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Old 10-09-2019, 04:38 PM   #24 (permalink)
Xist
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I have good news and bad news.

I find myself in unfamiliar territory. The balances in my checking and savings accounts continue to grow. I will soon need to decide what to do with it. I am not too fond of my Bank of America account, it pays 0.01% interest and has a minimum balance of $500. Navy Federal is twenty-five times as good, it pays 0.25% and the minimum balance is $20. I forget why I opened the account in the first place, but then they offered me a credit card with 0% APR for 12 months and 0 balance transfer fees. While vastly better than Bank of America, the interest is still negligible.

I started using the account when I got my second job and 100% of my negligible pay goes straight into it. I could earn at least 2% in a money market account or another savings account, or theoretically slightly more than 5% in a high-yield checking account, but I might earn $20 with it, after jumping through all kinds of hoops.

I am just making sure that I will have the funds available to pay taxes. I checked my student loans and they were below $5,300, at a little over 3%.

I actually have more than enough to pay them off, but Bank of America would fine me for falling below my minimum balance, and would I exclusively use my credit card until I am paid again?

I looked at my loans and I only had two left. The one with a higher interest rate was a little over $700, so I paid it off, and when that clears I will owe about $4,600.

If life cooperates I should be able to pay off my student loans within a month.

The bad news is that Navy Federal charged me interest. It was less than $3, one day's worth, but my payments were on-time. The 0% APR was not supposed to run out after four months!

If they do not square this away I will look for another 0% introductory card, ideally with zero balance transfer fees, but hopefully I will be able to pay off that debt within a year.

That just leaves my debt to society?
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