math midget needs help please!

**nodmicks** · 06-16-2006, 05:49 PM

We are working on the Fully funded EF. I see ing is at 4.25% interest. The credit union is 1.49. I think we should move the money we have for ef and Ds's braces(about 5k) to ing. Dh doesnt think the tad under 3% matters. Can someone good at the math help me figure this out? Pretty please

**Telephus44** · 06-17-2006, 03:49 PM

Depends on how much money you're talking about.

$1000 at 1.49% makes - $14.90 in interest
$1000 at 4.25% makes - $42.50 in interest

$500 at 1.49% makes - $7.45
$500 at 4.25% makes - $21.25

Mind you, I think these are APR meaning ANNUAL percentage rates (Well, I know that the ING is because I have an ING savings account). So these figures are the total interest you'd receive over 1 year (not per month).

So depending on how much money you have, and the time frame you're talking about - that's what I'd base my decision on. I don't know if I'd move a whole account to a new bank for $5, but I might for $50. I keep my personal savings in ING since I hope that I don't have to touch it for a long time.

**nodmicks** · 06-17-2006, 06:41 PM

Sara~ Its a bit over 5000 that I plan to keep adding at least 400 a month to. Though I will be taking out when Ds gets his braces(that could be who knows when!)

It looks like over a year it would b worth it to move to ING.

I appreciate the help!!

**Valerie in WA** · 06-18-2006, 02:16 PM

I'd move it.

**nodmicks** · 06-18-2006, 08:20 PM

Valerie~ I decided to move all but 1000(cuz Dh is worried).

**frugalfarmwife** · 06-19-2006, 06:20 AM

Good move, the interest difference on 4k is significant and ING has been every easy to work with, I have several accounts with them. Just remember it takes a few days to get the money back into your checking so don't let things run to tight.

You can also set up automatic deposits and just let it grow, I have weekly deposits made into a truck fund for hubby, our EF and an anniversary vacation fund.

kj

**nodmicks** · 06-19-2006, 10:13 AM

Frugalfarnwife~ thanks! I think the plan is too leave 1K in the ef at the local bank. I'll keep depositing everyother week there. Everytime it hits 1250 I'll move 250. Your right though I could set up auto deposits evry 2 weeks to go with my pt pay schedule too. Humm I need to ponder~!
I'll still keep funding the normal monthly amounts into car repair, heat, medical, tags, hunting, christmas etc but let them stay local as they get used frequently. I think that should work.

**frugalfarmwife** · 06-19-2006, 10:20 AM

You could open a Christmas acct there too, you can add any amount you want, I have one acct. that I auto add $1.00 a week too, lol, hey better than nothing

I also have a few CD's at ING, doing all that I can to make that extra interest!

kj

**nodmicks** · 06-19-2006, 10:27 AM

I think I have 240 in the christmas account. My only problem with moving it is I dip into it everytime I see a great bargain. We shop for almost 30 so I am a good bargain shopper. I am saving my tips towards seeing my db for the next Christmas.

I just popped over and checked the bank online. Those smaller categories(minus the 1000 that must stay there add to a tad under a thousand dollars.

I think you are likely right about moving more categories!!!! I have an ing acct and so does Dh. So thats 2 already. I take it you can have as many as you wish???

Totally unrelated but I read in another post you make fry bread alot. Would a basic bread recipe work fine for that?