Separate account for savings

I keep a chequing account for my day to day use and a high interest savings account for the money I want access to but don't need immediately. I also have small counts at another banks that I use for internet banking transactions. The internet account caps my potential loss if something goes awry. I will deposit money only if I intend to make a purchase, and I withdraw money as soon as it is received.

 

It's always good to have an alternate bank or credit union, even when a person keeps their account in balance. One reason is that all these incidents of identity theft can place a temporary hold or freeze on an account. Sometimes, this can be resolved quickly but otherwise, it may take a while to investigate.

And it's highly recommended for those who have a hard time balancing their checking account.

 

Hi Peninha! I have two savings account as well.

My first savings account is for my retirement/emergency fund where 30% the money that I save goes to that savings account. On the other hand, my second savings account is for my business/investment fund and 70% of the money I save goes to this savings account. I used to put more money on my first savings account but at the start of the year, I began practicing my current saving habit. It's because I already reached my desired amount for my emergency fund, and I believe that I should start putting more money on my investments.

I'm also a very strict saver and I see to it that no amount of money would ever leave my savings account unless there's an emergency or when a great business opportunity arises.

 

I keep a separate savings account too. I don't use the money in my savings unless it's a real emergency. I have my accounts at a local credit union and earn some interest on both my savings and checking accounts. I have always kept my savings and regular money separate. I gives me a thrill to see my savings account balance rise.

 

Yes, I have a couple accounts and it helps me save.

I have one which is a tax fund for local taxes and self employment tax, as I do some freelance writing. I dump a little bit of each project in there.

I also have a savings account just for emergency fund.

I have my regular checking account for spending.

I also have a separate retirement account.

 

I have a couple, but it actually makes no real difference to me.

I used to use a savings account for interest, but the interest is soooo minimal now, that the incentive is really too low for me to care about. The only reason I really have one now is because it came free with the checking account, so I figured I might as well. Haha.

 

I have an Ally savings account and then just a regular checking account. I like having a savings account that is online only because it's so inconvenient to withdraw money from an internet bank that I leave it alone. When I had an offline savings account, it was too easy to go to an ATM and withdraw the money. I actually leave my savings alone now because I can't get to them easily.

 

I also have more than once account but none of them are really set aside as savings only account. I always try my hand at making investments so my money stays in the bank for a long time.

Of course I must admit that I've lost a lot because I didn't make wise investments but the more I try my hand at it, the better I become at avoiding risky ventures. That means in the near future I'll be onto something that actually does make me more money than the interest my money would accrue sitting around in an account.

 

I think the interest is very small for most accounts, although I suppose it does add up a bit over time. I'm with Peniha - I think the main point is to keep it separate from the rest of your money so that you don't spend it by accident or get tempted to spend it. It's especially nice if you don't have a debit card for it or anything and if you have to physically walk into the bank to withdraw the money -- then, you'll have more time to think about it and will probably only do it when you need it.

 

I also have a separate saving account. I put in a little bit of money every single month to increase my saving and it is with another bank while the account I use for spending is with a different bank. I find it much easier to organize my future saving that way.

 

I just have regular checking and savings account all with one credit union. I have trouble keep money in there anyways I don't see myself having more banking needs. lol. So sad but hopefully this year I will save way more money than I spend. These onlline deals and things are killing my wallets.

 

I used to put away a portion of my savings into the saving account, I stopped doing that as I dont have large sum of money and the interest rate is too low.