Checking or Savings?

[gakline]

What do people use as their primary account? I mean, where does your direct deposit go? Which account do you keep the closest eye on? Do you track your finaces with your bank register?

Checking? or Savings?

I primarily use my savings with direct deposits. Then I transfer the money to checking about twice a month to pay bills. I've found that I can quick glance at my spending from month to month, by just comparing transfers. I also have a higher interest rate on my savings, so while it's not much, I do earn more. I also use MS Money, but I've found this is an easy way to see how I'm doing on my monthly budget. I also figure if my checkbook ever gets lost, I'm not out of my savings. Oh and I also keep about $100 backup in my checking. That way I don't have to worry about bouncing a check, accidentily withdrawing cash from checking not savings, or making a transfer for a small amount.

How does everyone else feel?

[PennyPincher]

I use my checking account for direct deposit. That way I'm never concerned with bouncing a check or being short. I have $200 withdrawn every two weeks that goes directly to ING, so that I can earn better interest on my money. The difference between my bank savings & checking is so tiny that I make more this way ~

I previously had it set up for my savings account, but then I was constantly transferring money. For me, I find it easier this way.

[Armywife]

We also use checking for direct deposit. Unfortunately, our bad credit has ruined the chances of us getting any overdraft protection from this certain bank. It takes ALOT of budget calculation and what I like to call "Tweaking" to eke the slower physical checks through but i'm happy with my mediocre"financial planning skills" thanks to the gurus here at savingadvice.com

[Tree0164]

We use our checking account as our main account. We do have overdraft protection on it just in case which is helpful but I hate using it.

[kashi]

my checking is my main account, but I have ING too. the piddly amount I put into ING last year earned enough interest to just barely shoved me into the next tax bracket, which completely annoyed me, but this year I hope to do better and put more money in. I like having the majority of my money in a real brick and mortar bank, though, because I can go talk to a real person face to face if there is a big problem.

[gypzye]

My direct deposit goes to checking. I'm alternating paychecks between the extra money going to savings and the extra going to a bill so I manually transfer that amount when it's saving's turn. Maybe someday when I have less debt to worry about I'll have a set amount go directly to savings.

[amomof4]

If my bank didn't charge me for excess withdrawals from my savings, I would probably use the savings. You can also do a money market account that works as a savings/checking account. It pays higher interest than a savings & checking account. Only thing is it's not insured, and you usually have to do transaction by mail as the companies are not located locally.