-2008, 09:41 PM

Originally Posted by Greebo

Yep - the most bang to be gotten though is by paying off that debt!

So get kraken!

Thanks.

We're cracking down on the Best Buy debt this coming Thursday. I tossed $275 into my account and any extra money that DH has this week is going to the Best Buy account. If I can pull off $500 per month on the BB card, it'll be paid off in September.

**MomToTwoBoys** · 08-03-2008, 09:42 PM

Originally Posted by Wendy99

I'll leave my money in that account, as it's not my 'investment money' .. I don't have any of that yet lol (maybe someday

), but that interest rate still isn't horrible .. I guess

Yeah, it was a bit hard on me and then I realized if I leave that cash in there and don't touch it, I'll still get something out of it. It won't be the investment savings since we're looking into Spousal RRSP and stuff, but it will be there in case something huge happens.

**Greebo** · 08-04-2008, 06:17 AM

Originally Posted by MomToTwoBoys

Thanks.

We're cracking down on the Best Buy debt this coming Thursday. I tossed $275 into my account and any extra money that DH has this week is going to the Best Buy account. If I can pull off $500 per month on the BB card, it'll be paid off in September.

That's the spirit!!