How I Efficiently Pay Bills and Save Money — Plus, a Bonus for You

An Easier Way to Pay Bills and Save MoneyAlthough there are some parts of my personal and professional life that are not exactly efficient, my banking is fully optimized. My checking account automatically sends a paper check to my landlord on the same day of each month, I can pay multiple bills at the same time with an electronic transfer at no additional charge, and my savings account receives an automatic deposit on the same day each month.

I first started out with Capital One 360 in 2002, back when it was ING Direct and only offered savings accounts. During that time, I had to do my checking elsewhere, and the other online interfaces were never as user-friendly as my experience with ING Direct. So, when they began to offer checking accounts years ago, I signed up immediately.

Earn up to $236 by opening a CapitalOne 360 account!

 

A Banking Love Story

Our relationship began on a hot summer day, after I arrived at a meeting with sweat stains on my shirt because my little Toyota Tercel didn’t have air conditioning. I had recently gotten a raise and decided to upgrade to a car with air conditioning. I eventually decide
d to buy a used Toyota Corolla, which at the time was about $6,000. I had no money in the bank. So, I pledged to save $200 per month towards a down payment and finance the rest.

I researched what savings account would give me the best rate, and found that no one beat ING Direct’s 2% interest rate. I poo-poo’ed that rate at the time, but nowadays we’re lucky to get even 1% on a savings account.

I hesitated about putting my money into a bank without a brick and mortar store, but the process of opening an account and setting up an automatic savings plan was so easy, I went through with it. A year later, I had saved $2,400 and earned almost $20 on it in the process. I have banked with ING Direct ever since.

Optimize Your Bill-Paying and Money-Saving — and Earn $226 $125 to do it!

Friends, Family (the one family member who reads this blog!), and Staplers: Capital One 360 is upping their bonus game  The sale is over, but they are still offering bonuses. Check out what you can get for opening accounts:

  • $100 $50 bonus for a Checking account
  • $76 $25 bonus for a Savings account
  • $25 bonus for a Kids’ Savings account
  • $25 bonus for a Teen Savings account

Click here to start the process, and I also get a little bonus love. Thanks for helping to support the blog! I would like to think I’m helping to support you, as well, because I’ve never been happier with an online banking experience than what Capital One 360 offers. Over a decade of my loyalty should be proof enough, but don’t take my word for it: Open one up yourself, and see if you like it.

Take note that these bonuses are only good through Wednesday, July 3rd. After that, they’re back to the usual bonuses.

The sale is over, so I updated the bonus amounts to what they are normally. The links still work!

Answers to Common Questions

Before opening my accounts, these are the things I wondered, and you might wonder them too:

  • Are there fees to have a checking account? There aren’t any recurring fees, and I’ve never been charged an overdraft fee despite getting overdrafted once in awhile. If that happens, you borrow the money on credit until you put the money back in. I can never tell what the APR is on the borrowing, though, because I can effect a same-day transfer from my savings account.
  • Does the checking account earn interest? Yes. Interest is at 0.2% APY right now.
  • What is the current interest earned in a savings account? Currently, 0.74% APY.
  • How do you write a check? Either have Capital One 360 send the paper check to the recipient, or order a set of checks from Capital One 360 for $5. I do both. I like to have my checkbook on hand. But I love that I can set up a paper check payment to my landlord and Capital One 360 sends it out for me with no extra charge.
  • How do you deposit money? If you don’t get your checks Direct Deposited, you can use the mobile app CheckMate, which deposits it electronically. Or, sign the check and mail it in. It usually takes a few days for the check to be received and get cleared.
  • How do you withdraw money? Use any AllPoint Network ATM for free to withdraw cash. Otherwise, you can initiate a payment online and Capital One 360 will make the transfer — either to a business or another person.

Does that answer your questions? If not, please feel free to post your questions below and I’m happy to answer them.

This post is linked up at Thrifty Thursday and Fabulously Frugal Thursdays!

10 thoughts on “How I Efficiently Pay Bills and Save Money — Plus, a Bonus for You

  1. Do you know how much you need to open an account? We’ve slacked on opening an account for our children and I’d love to take advantage of these offers 🙂

    • For the kids’ accounts, it looks like there is no minimum amount you need to deposit. If you want to open a “Money” account (aimed at teens), there isn’t a minimum but you have to make one “Card” purchase within the first 30 days. If you want both $25 bonuses, you’ll have to open 1 Kids account and 1 Money account, under different names.

      The savings account requires a $500 deposit.

      The checking account requires 5 check deposits (via Checkmate) or card purchases within the first 45 days. To meet the check deposit minimum, I bet you could write yourself a few checks from your old bank to transfer the funds into the account instead of using the electronic transfer feature.

  2. This is interesting. We’ve used PNC for years. We also have a mobile app and deposit any checks we get (makes life a lot easier!).

    I’m not sure if we’ll make the switch now though since we have a lot less in our savings considering the money we just threw down at our home down payment.

    Sucks seeing our net worth go in the red!

    Once we bolster our savings again, we’ll definitely be looking at options like for housing the bulk of it!

  3. Ha, am I the one family member? 😉 Sounds like a great bank! We’re currently doing everything through a brick-and-mortar bank but sounds like I could start a little side fund and get those bonuses.

    • Yes, you are! Mom can’t figure out how to click on the link in the email updates!
      Anyway, I started with ING/Capital One just as a savings account, so opening a savings account in addition to your normal bank is pretty normal to me — and even better if you want a savings account that feels “off limits” because it takes a day or two to transfer funds from one bank to another. Although, when you have a checking account there the transfer is instant.

  4. PS- can I open more than one account and still get the bonuses? Seems like they’d be crazy to give me $176 in bonuses plus $50 if I did both kids… but I like crazy.

    • The bonuses require that the accounts are opened in a new customer’s name. I would hope that means you can open savings and checking in your own name, but if you want to play it safe and want all 4 bonuses, you could open a savings account in your name first, then a checking account under your husband’s name (or a joint account, because your husband would be a new customer); then, a Kids account under one kid’s name and a Money account under another kid’s name. I guess it sounds a little exhausting now that I spell it all out, but you could always just stop at the savings account!

  5. It’s funny how everything is about perspective. 2% interest rate on a savings account would be pure gold these days! I like the signup bonuses and I might have to take advantage of them. Thanks for sharing!

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