topic Re: Checking & Savings Accounts in General Credit Topics

Checking & Savings Accounts

Anonymous — Tue, 23 Oct 2007 23:56:51 GMT

How many checking and/or savings accounts do you have? How many is too many?

I have personal checking and savings at WellsFargo, joint (with DH) checking and savings at WaMu, and personal checking at WaMu.

Re: Checking & Savings Accounts

Anonymous — Wed, 24 Oct 2007 00:08:53 GMT

I have a check and sav account with two seperate credit unions.

(mainly because I am moving and will not be able to go to my old one unless I travel across the statelines)

Re: Checking & Savings Accounts

Anonymous — Wed, 24 Oct 2007 00:17:19 GMT

C&S at one bank, C&S at 3 CUs --- 401K, Roth IRA, moneymarket, brokerage, etc... a lot to keep track of (thanks to quicken I can)

Re: Checking & Savings Accounts

fused — Wed, 24 Oct 2007 02:14:28 GMT

This depends on the individual. I keep it simple:

1 checking

1 Savings

1 Money Market

Re: Checking & Savings Accounts

Anonymous — Wed, 24 Oct 2007 02:38:46 GMT

checking & savings joint

checking & savings myself

checking & savings other half....im the better half!!

Re: Checking & Savings Accounts

Anonymous — Wed, 24 Oct 2007 04:11:04 GMT

1 checking
1 savings
1 managed account
1 brokerage account

All with Chase

Re: Checking & Savings Accounts

Anonymous — Wed, 24 Oct 2007 07:23:26 GMT

Hmm, I think "too many" is when you can't track all of them on a regular basis and you get hit with inactivity fees.

Just like credit, there are different reasons for each one of us for different deposit accounts.

And then some people like to "ladder CDs." Software helps. Then there are people like my mom who track without software (she introduced me to "laddering" when I was in HS!).

About 6 years ago, I took major advantage of checking, savings and brokerage account bonus promos for opening. When I became pregnant, I started consolidating and closing accounts because there was no way I could keep them all open and avoid fees. Now, we're on a tighter budget so I've been opening deposit accounts again to get bonus money for the holidays. Many T&C require accounts must be kept open for 90 days-6 months. And it looks like I'll be keeping most of my new accounts, I stumbled across one bank that rebates ATM fees and I like Chase's online banking. I also like the 3.45% no min bal checking account I have at ING.

To add diversity, I just added a credit union (I do already have one from work though).

Downside, I've been getting hit with hard inqs for just about each new deposit account.

Re: Checking & Savings Accounts

Anonymous — Fri, 01 Aug 2008 18:44:50 GMT

Checking and Savings at BOFA, Checking and savings at local bank, Checking and savings NFCU and Money market account with Capital One. Quicken makes life easy.

Re: Checking & Savings Accounts

Anonymous — Fri, 01 Aug 2008 22:11:22 GMT

Too many. I had to open Quicken to figure it out.

4 checking (1 online/investor acct, 2 banks - one opened for reward/the other my original account from my teens, one credit union opened for better rate on car loan)

4 savings (1 ING for interest rate, 2 credit union - one for good CD rate, one with the car loan deal, one HSA)

2 money markets (one thru Paypal)

I plan to close a checking account and hopefully a savings account at some point in the next couple of years. I want to buy a house and close my acct at one of the credit unions unless I get the mortgage there. And I'll see which bank is closest and close the other checking account. When I get the car paid off in a few years I intend to close that checking/savings combo.

Fortunately the balance on a couple of these never changes and I can pretty well ignore them.

Re: Checking & Savings Accounts

CreditDrama85 — Mon, 04 Aug 2008 05:05:46 GMT

3 checking

1 savings

1 money market