Wednesday, January 6, 2010

Opened An EverBank Account

Some of you already know that I have an insane accounting system. Since I also rate chase, I also collect savings accounts like a crazy cat lady collects cats. I've added a new cat... errrr.... savings to my collection - EverBank.

At the time I opened my account on 12/31/09 the 3-month bonus rate offered was 2.51%. Looks like the bonus rate went down in the mean time. *Sigh*

Anyhow, the purpose of the EverBank account is to hold a windfall that I came into on 12/31/09. I can't discuss the source or reason how I came into the windfall due to confidentiality clauses and other legal reasons. All I can say is that it's not from an inheritance, illegal activity, lawsuit settlement, lottery, gambling or from a side job of stripping.

My net windfall totaled $33,475. For now, I intend to keep everything liquid and set aside in my EverBank account. I'm pretty sure that with this windfall, I'll be subject to the AMT, so I'll probably pay a big chunk of tax from it. I'm also embarrassed to admit that I spent over a couple grand of it already in December that I'll have to pay in January.

I'd eventually like to use the majority of the windfall as a down payment for my first home. But with all best laid plans, things can go awry. I could get laid off and I may have to use the money as an EF. I could suffer some uninsured loss. I've decided to call this chunk of money my "X-Fund" since I don't know what the ultimate purpose of this money should be. Heck, I may just use it to pay a big chunk of my private student loans off. I just don't know yet.

On a side note, I'm currently enrolled in a free free credit monitoring program through Southern California's AAA. It immediately alerted me to the fact that EverBank checked my credit report. I'm glad to know the free credit monitoring program is really working!


homeinkabul said...

Don't know how much in taxes you'll have to give back but why not pay off one of your student loans, or most of it? Even if it doesn't cover all of it - it will definitely give you breathing room in your budget towards buying a home or whatever.

Just a thought from a lurker. :)

Must Not Shop said...

wow, that's a lot of money! congrats :)

i think you're playing it safe for now, i would probably do the same thing. it would kind of freak me out to receive such a huge amount of money and then spend it all right away. maybe go 50/50? put half towards your debt and keep half as an emergency/down payment fund.

444 said...

Wow, Shtinky, you have made incredible progress in a year. And now you have the "problem" of what to do with a windfall! You are really going places now. I hope to see home pictures (or something else that makes you happy) soon.
p.s. And the mystery of the undisclosed nature of the windfall makes it that much more interesting. We won't ask but we might be guessing, in our minds (didn't you eliminate every possibility in that list that it isn't, though?) ;oD

444 said...

Are you going to update your net worth chart soon to reflect this?

Miss M said...

Wow, congrats on the windfall. That money should bring some peace of mind at least. I admit you've piqued my curiousity...

I saw that everbank just dropped their rates, they were one of the banks I was considering for my e-fund. But now they're pretty much back in line with everyone else so again I'll probably stay where I'm at. Sigh, sadly I need rates to stay low cause I have a mortgage reset coming at the end of the year. It may hurt the interest I earn on savings, but it's preferable to a huge jump in mortgage payments.

renderedtoast said...

No side job stripping? :(

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