How do you manage multiple CC payments?

[vwgrrc]

So I have my money in online saving account, which is subject to 6 withdraws/payments per month. In order to maximize interest earning, I'm trying to deduct all the larger payments directly from the saving account to minimize the float (tranfer to checking and waiting for payment). But since I have at least 4-5 active CCs and rent to pay each month, the 6-time limit cause big hussle for me. I have pay some of the CCs thru checking. Before that, I need to total the amount I needs to transfer from saving and setup timing correctly every time. 

I wonder if there's a better way to manage all the payments you guys may have 

[KayMD]

Another question I also have is that I've seen someone on the forums with a link to an app that allows you to pay your bills from it. Can anyone tell me what app that maybe?  I want to try it!

[Anonymous]

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@vwgrrc wrote:

So I have my money in online saving account, which is subject to 6 withdraws/payments per month. In order to maximize interest earning, I'm trying to deduct all the larger payments directly from the saving account to minimize the float (tranfer to checking and waiting for payment). But since I have at least 4-5 active CCs and rent to pay each month, the 6-time limit cause big hussle for me. I have pay some of the CCs thru checking. Before that, I need to total the amount I needs to transfer from saving and setup timing correctly every time. 

I wonder if there's a better way to manage all the payments you guys may have 

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Create the checking account with the same bank so transfers in between savings and checking will be instant. Track how much do you spend per month, keep this amount plus margin on Checking account. Auto PIF from checking. So, you will need activity once per month. You can do this 2 or 3 ... up to 6 times per month. I prefer to check my account bi-weekly on paydays and balance it. If it is more than monthly spending on Checking than I transfer to Saving, if less - than from Saving to Checking. My salary deposits to Checking.

[Kevin86475391]

I agree with Mamontov's suggestion of opening a checking account at the same bank so that transfers between the two accounts will be instant. At that point as long as you only pay your bills about 1-4 times a month (well 5 or 6 times technically, but give yourself some wiggle room), just make sure to figure out the total you'll need to pay in that session and take out the whole amount from the savings at once.

However, I also think you might be over doing it a bit with deposits and withdrawls from your savings in general. I wouldn't suggest depositing money into savings that you know you're going to need within the same month. Again, as Mamontov suggested, I'd only deposit extra money into savings after all the bills for the month are paid. Personally I do have a weekly automatic deposit into my savings account from my checking account setup. However, it's only a small amount I know I won't need for bills that month. Then at the end of the of the month, or whenever I notice my checking account balance getting needlessly high I make an additional manual deposit into savings, but I never deposit money into savings that I expect to use in the next few weeks.

I understand your point about wanting to maximize interest but unless you have a really great APY on a very high balance, a few weeks isn't going to make all that much difference in terms of interest earnings. And again, if you're making well over what you're spending - GREAT! and go ahead and deposit some of that right away, but I'd suggest keeping out what you know you'll spend in the near term.

[Anonymous]

You should get an American Express Serve account

[SouthJamaica]

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@vwgrrc wrote:

So I have my money in online saving account, which is subject to 6 withdraws/payments per month. In order to maximize interest earning, I'm trying to deduct all the larger payments directly from the saving account to minimize the float (tranfer to checking and waiting for payment). But since I have at least 4-5 active CCs and rent to pay each month, the 6-time limit cause big hussle for me. I have pay some of the CCs thru checking. Before that, I need to total the amount I needs to transfer from saving and setup timing correctly every time. 

I wonder if there's a better way to manage all the payments you guys may have 

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IMHO it's absolutely crazy to be making your payments from an account that limits your payments.

You should have a checking account from which the payments will be made.

Stop worrying about the nickel and dime interest.

[Anonymous]

Don't put money in a savings account you're planning to use for CC payments. You're doing a whole lot of extra work for what is literally pennies.

I have multiple checking and savings accounts but I make all my payments to CCs from 1 of them.

[Anonymous]

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@vwgrrc wrote:

So I have my money in online saving account, which is subject to 6 withdraws/payments per month. In order to maximize interest earning, I'm trying to deduct all the larger payments directly from the saving account to minimize the float (tranfer to checking and waiting for payment). But since I have at least 4-5 active CCs and rent to pay each month, the 6-time limit cause big hussle for me. I have pay some of the CCs thru checking. Before that, I need to total the amount I needs to transfer from saving and setup timing correctly every time. 

I wonder if there's a better way to manage all the payments you guys may have 

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What is your APY?   Tons of free high yield checking accounts out there with 1.75, 2.01, or higher APY.  Usually have requirements of 12-13 debit swipes a month, free checks, bill pay etc.  Pair that with a  7-8% credit card that functions as a line of credit.  And done.

Savings accounts arent that great lately and checking accounts have higher rates than most CD's up to 25k.

[Anonymous]

Go for Chase and get that bonus that's going around

[kdm31091]

I don't understand why you'd keep money in a savings account that you intend to use to pay bills. The reality is that savings accounts make very little interest. The "savings" is more of a psychological thing than a real thing. In practice, it's a restricted checking account that earns a few pennies a month for any kind of "average" balance.

I'd save yourself the headache and keep enough money in a checking account to pay your bills. No worries about withdrawing more than x amount of times per month. It's just not worth the hassle for such tiny gain.

As mentioned above there are checking accounts that pay somewhat more interest, but again, unless you're sticking a ton of money in there, it's still not likely to give you any kind of huge return. You have to decide what's worthwhile with hassle vs benefit for you personally though.