The #MoveYourMoney hashtag on Twitter is being used this weekend, apparently to convince members of the public to move their money to a local credit union, or a better bank — with less devious fees, and higher interest.
If you’re in the mood to ditch your old bank for something better, Outlaw highly recommends ING DIRECT’s account. Use this limited time special offer link, and you’ll earn a $50 ING DIRECT bonus, credited to your new account after meeting qualifying conditions.
They are a great bank, in my opinion, which is why they’ve been my bank since 2007. No monthly fees or weird “maintenance” fees and the interest they pay — although not very much — is far more than what you’d earn with an old-school Too Big To Fail bank.
Also, now that Capital One has acquired them, you can withdraw money for free at any of Capital One’s ATMs around the nation, in addition to fee-free use of any ATM within the Allpoint Network — that’s more than 36,000 ATMs.
A local credit union, on the other hand, likely would not be able to provide you with such broad access to ATMs around the country.
Another way to move your money that many don’t realise is to get outstanding credit card balances off of an old card and onto a new card with a 0% Intro APR balance transfer offer.
Even for the most affluent and financially savvy consumer, an old credit card with a 21% or 24% APR can slowly drag down your finances — subjecting you to thousands of dollars worth of painful interest charges each year.
Use Outlaw‘s constantly updated credit card deals portal here and select the “Balance Transfer” cards option from the drop-down menu on the left-hand side to compare the hottest deals out there; at time of publication, there are multiple 18-month 0% Intro APR offers, and one 15-month 0% Intro APR offer with no balance transfer fee — these are getting increasingly difficult to find, as many card issuers charge a 3 or 4 per cent fee to transfer an old balance onto a new card account.
Finally, once you have “moved your money” to a bank you are happy with, and onto a credit card with better interest rate terms or a higher cash back rewards structure, consider keeping an eye on your finances with free personal finance tools.
My personal favourite is Mint.com; the free service aggregates your financial activity across all of the accounts you input (including credit card accounts, bank accounts, investment/brokerage accounts, loans, etc), providing a near real-time view of your net worth, total outstanding debt, and other cool metrics to give you an idea of where you stand — and how to cut down on unnecessary expenditures.
Another worthy tool is BillGuard.com. This one sifts through your credit card transaction data, helping to identify potentially fraudulent charges (such as unwanted “subscriptions,” and outright scams) and save you money as a result. At time of publication, the company reports that more than $608,000 has been saved by BillGuard users thus far as a result of using their free card monitoring service.
Disclosures: We’re a credit card promotions site, so obviously we maintain financial relationships with numerous banks and financial institutions, including Citi, AmEx, Discover and other cards or products mentioned herein. This article originally appeared in slightly different form on Credit Card Outlaw.
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