Personal Finance & Money Stack Exchange
Personal Finance & Money Stack Exchange

Questions tagged [savings-account]

for questions specifically related to savings account. There is a general tag for "bank-account". Related tags "checking-account"

for questions specifically related to savings account. There is a general tag for "bank-account". Related tags "checking-account"

179 questions
46
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5 answers

When to stop saving and start investing?

Since I started my first job after graduating a few years back, I always saved a certain percentage of my salary each month on an extra savings account my bank offers. At that time, and until recently, that seemed to make sense. Now I have, in my…
Suimon
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42
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16 answers

Why would I ever put my money into a savings account that returns less than the current inflation rate?

I like a safe investment as much as the next guy. But can anyone give me a good argument on why I should invest in a bond or a savings account that returns less than inflation? It seems to me that I am guaranteeing myself to lose, if I do that.…
DevShark
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38
votes
13 answers

Is there a good rule of thumb for how much I should have set aside as emergency cash?

I'm buying my very first home, and should be receiving the $8,000 first-time home buyers tax credit. A majority of my savings are going to the down-payment of the house, but we still have a pretty solid reserve. How much money should I hold in an…
Jeffrey
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31
votes
5 answers

Short term parking of a large inheritance?

What are the options available for safe, short-term parking of funds? Today I received an inheritance check for $250,000 (I am in the U.S) and I don't know what to do with it – at least in the short term. I have no debt at all and aside from a few…
spring
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31
votes
4 answers

Transfer over $10k

I recently realized that most of my money is going into my checking account where it's just sitting there losing value due to inflation, etc. I want to open a savings account at a different bank (which has high APY) and move most of my money there…
Peprikus
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24
votes
5 answers

How much money should I lock up in my savings account?

I'm a 28 software engineer. I make around 26k, of which about 40% I set aside every month. In my two-and-a-half years working I now have about 24k savings. I've recently opened an account that allows me to lock money into a savings account - the…
Svalorzen
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23
votes
7 answers

Why should I not keep my checking account at $0 and use overdraft protection?

My savings account earns interest; my checking account does not. I have overdraft protection, so if I overdraw the checking account, the money comes out of the savings account. It seems like I could earn interest on all my money by keeping it all in…
Someone
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22
votes
2 answers

What is the purpose of "Regulation D"

When transferring funds between my savings account and my checking account, there is always a little help text about "Regulation D". Essentially it says that due to federal limits if I exceed 6 transfers in a billing period, that the transfer would…
coteyr
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20
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12 answers

How to manage expenditure when billing cycles and paycheck cycles are not aligned?

I get paid on the 15th and the last of the month and my husband will be getting paid weekly when he starts a new job after the one he has been working at for 25 years will be closing soon. How does one work the bills when one person gets paid twice…
Stephanie Grohol
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18
votes
1 answer

Who does the money go to if "everyone" in a family dies?

I watched this movie yesterday, and there's a scene in it where they execute an entire Mafia family (parents, siblings, cousins, relatives and whatnot). It made me think of this question. If an entire family dies, who gets to keep all their savings,…
Snow
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16
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4 answers

Does a savings/checking account sitting at $0 have any drawbacks?

I currently have a couple checking/savings accounts that are sitting at $0 because I found better accounts and switched banks for some reason or another, is it worth the time to try to close these accounts? Are there any drawbacks to keeping them…
Joe S
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16
votes
7 answers

Savings vs. checking account -- when to prefer savings if interest is the same?

Let's say I'm opening a new checking or savings account, assuming: I already have another checking account All accounts offer the same interest rates Why would I ever choose to open a savings account? I know that savings accounts are limited in…
user541686
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16
votes
4 answers

Do banks give us interest even for the money that we only had briefly in our account?

My father has just deposited ₹95,000 in my savings bank account with Indian Bank that I have to pay as fees to my university. I was thinking of paying the fees 1-2 days later, as I will get interest on the 95 thousand for these days. I know that it…
user14689
15
votes
4 answers

Pros/cons for buying gold vs. saving money in an interest-based account?

Over the years, I have noticed a certain pattern when it comes to money and gold. For example, my father bought a house 30 years ago for $20,000, and today that house is worth $200,000. If my father did not buy the house 30 years ago, and just…
oshirowanen
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15
votes
12 answers

Is it a good practice to keep salary account and savings account separate?

I read somewhere that salary account should be restricted to only receiving salaries and any spending, personal or otherwise should be carried out from your savings account. I am not able to find the source as I did not bookmark it at the time. Is…
user1956
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