My bank just announced it’s offering a 4% APY rate on new money market accounts with a balance of $5k or more. This rate is good for 180 days, and then it will likely change.
The bulk of my emergency fund is parked at ING Direct right now, where it’s earning 3%.
If I move all of it to a new money market account, I could stand to earn an extra $45 in interest over that six-month span. After that, I’d have to reevaluate things and decide where to leave my money.
I’m not sure what I’ll do yet. On the one hand, $45 isn’t that much money. But on the other hand, it would be $45 more than I would have had otherwise. It’s a tank of gas in my car.
What are your thoughts?