(Closed) Opening a savings account…ahh, i’m lost!

posted 8 years ago in Money
Post # 3
Member
1940 posts
Buzzing bee
  • Wedding: July 2010

My FI and I each have our own savings accounts plus we have a joint savings account for the wedding.  You should be able to set it up with your employer to put a certain amount of your pay (either percentage or dollar amount) into your savings account instead of depositing it into your checking account.  To set up the accounts, I just went to my local bank and they helped us pick out which option was best for us.

Post # 4
Hostess
18646 posts
Honey Beekeeper
  • Wedding: June 2009

I would look for an online savings account.  The rates are usually higher than the ones that you get at other banks.  It takes a little while to transfer the money from your savings to checking though so if you are in a serious cash emergency, you might have to use plastic temporarily until you can transfer it out.

If you can afford $1,500 a month then do it!  I have to ask though, are you funding your retirement accounts too?

You can find online savings accounts by looking at bankrate.com’s listing of accounts by interest rate.  Also, SmartyPig is a goal savings account.

Post # 6
Member
1580 posts
Bumble bee

I do my banking with USAA, and it would prob be a great option for you (I think it should be available for you). I usually just stay on top of my finances with their website. I don’t have any automatic transfers from checking to savings, but you can definitely set those up. Their customer reps are always very nice, so you might want to give them a call to see what your best option is.

Post # 8
Member
3344 posts
Sugar bee
  • Wedding: August 2010

I have a savings account with Capital One that gives me good rates and I can write checks from the account.  It is called direct banking because I am not allowed to go into a branch and use a teller.  If I have money to deposit, I can do it electronically from my Chase accounts or mail my checks to them.  I have it set up so that the Capital One account gets a certain amount dumped into it from my regular checking account each month.  I like having the account be harder to access because it makes it a little harder to pull money out, which means I probably won’t.

Post # 9
Member
2090 posts
Buzzing bee
  • Wedding: August 2010

I just have “regular” checking and savings accounts, which are linked. We also have a joint checking account which we use to pay the mortgage, and save for house-related expenses only. I am paid via direct deposit every two weeks, and have a set portion of my check go to my savings, checking and the house checking account each pay period.

Any money left-over in my checking account at the end of the month, I “sweep” back into my savings account (minus a little cushion cash which always stays in the checking account).

I’ve found having a separate savings account, and directly depositing money into the savings account has been REALLY helpful. If I have the money in checking, I’ll generally find a way to spend it, but if it’s not there, I won’t.

Post # 10
Member
4765 posts
Honey bee
  • Wedding: January 2011 - Vintage Villas

You should look into ING Direct! It’s an online bank, and the interest rates for savings accounts are much higher than most brick and mortar banks. I use them for my savings account, and it’s great – really easy to use!

Post # 11
Hostess
18646 posts
Honey Beekeeper
  • Wedding: June 2009

Great job with the retirement funding!  For full disclosure, we use Discover Bank for our savings.  Gets 1.35% APY right now (because interest rates suck) but better than the .2% I would get with our savings at our local bank.

Post # 12
Member
2475 posts
Buzzing bee
  • Wedding: June 2010

I have the ING Orange savings account.  It’s online banking and super easy.  You can link the orange savings account to your checking account and go online and transfer money back and forth between the accounts very simply.  I’ve been really happy with it.

Post # 13
Member
2410 posts
Buzzing bee
  • Wedding: July 2011

I have HSBC which I use for both my savings and chechking. I use the online account for my savings, and it has a really good interest rate. I do all my transfers between both accounts and they are immediate. The only transfer that takes a day or two is from either account to credit card.

Post # 14
Member
647 posts
Busy bee
  • Wedding: June 2011

I also say go with ING!  It’s all online, they give out higher rates, and you can set up links to your other accounts for easy transfers.

Post # 15
Member
651 posts
Busy bee
  • Wedding: May 2012

I just have it at my local bank (Chase) there’s a minimum balance, but it’s only 1k.  I think it’s a $10 fee if you go below or something but I never have.  There’s no penalty for me to withdrawal money as long as I stay above the minimum balance.  I try to save 20% each month, usually ends up averaging out around 17% for they year.  The interest rate is pretty crappy though.

Post # 16
Member
2390 posts
Buzzing bee
  • Wedding: December 2009

DH and I are super type A control freaks and HAVE to be organized…ok, maybe I’m more the control freak. LOL  But, in terms of savings accounts, we literally have about 7 different accounts for the different “funds” we’re saving for: house, car, baby, emergency, etc.  We have specific goals of what we want in each fund, so I HAVE to keep them separate or I would go nutso trying to figure out which should be allocated where.  Once our short-term funds are met, we’ll start really building up our actual “savings.”  We’re just about done building up our house fund, so as soon as it’s done, the money that was going into it will be allocated to a different fund…It’s been working out well so far. 

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