Best Savings/checking account to save?

[JoshNurse]

I am looking for an account that can automatically take my paychecks and set aside different percentages.  FOr example 5% to a wedding section, 5% next car down payment, %20 retirment etc...

An account that has multiple other "accounts" or sections in it.

I hope this makes sense

[Anonymous]

I'm a member of Alliant CU, and they have multiple subaccounts for savings, so you can set up accounts as you desire.

Another way to do some of this is by splitting up a direct deposit into various accounts.

The top online savings accounts are currently paying around 1.0%, and Alliant CU is at 0.7%.

SmartyPig is also paying 1.0%, and it has a "goal" concept for encouraging savings.  This might work for some people.

[TitaniumCash]

Try PNC Virtual Wallet, there is a spend, reserve, and growth portion to your account and you can even subcategorize it to save up for stuff for example, "car," or "college," or whatever you want. The regular Virtual Wallet has a requirement balance of $500 or monthly direct deposit and the Virtual Wallet Performance Spend has requirement of $2000 balance or monthly direct deposit. Free checks forever (or until they change terms and conditions)!

[TheConductor]

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@Anonymous wrote:

Another way to do some of this is by splitting up a direct deposit into various accounts.

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Many companies limit the number of accounts they will direct deposit to, though.  For example, mine only allows two.

[Revelate]

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@TheConductor wrote:

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@Anonymous wrote:

Another way to do some of this is by splitting up a direct deposit into various accounts.

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Many companies limit the number of accounts they will direct deposit to, though.  For example, mine only allows two.

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That's the case with most of the places I've worked.

I'll ask the question, why is it desired to split it out into multiple accounts in this fashion?  Worst case just move the money between them on a recurring transfer.

[TheConductor]

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@Revelate wrote:

 

I'll ask the question, why is it desired to split it out into multiple accounts in this fashion?  Worst case just move the money between them on a recurring transfer.

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One reason is that many checking accounts are free if you have one or more direct deposits per month, but the same does not apply if the money is transferred instead of direct deposited.

[Revelate]

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@TheConductor wrote:

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@Revelate wrote:

 

I'll ask the question, why is it desired to split it out into multiple accounts in this fashion?  Worst case just move the money between them on a recurring transfer.

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One reason is that many checking accounts are free if you have one or more direct deposits per month, but the same does not apply if the money is transferred instead of direct deposited.

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That is a good point, but I thought what the OP was asking was for a single institution which did this.  

I think it's mostly only the major banks which have a minimum deposit or direct deposit of X per month requirement?  Only ones I have that issue with out of my slew of various checking accounts are Chase and BOFA.  DCU, USAA, Logix, SDFCU, Alliant, Penfed don't seem to care beyond the minimum $5 to open.

[Anonymous]

I am a member of Alliant CU, and you can do this manually in a few minutes -- a certain amount of money comes in, and you shuffle it into various subaccounts as you wish.