Google

Tuesday, January 22, 2008

Interest Income for 2007

Lately I have been getting a bunch of tax statements from banks notifying me of how much I made in interest with their company this year. It's a double-edged sword in a way to see these statements - I'm happily reminded of how much money I made with other people's money, and I'm also sadly reminded that this will cut into my tax refund in a couple weeks.

Tallying up all the statements I've received so far (and I'm fairly certain I've gotten them all), I have $8585 in interest income for 2007. Not as much as some who play the game a little more seriously, but still pretty impressive. I have to double check, but I'm pretty sure I made more than last year in this category. Remember, this money is the result of taking out 0% loans from credit cards, socking the cash into an interest bearing account, and paying back the minimum each month until the whole amount is due.

The banks I used were a combination of high interest accounts and those that offered a bonus to open an or maintain an account. I'll give a list of each bank and the corresponding interest or bonus money (which still is considered interest) my wife and I earned. Some of these are individual accounts and others we opened two separate accounts:

Apple Bank (2 accounts, $50 total)
Citibank (2 accounts, $75)
Capital One (1 account, $25)
Affinity Bank (1, $26)
Amboy National (1, $29)
Sovereign Bank (1, $100)
GMAC (1, $38)
HSBC (2, $1000) - Remember the 6% promotion earlier this year? - cool!
Bank of America (2, $1350) - I took advantage of a great NEA Money Market rate for 90days in the middle of the year.
ING Direct (1, $100)
E*Trade (2, $100)
Heartland Bank Direct (1, $200)
Chase Bank (1, $600) - This primarily includes bonus money from opening personal and
business accounts
GCF Bank (1, $218)
Emigrant Direct (1, $440)
FNBO Savings (1, $4386) - The bulk of my money is still in this bank because it's currently offering 5%, but a lot of money was made with its extended 6% promotion.

There may be other banks, but I don't think any big ones. This year I am trying to be better organized so I can document when I receive any interest, rebate or award money. I want to have a clearer idea of how much money the time spent on this stuff
really pays off.

No comments: