- ING Direct – Primary Account for payment of bills. Paychecks are direct deposited into this account and distributed as appropriate to other accounts.
- Local Bank. Because it has free ATM transactions anywhere, we always get "cash" from this account. Although ING Direct is fantastic, it is impossible to send a check with an invoice or to write a check to a local merchant (typically a contractor). Generally, we keep a $500 cushion in the account + enough money for normal ATM transactions.
- ING Direct – Primary Savings Account. As per my prior posts, we are gradually moving some savings into a CD ladder at ING. Although it does not necessarily have the absolute best interest rates, they have great service and the convenience is worth keep most everything with one bank.
- Local Bank – Bail Money Savings. Frankly, the bank pays a nominal interest rate, but it is better than nothing. We keep $1,000 in this account for any emergency that cannot wait a few days.
- Emigrant Direct – Property Taxes. My mortgage company does not escrow my property taxes. To make sure we have enough money to pay them, we transfer 1/12 of our annual tax to the account every month.
- Vanguard – Technically, this is a brokerage account; however, I treat it like a long-term savings account. All the money is invested in a tax-free money market mutual fund.