SEPARATE Checking or Savings account

[Rhaeny]

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@Repo-ed wrote:

I have several checking and 2-3 savings.

The main savings account I use (Amex Personal Savings), I don't remember the password, and when you forget it - you have to call them; you can't reset online. Since I hate talking on the phone, I won't call them.  I can't access the cash through check or debit - and since I don't know the password, I don't even know what's in there anymore, so my bi-weekly direct deposit just keeps adding up at a solid .87%

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Now that's exactly the type of account that I'm looking for!  I don't even want to know about it...LOL!

I don't like having a savings attached to any account that I have regular access to.  It's too tempting for me to look at it and think oh yea, I 've got that money.  

Guess it's time to learn some more discipline huh?

[barbaralee]

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@Repo-ed wrote:

I have several checking and 2-3 savings.

The main savings account I use (Amex Personal Savings), I don't remember the password, and when you forget it - you have to call them; you can't reset online. Since I hate talking on the phone, I won't call them.  I can't access the cash through check or debit - and since I don't know the password, I don't even know what's in there anymore, so my bi-weekly direct deposit just keeps adding up at a solid .87%

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I use to have this savings account, back in the old days when it use to be at least 1.5%. And then they kept lowering it, and I finally bailed. Amex savings account customer service is just as good as the credit card, if not better, and I never had any issues with them other than I do like brick and mortar. The interest rate is one of the better rates, though, which is sad considering how paltry it is. It is what it is, though.

For myself, in the last 5 years I became very tired of fussing with different credit cards and different bank accounts. I remember when my mom hit this same wall, and she cancelled everything except for her credit union she has been with since the dawn of history as well as all of her credit cards (USAA was spared the axe). At the time I was shocked she did such a drastic thing, because she really enjoys banking and credit, and couldn't imagine myself doing it.

I guess there is some truth to becoming more like your parents, because I have also cancelled all of my different banking accounts, and went with just one: PNC. I signed up for the Virtual Wallet, so I do have two checkings and one savings with them. The second checking is my Reserve that I use for vet appointments, technology fund, mad money, etc. Growth account is for long term, and our Spend account is where the bills and such come out. Basically our Reserve is for short term emergencies and fun stuff that we are saving up for. HSA is also with PNC as well as money market. Our retirement is elsewhere, though.

I have heard of people who basically do the envelope system with checking accounts. I work for financial institutions, and one woman I spoke with had over 8 checking accounts that she used for different bills. That is way too much work for me!!! I think two checkings and one savings is a good number.

[Irisa]

I have 1 checking account and two savings accounts.  The savings account linked to my checking acct is where I keep a small emergency fund. My main savings is an online account with Discover. I have set up weekly auto deposits. I only log on to make sure they post.

[meehan22]

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@Rhaeny wrote:

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@Repo-ed wrote:

I have several checking and 2-3 savings.

The main savings account I use (Amex Personal Savings), I don't remember the password, and when you forget it - you have to call them; you can't reset online. Since I hate talking on the phone, I won't call them.  I can't access the cash through check or debit - and since I don't know the password, I don't even know what's in there anymore, so my bi-weekly direct deposit just keeps adding up at a solid .87%

---

Now that's exactly the type of account that I'm looking for!  I don't even want to know about it...LOL!

I don't like having a savings attached to any account that I have regular access to.  It's too tempting for me to look at it and think oh yea, I 've got that money.  

Guess it's time to learn some more discipline huh?

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I am the same way, When I log online I look at both of my accounts.. I got alright discipline but I need to get a hidden account somewhere. 

[RushXTC]

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@meehan22 wrote:

How many people have a separate checking or savings account from their normal checking/savings? Like a out of sight out of mind account that they only deposit into but write no checks or anything else out of. 

I have absolutely no problems with savings but from time to time I find myself being a little less froogle because I know there's money. Makes me want to open up a separate checking account maybe through another CU, or one of my credit card banks or something just to throw all of my savings into and go into a rebuild mode. But keep an ATM card on hand just incase if there was somehow an emergency I couldn't take care of with money on hand. 

I practiced this in High School. I never looked at my savings account but also made deposits to it. When the day came to move banks to a new city I about hit the floor with how much money I had stashed away and never even knew it. 

I"ve seen a few people make references to doing this, so who does? and how has it worked? 

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When I had a savings account along with my checkings account through BoA it would transfer $25 to my savings each month, But I would send it right back to my Checkings, LOL! They got tired of that after a while and closed my savings accounts and left me with just a checkings account!

I really wanted to save money for an emergency so I opened a penfed share account (Savings) so far I've collected $500 in the span of 2-3 months, Which is quite awesome if I say so myself! I just recently applied for a Los Angeles Federal Credit Union account as well, In order to save money on a 2nd account and since I was looking at DCU (Digital Federal Credit Union) and noticed they give 3% APY for the first $500 placed in a savings account, I applied for membership there as well so I can take advantage of that awesome rate even if it's only for $500, That's is awesome.

I'll be making small deposits each paycheck into all 3 of these savings accounts as if they were debts I owed in order to save my money where I can't touch it faster than 3 days... Usually when you spend money it's because you have direct access to it, But if you need to wait 3 days for the ACH to kick in, It defeats the purpose which makes you think twice =P!

[Open123]

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@meehan22 wrote:

How many people have a separate checking or savings account from their normal checking/savings? 

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I'm even simpler.  

I have checking accounts, but no savings, CDs or Bank money markets.  Anything more than a $1,000 in checking for short term expenses are kept in brokerage short term instruments which I transfer to my checking when necessary.  

Actually, with Fidelity's CMA, Bank accounts aren't really even necessary for me anymore.

[LeadingMan]

Barclays offers 0.9% for its online savings acct. I found this to be the best rate going for what u are looking for short of sticking the money into a CD. 

[Pupeitmeister]

What I have done is a bit different.

I have a checking account that I use as a Primary, but recently have been paying all my bills on CC, then paying the CC company out of the primary checking.

I found that I did not have the discipline to have a savings account in the same financial institution as my checking account., but there is a local CU in my town, that is 19 miles from my house, with only one branch anywhere in the 4 sourrounding counties.

I opened an account there.  both checking and savings, and had my DD split at work to have 12% of my income deposited into the savings account.  I shredded the checkcard they gave me for the checking account, since I found myself using the money I had put there, and ONLY kept one book of checks.

SO, every payday, 12% of my pay goes into that account, and I don't even have that money in my budget.  I use it for annual taxes and insurance for my home, along with it being the emergency fund.

Here is the tricky part.  I have NO way to get into that account except for writing a check, or going to the CU branch personally, which is VERY inconvenient, however, its still able to be gotten to within 24 business hours, (I also keep "bail money" in my gun safe at the house in an envelope, JUST IN CASE"..

I have that 12% of my income split into 4 different accounts at the CU, savings, and investment accounts, where I always get it sorted where I want it.  I check my statements monthly to verify the funds went where they were supposed to.  The way it is set up, I can only make 2 additional withdrawels per month withought fee.

this may seem extreme to some, but it is how I was able to work around my lack of discipline.

I also put another 15% of my income into my retirement investments,so i never see the money in my check, just on my paystub, and my DW and I have our budget set up on 73% of my income for monthly spend... It works well for us, although I probably could do better on my interest earnings with another plan... I may need to revisit this...