Recently I switched banks. Not because of the ING/Capital One merger, but to simplify my banking experience. I moved most of my money from HSBC Online to my local credit union which I work for. By doing this I am losing 0.55% interest. Rarely do I give up even a little bit, because every little bit adds up, but this time I decided against more money.
The main reason was simplicity. My paycheck was direct deposited into the credit union. The path of least resistance had my online bill pay attached to that account as well. So rather than transferring the money every month, trying to get the most from my money, I decided to save myself the effort and use the time it takes to manage transerring money into more productive pursuits.
My experience with HSBC has been a positive one. My questions are always answered in a timely manner. The services are easy to handle. ATMs are accessible. The interest rate started out good and has slowly gone down bit by bit. Honestly if it was still over 1.00% I may still be there. In the end I couldn’t justify the complication for $30 in interest.
My Credit Union
Ok, I work for this place, so I know they treat their employees extremely well. EXTREMELY. Their values line up with my values and I am a fan of voting with my dollars when I can. I’m not sure if HSBC is an ‘evil’ corporation like say Monsanto, but I know for sure the credit union is a fantastic place that really does care about it’s employees and customers. Not all credit unions have sound values, so don’t instantly think credit union=moral.
A lot of times I will choose to be complicated in order to save money. And when you are climbing out of a debt hole, that’s the way to be. But once you are on solid ground, it’s time to start making life easier, more enjoyable, and less stressful, even if it costs you a few dollars.