High Yield Savings Account: Adding Capital One And ~$100

I transferred $3,000 from my Ally Savings Bank account to my new Capital One account in order to benefit from the latter’s new savings account that offered an interest rate of 1.5%, higher than that on all of my current cash accounts.
This is a small move that will increase my interest income over $100 for the next year and took less than 30 minutes.
There is one major downside with high yield savings account. The banks can change the interest rates quickly as interest rates change in the market.
On your road to financial freedom, you look to maximize every aspect of your budget. Your goal is to maximize your income and minimize your expenses. While many transactions or activities may result in large dollar gains, the reality is that you must win a lot of the small transactions as well to reach financial freedom. Growing up, and still today, I am a huge baseball fan. To incorporate a baseball reference here, the singles are just as important as the home runs. Using a high yield savings account is a single; but it is critical to maximizing the interest earned on your cash.
Lanny and I are constantly making moves to maximize our dollars every day, large and small. One of my goals for the rest of the year on this blog is to start sharing all victories with you. Whether I hit a financial home run or a financial single, each victory is as important as the rest. So today, I am going to share a small move I made that will increase my interest income over $100 for the next year. This took less than 30 minutes. I earned this income by simply increasing the yield on my savings account. Let me explain.
Maximizing my high yield savings accounts
Historically, I have held my cash at the following two financial institutions:
Capital One (COF) - Several years ago I ditched my brick and mortar bank and embraced Capital One as my primary checking account and savings account for property taxes. Using an online bank has been amazing and I haven't looked back. Prior to... Read more