Well, I don't get any interests for having the money in my second account, is just a way to keep some money separated, actually it's for my holidays, when the time comes we will see where we can go depending on what's there.
Yes I to have a chequing account and a savings account. I use the chequing for my day to day banking and then use the savings to save money each month. I find that when I put the money into my savings account it really stops me from spending that money. Like you say it's kind of psychological but it really works. I also will put money in the savings account to save for Christmas and buying a large item. I suggested this to my son and he just started putting $50 a month into a separate savings account and he finds it an effective way to save for "rainy day weather" cash.
Yeah, my kids are still small and they don't deal with money just yet, but I will put this saving system into them, I don't want them to grow up thinking that money grows on trees, I want them to realize that money comes from hard work and that we need to save it for when it's necessary.
