Many financial institutions are encouraging customers to open separate savings accounts for individual goals such as a vacation or for home repair. I have a couple and make contributions to them monthly. Do/would you do the same?
I would like to divide up my money in one savings account...just online or something so I can see what I've saved for each thing.
I do so already, and have investments for the long-term goals. It's a great idea.
I don't pay a U.S. bank to use my money so they can profit. I do like the products offered by banks in Canada. I just think their banking is less corrupt than U.S. banks are. It's personal with me, I guess because I'm uniformed, I save cash.
I already do. I have different accounts for different things.
That's a good idea
I think it's a great idea - wish I was that disciplined
I was doing this before it was cool.
I have two of my own savings accounts, a savings for each child, and retirement accounts. I take my money very seriously.
One checking, one savings. Savings for me is just what I don't spend. No science to that.
We have several accounts, we had them in separate banks but the banks kept pissing me off so we now have one checking and 3 savings in one bank. I live this bank, they have been good to us.
Pissing is censored now?
One of the issues with separate accounts is losing the "power" (if you can call it that at sub-2%) of compound interest. Then again, the ability to easily segregate funds might well make up for that few cents a month...
If interests rates were worth a damn on the average savings account, I might care. Lol.
I thought everyone did this
I have a checking account, a savings account, and a Bonnaroo account haha
It's not that it's a bad idea per se. I am just getting more and more skeptical of banking institutions and also their potential cooperation with the government.
Oh the govt totally controls the banks, have no illusions about that.
I used to have multiple accounts, but closed all but one and combined them. I use a budgeting program and created separate Off-Book accounts in the program. In my budget, I transfer money to each Off-Book account monthly from the Savings Account.
All the money is in one Savings Account, but in my budget, I have several Savings Goals Accounts and the original Savings Account shows a small balance. Banks want to charge for all kinds of things for each account. This way I pay only once.
My credit union lets me open as many as I want and the interest I receive is the same. One more reason not to use a bank I guess.
I will look into that.
Tellin ya man. I've been at the same CU for 10 years now and have never had a sour taste in my mouth. They're incredible and the service is great.
I've been an NFCU customer since they bought out PIFCU (1981?). The only reason I have a bank account is to have a local place to deposit/cash checks. Direct deposit & all investments are through NFCU.
They have always been very accommodating of my needs.
I have done that but have had to empty them in emergencies and hard times. But very soon after my son is born I will be restocking a few accounts along with some outside of banks.