Re: Savings accounts are a joke...
09-25-2012 02:35 AM
I totally agree! They claim it's to protect you Or to prove you're not a drug dealer. A 2nd checking....interesting!
The 2nd checking actually works great because whenever I make a purchase on a cc, I move that amount from my main checking accout to the 2nd acct. Then I make my cc payments in full every month directly from the 2nd account. It also serves as my savings. My bank requires a direct deposit and enrollment for e-statements for a free account, so I split my pay into 2 direct deposits and signed both accts up for e-statements. Both accounts are free and I can easily move money from one account to another (as needed) online.
We actually already have two checking accounts (and a savings), but I never considered using a checking as a savings and using a CC for making some extra money (cash rewards). We currently use one checking for our swipe purchases like gas & groceries. If we need to do bigger shopping we deposit money into the account via check and then shop. Our other checking account is strictly for bills and what's leftover goes into savings on the last day of the month. That debit card never gets used at stores. Direct deposit is split between these three accounts. Plus, only having a certain amount in the one checking for purchases helps keeps our spending down. Only so much goes in each month...