Using checking account as savings
Expired
Thread created 01-29-2012 by Yankease
0 Score
26 Replies
3,762 Views
Is there any real drawback to using a checking account as a savings account? That is to say, money will mostly be sitting there for extended periods of time, except for occasional transactions.
I...
Using checking account as savings
Expired
Thread created 01-29-2012 by Yankease
0 Score
26 Replies
3,762 Views
Personal opinion here but unless you have a lot of money, the interest earning is a joke on checking or saving. The only major difference is limitations on what the accounts are designed for. I...
Using checking account as savings
Expired
Thread created 01-29-2012 by Yankease
0 Score
26 Replies
3,762 Views
If you get a higher interest rate on a checking account vs. a savings account I don't really see any disadvantage in keeping it in a checking account. Usually the main reason why you wuold keep...
Using checking account as savings
Expired
Thread created 01-29-2012 by Yankease
0 Score
26 Replies
3,762 Views
Be careful you don't get hit with a dormant account fee. My bank (Flagstar) will hit you with a $10 fee for inactivity on a checking account after 6 months...
Using checking account as savings
Expired
Thread created 01-29-2012 by Yankease
0 Score
26 Replies
3,762 Views
I don't expect the rate to go down that drastically. The account actually paid 6% or so in the year before I opened my account. It's remained the top or one of the top paying accounts nationwide...
Using checking account as savings
Expired
Thread created 01-29-2012 by Yankease
0 Score
26 Replies
3,762 Views
Are you sure thats correct? I thought that was too high and went to the comfedcu website and could not find anything close to that.
Using checking account as savings
Expired
Thread created 01-29-2012 by Yankease
0 Score
26 Replies
3,762 Views
Different bank, but similar story. It does pay off too. I would recommend finding a bank with a similar program. Great way to make 3% with pretty much no risk and 100% liquid money.
Using checking account as savings
Expired
Thread created 01-29-2012 by Yankease
0 Score
26 Replies
3,762 Views
The 3% and 4% APY accounts you are posting are intriguing. They don't really work for my purposes, but maybe someone else will be able to take advantage of the offers.
I don't want to have to make...
Using checking account as savings
Expired
Thread created 01-29-2012 by Yankease
0 Score
26 Replies
3,762 Views
I just try to give half of my money to my parents. Who I don't live with. I tell them buy something if they need it and they usually save anyway. They are a great savings account and better than the...
Using checking account as savings
Expired
Thread created 01-29-2012 by Yankease
0 Score
26 Replies
3,762 Views
Is there a decent place that shows me the interest rates at credit unions? I've been sleeping on my money for a bit too long and need to move things about. 4% or greater would be a kick in the...
Using checking account as savings
Expired
Thread created 01-29-2012 by Yankease
0 Score
26 Replies
3,762 Views
Sorry I went OT. To get back to your original post:
I think Rewards Checking Accounts- with their higher interest rates- are a great way to save IF you are disciplined and don't start spending...
Using checking account as savings
Expired
Thread created 01-29-2012 by Yankease
0 Score
26 Replies
3,762 Views
So how do things like this work, i'm at the point where i've realized that where my money is currently sitting is pathetically low and I'd rather just close my savings account and put the money...
Using checking account as savings
Expired
Thread created 01-29-2012 by Yankease
0 Score
26 Replies
3,762 Views
There is no minimum. In my case, the money is mostly going serve the same emergency/other expenses purposes.
Using checking account as savings
Expired
Thread created 01-29-2012 by Yankease
0 Score
26 Replies
3,762 Views
I use the Rewards Checking Account from Consumers Credit Union (IL)
https://www.myconsumers.org/en/personal-banking/checking/free-rewards-checking.aspx
Using checking account as savings
Expired
Thread created 01-29-2012 by Yankease
0 Score
26 Replies
3,762 Views
The interest rate for my credit union checking account is higher than the interest rate for my "big bank" savings account.
I know what you mean about the possibility of danger with those funds...
Using checking account as savings
Expired
Thread created 01-29-2012 by Yankease
0 Score
26 Replies
3,762 Views
For those asking--
This particular account I have is with Alliant Credit Union.
The only requirements for the higher rate checking account are as follows:
-Have both a checking account and...
Using checking account as savings
Expired
Thread created 01-29-2012 by Yankease
0 Score
26 Replies
3,762 Views
Yep, there are a few credit unions you can join for just signing up for some random club. I am a member of mine from where i work, but if you live in Oklahoma or Kansas you can do this:
If you...
Using checking account as savings
Expired
Thread created 01-29-2012 by Yankease
0 Score
26 Replies
3,762 Views
OP here...just to clarify the thread topic --
I am not looking for a new checking account. I just wanted to discuss the pros and cons of using a high rate checking account and treating it like a...
Using checking account as savings
Expired
Thread created 01-29-2012 by Yankease
0 Score
26 Replies
3,762 Views
I don't know much about this CU, but seems to be a good deal.
https://www.myconsumers.org/en/personal-banking/checking/free-rewards-checking.aspx
Anyone can be a member.
4.09% APY* for...
Using checking account as savings
Expired
Thread created 01-29-2012 by Yankease
0 Score
26 Replies
3,762 Views
I've been doing just that for close to 2 years at both Consumers Credit Union and Pelican State Credit Union. CCU pays 4.09% on up to $10k.
PSCU pays 4.01% on up to $20k.
Anyone can join CCU...
Using checking account as savings
Expired
Thread created 01-29-2012 by Yankease
0 Score
26 Replies
3,762 Views
My checking account pays 3%. It only requires that i have direct deposit, and use 12 signed transactions with my debit card. I keep all my money in that account, rather than the savings account...
Using checking account as savings
Expired
Thread created 01-29-2012 by Yankease
0 Score
26 Replies
3,762 Views
Most credit unions dont nickle and dime you with fees. If they do, you need to find a new Credit union.
Using checking account as savings
Expired
Thread created 01-29-2012 by Yankease
0 Score
26 Replies
3,762 Views
If you're just looking for the pros and cons, basically it boils down to this-
Checking accounts give you easy access to your money (checks, atm card, probably fast online access, etc). But...
Using checking account as savings
Expired
Thread created 01-29-2012 by Yankease
0 Score
26 Replies
3,762 Views
Usually saving accounts have higher interest rates than checking accounts. However, in this market rates are laughable. Only other advantages are that saving accounts aren't tied to check cards...
Using checking account as savings
Expired
Thread created 01-29-2012 by Yankease
0 Score
26 Replies
3,762 Views
I agree, this topic is a good kick in the pants for those of us who have become lazy...I like having liquid cash but want a better rate than standard savings accounts. For the past few years I have...
Using checking account as savings
Expired
Thread created 01-29-2012 by Yankease
0 Score
26 Replies
3,762 Views
pretty much my thoughts as well, checking accounts are bottle of the list for interest but since you have close to 1% (yes its sad) but its one of the higher ones.
Dont lost the check card tho. I...
Using checking account as savings
Expired
Thread created 01-29-2012 by Yankease
0 Score
26 Replies
3,762 Views
Wow 1% is alot (compared to what im getting on my savings with Chase). Is the minimum $10k?
I know it's not alot, but the money I have in my savings is not intended for investment purposes (more...
