savings account

vlagrl29 · May 2013

I'm wondering at what amount of savings would you put it in a higher interest savings account which is probably 1 percent. LOL

We have about $1400 in an efund right now but I'm thinking in baby steps. I would like to get to $3,000 by the end of the year. Would you leave a little in your savings at the bank so it's on hand and then put the rest in an online savings account or something similar?

Mama-Bear · May 2013

We only keep $1000 in our bank, the rest is invested. I know it's against what DR teaches, but there's nothing we could think of where we would need more than $1000 immediately and couldn't wait a few days to get it out.

Apollo11235 · May 2013

You might look into an online checking account for that purpose. We have CapitalOne360 (formerly ING Direct), so I don't know about the other online high-interest banks, but CO360 has a free checking account with free, immediate online transfers between accounts. We use it as our main checking account, but you certainly don't have to. So if you opened an online savings account and had a checking account with the same bank (at least with CO360), you could theoretically have your entire E-fund at your fingertips just by keeping your debit card in your house somewhere, and going online to transfer the balance to checking if you need to spend it.

CuriousKiddosMama · May 2013

We keep our full emergency fund in a savings account- it doesn't earn like anything, but the peace of mind of having easy access to it just in case seems to be worth it for us. I'm afraid of doing the 'instant access' online only savings accounts- if we needed it would Wells Fargo accept it instantly or would it take them 2-3 days to get us access to the cash. I'm not sure what we would need that money for instantaneously but it's a peace of mind thing for us.

anssett · May 2013

I keep mine split between a savings account (accessible immediately), CDs (very safe interest rate, but still pretty fast access), and an invested brokerage account for the bulk (invested in conservative growth funds/bonds).

Tiko99 · May 2013

I have a high yielding savings account at .90% interest. My goal is to have 30K in there by the end of June, currently I have around 27K. I consider this both an emergency fund (if one of us loses our job, car repairs) and also general savings (down payment on future house, down payment on car). I plan on taking 6 months off work once I get pregnant and hope this fund will also allow me to stay home an additional 3 months (my work pays 66% of my salary for 3 months) without pay. I also have a savings account that is linked to my checking account. Every time I charge something on my debit card $1 is automatically moved over to this savings account.

sparklerose · May 2013

Our efund is only $2500 as we are in debt snowball mode. Its in a credit union savings account, but not at our credit union we use for all other banking. Slightly less accesible, but not much. I wanted the money to be seperate, but easy to access.

vlagrl29 · May 2013

sparklerose:
Our efund is only $2500 as we are in debt snowball mode. Its in a credit union savings account, but not at our credit union we use for all other banking. Slightly less accesible, but not much. I wanted the money to be seperate, but easy to access.

I didn't even think about a credit union. I will have to check that out

kasi55 · May 2013

We have the majority of our savings with an online bank for the (slightly) higher interest. We also have some cushion in our checking account with our local bank.

If an emergency exceeded the cushion in our checking account and we needed the money quicker than 2-3 days, we would probably use our credit cards and then pay them off with the emergency fund.

savings account

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