Random thoughts of an upbeat mind

Simplifying my finances

I received an email today from RBC.  I don’t bank with RBC so I thought it was a phishing email.  But something said unblock it.  In the email it said RBC bought Ally car loan something.  Since I don’t have a car loan with Ally I really didn’t pay too much attention.  But again something said click the link for more information.  So I did.

RBC bought Ally and will be closing my (cause you know just me was affected!! ;)) high interest savings account. 😦

I have a lot of accounts with a lot of different institutions.  I use them for different purposes.  As I stated long ago I have to play mind games with myself so I find having multiple accounts works for me.

Currently I have 6 savings accounts and 3 chequing accounts within 5 banks.  Having written it down, it seems like a lot. O_o

Account 1 – future bills account with ING
Account 2 – tax-free savings account with ING
Account 3 – vacation savings with ING
Account 4 – emergency fund with Ally
Account 5 – long-term savings with PC
Account 6 – easily accessible short-term savings with Scotiabank

My very first account was with TD.  I think I started to bank with Scotiabank next as they were the closest physical bank to my house.  Back in the day when you needed to go to a branch to do almost everything.

Over the years I have added and taken away accounts at Canada Trust, Citizen’s Bank, ING, and Ally.  Most of the removals were because the bank was taken over by another bank or closed that division.

Canada Trust was taken over or merged with TD.
Citizen’s Bank decided to issue only credit cards and discontinued its high interest savings accounts.
RBC bought Ally and will be closing their high interest accounts.
Capital One bought ING, I am not sure what that will mean to me yet.

So now I am trying to figure out what to do with my money.  Do I consolidate them into one, two or three accounts or look for some place else to hide my money from myself?


Comments on: "Simplifying my finances" (10)

  1. Our main things are with TD, but I have a savings account with ING. Two banks are more than enough for me. Do you pay any fees with any of those banks, as I would be getting rid of the extra ones if they do.


    • I pay fees at 2 of them, but it’s “only” $7.90 total. LOL Of course those are the banks I have my RRSPs with. It’s on my list to look into see what it would take for it to be free.

  2. I agree with Gill, you should try to get rid of the accounts that charge fees if possible; but since they house your RRSPs you really have to do your research first.

    I was like you once and had many accounts at different institutions but dropped them for different reasons, I dropped the last one because they decided to start charging fees.

    Right now I only have two accounts left, one that is hard to access because it is a money market account at an out of the way institution and then my main one at RBC. I think I need another one but I am not sure yet. I like the simplicity of only two but it makes short term savings kinda difficult for me. I think 3 accounts might be the right amount.

  3. Is there a reason why you couldn’t move them all to one main bank, say PC?

    • I am not disciplined enough to have all my money in one basket. Plus if I need access to actual cash I don’t like the day delay that PC savings accounts have. But I am looking into it with renewed interest as my other options are being reduced.

  4. Hmmm… We have 4 accounts. Slush Fund (gifts, clothes, unexpected bills, meds, dental, etc..) our main account which currently holds our $4K Emergency Fund (Emergencies ONLY) and all of our ‘regular bills’ every month, then Xmas savings (self explanatory) TFSA (empty) .

    What I do with our EF/Main Account is to remember how much of that is our EF and count that as my “zero balance”. So even though there’s always $4K in there, if I look in that account and see $4357.82, I see that we only have 357.82 in our account. By doing this we save a bundle on bank fees as well.

    Good luck figuring out what’s easy for you… it takes a bit, but once you figure it out it’s smooth sailing!! 🙂

  5. I have most of my accounts in one bank and one other account with another bank. I’m already confused with these, I don’t think I can manage having multiple banks. The disadvantage of my bank is that it’s a community bank so there aren’t that many branches and ATMs. But the good thing is that checking accounts are free without minimum required balance if you don’t want interest. Also their CD interest rate is very competitive.

    I currently have one savings account and I separate different purposes of that saving amount in my excel. I track all my money in a excel spreadsheet I made. Maybe you can have fewer accounts but use excel or other online account tracking system.

    • I thought about keeping all my savings in one place and just keeping track via an excel spreadsheet but I have to think a little while longer on if that makes the most sense to me. I am also debating 2 savings accounts; one for short term savings and then my e-fund. The ideas are still flowing in my head and I have until the end of next month to figure out what to do with the money in Ally.

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