Thursday, September 6, 2007

Charged for bill pay? Let the bank pay you

I was being charged $7/mo for online bill pay by my brick & mortar bank. For a long time it was worth it. Bill pay is just plain convenient. But now online bill pay has come to be expected from any major bank.

Some have started to offer free bill pay to all their normal checking. I thought seriously about switching to one of those until I took a look at my existing account with the online bank ING Direct.

ING Direct has a checking account with free bill pay and 4% interest. That worked out for me! Since I keep a lot of money reserved for annual bills, I have a bit of cash sitting in the account at any time. By transferring the amount of my bills from each pay check and then paying them from ING, I also get to earn a little interest on my bill before it gets sent out. Now that the system is running smoothly, I see that I am earning about the same that my old bank was charging me.

This is how banking should be!

1 comment:

Mike, Nicki, and Josh said...

Welcome to the world of ING Direct. I do a similar system that you describe and it's been working for me. I've also earned a little interested in the past few months... passive income is good.