Summary of Accounts

Checking Accounts:

1. ING Direct – Primary Account for payment of bills. Paychecks are direct deposited into this account and distributed as appropriate to other accounts.
   
2. 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.
   

   
    

Savings Accounts:

1. 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.
   
2. 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.
   
3. 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.
   
4. 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.