Another $20 has been deposited into the change experiment fund. Interestingly there is more good news, interest, that’s right interest of $0.48, but that’s not all, I also got ‘bonus interest’ of $0.13. Bringing total funds to $290.61. As I expected, change collection has dropped, due to the fact that I am slack at withdrawing new funds from either the ATM or EFTPOS.
I have also been cutting down on my spending and trying to save as fast as I can. One reason, but not a strong factor, is ING applying a minimum limit on new term deposits of $10,000.00, which for me is a lot. I guess this is so people don’t keep opening very small TD’s. But my problem is that I find it hard to get to 10k, so I was starting new TDs once I had $5k to invest, which is not an unreasonable amount. But it’s a number that works for me. Most banks have this 10k limit, so its not wrong, just the added feature of not being able to touch the money for 90 days in 5k increments appeals to me. Its not a long period of time and I am unlikely to need the money during that time. My strategy now needs to be rethought or maybe just seek counselling to fix my 10k mental limit…
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