You may have heard about the “Move Your Money” and “Bank Transfer Day” movements that occurred this past Saturday, Nov. 5th. I wasn’t going to do anything with my account at one of the major banks. They offer a feature that allows me to deposit checks from my iPhone, and that is a really wonderful feature for me, since I hate taking the time to get to an ATM or branch to make a deposit.

Then I was informed by a freind who banks at the same institution, that I earn only .01% on the funds I have deposited. Not one percent, but one tenth of one percent. This comes to about $20 a year. I took a look at the major credit union in Seattle, BECU, and found that they pay 6% interest on the first $600 deposited with them, and their money market pays .41% interest.

For my cash on hand, BECU will give me about $120 a year in interest, which is more than 6 times the interest that my current bank pays.

For me it’s not so much a political action, though I am happy to support any movement wanting to punish the finance sector for their terrible mismanagment in the mid 2000s. It’s a matter of simple math, and maximizing utility, which I am sure any financial institution can appreciate.

BECU makes it very easy to open an account with them online.  I needed my driver’s license, my checking account number, my bank’s routing number and about 15 minutes.