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Post by cindyupnorth on Jul 28, 2022 14:32:16 GMT
Do you have one? and where do you have it at? a bank? a credit union? what's best? My dh and I have a joint savings account, but I want to start one just for me. What I've done in the past is stuck money in a box under my dresser. yea, I know?? right?! ha. So just want to change it. Is something better then the other? I have no idea?
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Post by leannec on Jul 28, 2022 14:44:17 GMT
I actually have two ... both at my bank ... One is just for "savings" for things that I might want to splurge on ... I deposit into it every month ... The other has the remaining proceeds from the sale of a rental property ... I'll be putting a big chunk into that when I sell my current house soon ... I have never thought about putting my money in any place other than a bank
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Post by jeremysgirl on Jul 28, 2022 14:53:15 GMT
I have two savings accounts. One is at my regular bank and it is attached to my checking account. The other is at a completely different bank and I have no access to that account so I physically have to walk in the bank and access my money. I have an automatic paycheck withdrawal to this account. I found it was way to easy for me to switch money between my savings and checking accounts. So I wanted to have a nest egg somewhere it was very difficult for me to access. I assume that I could access it online or by debit card, but I choose not to set those things up.
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seaexplore
Prolific Pea
Posts: 8,422
Apr 25, 2015 23:57:30 GMT
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Post by seaexplore on Jul 28, 2022 15:00:03 GMT
We have multiple different savings accounts.
One is attached to our my checking and DH’s checking. We do not have joint checking accounts. The money flows freely between all the accounts since my paycheck goes into my checking account and dh uses it to pay bills from his.
We have a few with online bank/investment companies because they offer incentives from time to time for opening a new account with $$ so we do that.
The kids have a savings account each with our bank that we deposit into from time to time. They also have CD investments with the online bank we have our online savings with.
Dh is the keeper of financials. I know all of this exists just not the exact amounts present. I know where all the passwords are and get emails from the financial places about our accounts.
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scrappinmama
Pearl Clutcher
Posts: 4,877
Jun 26, 2014 12:54:09 GMT
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Post by scrappinmama on Jul 28, 2022 15:01:14 GMT
I have one with my bank and am looking into opening a second high yield savings account. I'm researching options now.
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Post by cmpeter on Jul 28, 2022 15:05:27 GMT
Dh and I both have one at our bank. For my “cash in a box” savings I use my Amex Bluebird account. I like that it has options for setting up auto deposits, manually transfer, add cash from a Walmart and you can set up multiple goals.
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Post by cindyupnorth on Jul 28, 2022 15:08:41 GMT
I have one with my bank and am looking into opening a second high yield savings account. I'm researching options now. What do you know about the high yield savings acct?
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J u l e e
Drama Llama
Posts: 6,531
Location: Cincinnati
Jun 28, 2014 2:50:47 GMT
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Post by J u l e e on Jul 28, 2022 15:09:07 GMT
We have two with our bank. One we don’t touch - it has what would be a year of normal spending if jobless. It should probably be in a HYSA but I just haven’t done that yet. The other gets deposited into every month and is for trips, home improvements, big ticket items we save for.
I also have an envelope with cash in my closet. I shove extra cash into that whenever I have cash for some reason. In case my cards don’t work or I can’t access an ATM or a zombie apocalypse.
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J u l e e
Drama Llama
Posts: 6,531
Location: Cincinnati
Jun 28, 2014 2:50:47 GMT
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Post by J u l e e on Jul 28, 2022 15:10:00 GMT
Look up HYSA in Nerd Wallet. They’ll tell you the best interest rates for those.
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pantsonfire
Pearl Clutcher
Take a step back, evaluate what is important, and enjoy your life with those who you love.
Posts: 4,762
Jun 19, 2022 16:48:04 GMT
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Post by pantsonfire on Jul 28, 2022 15:12:34 GMT
2 at 2 different credit union. One is attached to checking, one is a savings only. The one with savings only is emergency money.
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Post by littlemama on Jul 28, 2022 15:33:56 GMT
We use a credit union for all of your banking needs. Yes, we all have savings accounts, although there is virtually no interest earned any more.
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Post by disneypal on Jul 28, 2022 15:39:50 GMT
I actually have a couple...my main long-term savings account is with a credit union. I keep a smaller savings account at the same bank where I have my checking account...it is just like a "fall back" account in case I need a bit of extra money for something.
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SweetieBsMom
Pearl Clutcher
Posts: 4,611
Jun 25, 2014 19:55:12 GMT
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Post by SweetieBsMom on Jul 28, 2022 16:04:41 GMT
I have two savings accounts. One is at my regular bank and it is attached to my checking account. The other is at a completely different bank and I have no access to that account so I physically have to walk in the bank and access my money. I have an automatic paycheck withdrawal to this account. I found it was way to easy for me to switch money between my savings and checking accounts. So I wanted to have a nest egg somewhere it was very difficult for me to access. I assume that I could access it online or by debit card, but I choose not to set those things up. This is what I have done. I have one savings account at my 'regular' bank. Most of my pay is deposited there and I transfer what I need to checking to pay bills and such. Then I have a credit union savings account (opened it in college) and it's not easy to access. I can be done but I'd have to work for it I have money transferred there automatically from every paycheck and that's my emergency fund. I don't touch that.
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Post by buddysmom on Jul 28, 2022 16:12:49 GMT
One through Chase-tiny rate; one at Marcus online "high yield" about 1.2% but there are other ones that might pay a bit more--and they will be increased due to the rate increase yesterday. The best right now are i-bonds; the rate is 9.62 but the max you can have is 10K and there are restrictions.
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Post by ScrapbookMyLife on Jul 28, 2022 16:52:08 GMT
I have a bank account. I have main savings, and also have a couple-few sub-accounts, for shorter term savings for specific things. Currently I put smaller amounts, in a designated for next "milestone birthday in 2025" category. Because I want to do something special for myself....probably road trip. Psychologically speaking, I have a hard time taking money out of main savings for frivolous purposes such a milestone birthday vacation or whatever it is that I want to purchase or do. If I start a separate designated category for whatever it is, then it's separate from main account and it makes me feel better about spending it. I can spend it as intended and the balance on the main account doesn't go down. Seeing my main savings balance go down instead of up, causes me to feel stress, that is why I do it the way I do. It's purely psychologically on my part, because I am crazy like that.....and that is very okay with me. To each, their own. I also keep all monetary gifts received (Birthday and Christmas money) separate from main savings.
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artbabe
Pearl Clutcher
Posts: 3,042
Jun 26, 2014 1:59:10 GMT
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Post by artbabe on Jul 28, 2022 17:01:16 GMT
I have two savings accounts at my bank. I can transfer either into my checking account as needed. One is my big expense one (repairs, college, etc.) and one is for vacations only. I like having two- I'm thinking about a third one- I would never have any vacation savings if it didn't get automatically taken out of my checking account each pay period.
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Post by compeateropeator on Jul 28, 2022 17:02:56 GMT
Do you have one? and where do you have it at? a bank? a credit union? what's best? My dh and I have a joint savings account, but I want to start one just for me. What I've done in the past is stuck money in a box under my dresser. yea, I know?? right?! ha. So just want to change it. Is something better then the other? I have no idea? You are probably earning just as much on it in a box under your dresser. 😆 I have 3. 2 at a bank where my checking account is and one at a credit union where I refinanced my mortgage to. I no longer have the mortgage but like the credit union so will keep the things I have there. I would eventually like to move my checking over but that is too much of an effort. So unless they start to charge me fees I will stay with this configuration. They were started with specific purposes, but now are just all savings not really designated for anything in particular. Good luck and happy saving. 😄 I forgot, I actually also have my very first one at a hometown bank, which I also keep open because I get dividends automatically deposited in to it. I lovingly call that my couch fund. Although I haven’t bought a couch with it yet.😉
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Deleted
Posts: 0
May 15, 2024 6:03:30 GMT
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Post by Deleted on Jul 28, 2022 17:08:58 GMT
YEARS ago I used to have C.D.s. They had high interest rates and were a safe place to put your savings into and get a small return. These days my checking account has an attached savings account. It's set up to take 5% of anything deposited and put it into savings. (I usually have to put it back into my checking to pay bills).
I've never had a joint/shared account with anyone. My Dad always told me to keep my own $$ separate. Great advice, but I'd add that spouse's name in an emergency. When DH passed, I went through a lot just to close out his account. He had a whopping $24 in it.
With interest rates being so low right now, storing your savings in a safe deposit box at the bank, or keeping it at home (somewhere safe) sound like reasonable ideas.
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Dalai Mama
Drama Llama
La Pea Boheme
Posts: 6,985
Jun 26, 2014 0:31:31 GMT
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Post by Dalai Mama on Jul 28, 2022 17:09:22 GMT
I do have a tax-free savings account where I invest mostly in money market and dividend funds.
I'm not going to put my money into a savings account because, even with the recent interest rate hikes, the rates offered by my bank is ridiculous.
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Post by Basket1lady on Jul 28, 2022 18:38:27 GMT
Savings accounts pay nothing these days, even before inflation skyrocketed. But be careful about putting your money elsewhere as well. All of our house money is tied up in an account that had been performing at 12% for the past 10 years. Guess how it's doing now? So if we buy a house this fall, we are going to just let the money ride and pay PMI because our down payment will be so small. That's how much money we are losing!
We've always bought in this market (like in 2007) because we had time to just let the money ride. But the minute we want to use our money... Same thing with DD's college fund. Luckily that's in our name and not her's because we aren't touching that either.
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Post by freecharlie on Jul 28, 2022 18:42:29 GMT
Yes. Use an online bank for the best interest rates.
Last I checked (which has been a while) ally and discover had some of the best interest rates
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Post by busy on Jul 28, 2022 18:49:21 GMT
You're not going to get good interest rates anywhere. Just open one wherever is most convenient for you.
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Post by melanell on Jul 28, 2022 18:49:36 GMT
We (DH, our kids, and I) have savings a few different savings accounts----in a combo of banks and online.
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scrappinmama
Pearl Clutcher
Posts: 4,877
Jun 26, 2014 12:54:09 GMT
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Post by scrappinmama on Jul 28, 2022 20:21:02 GMT
I have one with my bank and am looking into opening a second high yield savings account. I'm researching options now. What do you know about the high yield savings acct? Here is a link to more information. It doesn't list every HYSA, but it gives you the top ones. A lot of people like Ally, but I don't see it listed. www.nerdwallet.com/best/banking/high-yield-online-savings-accounts
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Post by Laurie on Jul 28, 2022 20:32:09 GMT
We have one at a bank, a few at a credit union and then we have cash on hand in the house in a safe.
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Post by stingfan on Jul 28, 2022 22:07:17 GMT
I have my "liquid" funds in a money market account where all my other accounts are - mutual funds, IRAs, etc. It really hasn't had great returns either until the last couple of months. Until about Feb I was only getting $1-$2 in monthly dividends. But then May was $9, June was $20, and July was $46. Pretty significant uptick! (This was without my purchasing any shares over that period.)
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Post by freecharlie on Jul 28, 2022 22:12:31 GMT
Ally is raising their rates to 1.4%
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