How Many Checking Accounts Do I Need?

Mr. GYMA’s IRA matured last week and the renewal rate was an abysmal 2.33%!  We are both well-educated but for some reason can’t figure out what the best investments are.  And we no longer trust anyone else to handle our money so we’re left with figuring it out on our own.

Anyone remember the good ol’ days (1980s) when a CD earned 16% interest?  We divided up Mr. GYMA’s portfolio into the one CD and the rest is invested in Fidelity Puritan, a no-load, fairly well performing, mutual fund.  I began calling around the week before the CD matured and was quite dismayed by the pitiful interest rates.  We ended up going with Wachovia (yeah, I know!) because they seemed to have the best rates.  What the gal on the phone failed to tell me was that we had to open up a checking account in order to get that rate.  I pay all my bills online these days so I never carry a checkbook and I certainly don’t carry around $100 in cash with me, which was the minimum amount needed to open the account.

Bottom line is that we had to take $100 from the rollover amount (and since we are now in the required minimum distribution bracket there won’t be a penalty for the withdrawal) but now I have more financial information to keep track of.  BTW, we also went with a 3-year CD and got a whopping 5% interest.

Where do you park your retirement money?

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