Use Web Bill Pay and Watch Your Savings and Interest Grow

Sick of seeing those bills every month and sitting down with your checkbook and writing each check and putting it into the check register, right? Well, paying them by postal mail isn't the answer to getting them to stop or even keep down the cost to send a bill back. It's true the 39¢ that you pay per bill may not seem like much but it can add up to be quite a savings. Let's figure you get a typical amount of bills.

Let's get a rundown on how many bills you pay, Rent or mortgage, water, electric, cable, 2 credit cards, and car lease payments. I thought of seven off the top of my head. So 39¢ times seven a month, that's $2.73 and over $32 for the year. Don't think $32 is that much? Try to avoid paying by mail if you can help it. Just think of the savings. In 30 years just in time for retirement that $32 at 10% interest compounded monthly could be $650. Still think that $32 can't add up? Consider that the savings on stamps alone could turn into thousands of dollars worth of savings over your working life.

So what should you do? Well there are a few good answers to that; the best answer is look into an interest-bearing checking account with web bill pay. NetBank (on the web - - Netbank.com) offers both of those services along with a $75 account opening bonus if you do it on the web through www.bankrate.com. You can really see your savings grow by paying bills on time rather than early with Web Bill Pay. The nice thing about NetBank is that there are no minimums so you could transfer money into the account simply for the purpose of paying bills. Some web based accounts like that offered by NetBank.com offer free web bill pay and up to 3.5% (or higher interest) on your money. If this is higher than your current savings account it may be worth it to meet their minimums. If you cannot meet the minimums for this, then stick to free NetBank checking, it can really increase your savings potential in bill paying.

Setting up an example bill for Web Bill Pay at the United States Automobile Association, Federal Savings Bank.

Credit: Me

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