How many checking/savings accounts do you have?

[Baby_nurse]

I was reading an article on the forum that recommended separate accounts for bills,every day expenses, long term savings, short term savings etc. How many people do that? I just have 2 savings accounts and one checking because so many places charge outrageous fees if you don't keep certain minimums or have direct deposits. Am I setting myself up for problems by combining my accounts?

[kaleida]

In January 2013 I started using a separate account for fun money and I love it! I do all direct deposit, savings, & necessities out of my "necessities" account, then I transfer the leftovers to my "fun" account once a month.

It's great knowing exactly how much fun money I have at any given moment. I know that all of my necessities are already paid for, so it's guilt-free fun money. When it's gone, I like to plan how I might like to spend my fun money next month.

[kaleida]

PS. I use ING Direct (now Capital 360) for checking and I really like it - they don't have any minimums or fees. It's not a big deal not having a branch because you can take pictures of checks with your phone or webcam, and deposit it based on the picture.
Not even an overdraft fee. You just pay interest if your balance dips below zero. Last month I think I paid a measly 2 cents because I accidentally went below zero temporarily. But I earned 8 cents in interest for the time when my balance was positive, so it all evened out.

[kork13]

Technically, I've got 7 liquid cash accounts (yikes!). However, it's not so bad as it sounds...

- At USAA, I have my primary checking account & a small savings account that serves as overdraft protection (but otherwise never touch it).
- At two separate credit unions, I have a very small savings account (one at each) which are required to maintain membership in the credit unions.
- The last 3 savings accounts are all at Ally, and those are my primary cash savings accounts... One for my emergency fund, one for my home account (for repairs, upgrades, etc.), and one for general spending, a.k.a. my "fun money."

I like having my accounts separated because it lets me be very clear about what my money is intended for. By keeping it separate, I am able to know for certain that my EF has exactly *this much*, and I've got *that much* available for spending on whatever I like. Personally, it simplifies things.

With that said, I know that others on these forums prefer the other option of keeping EVERYTHING in a single pot. It's a personal preference, and really, the perfect solution is whatever works for you. However, if there are monthly fees involved, I would definitely move my money elsewhere. No reason to pay for the "privilege" of keeping your money at any particular bank if there are so many identical, free options elsewhere.

[bjl584]

I have 3.

1) My primary checking/savings at my local bank
2) My MM account at my brokerage firm
3) My savings at my credit union.

[cooliemae]

It sounds crazy but I have 13 checking and savings accounts.

2 checking - Capitol One 360 (Primary) and US Bank ($200 Promotion- will close in June)
11 Savings -
6 @ Capitol One 360 (General, Emergency, Car Fund, Utilities, Custodial, Fun)
1 @ Local Credit Union (Immediate Cash)
1 @ PenFed (will close with payoff of auto loan)
1 @ Discover (will be closing this week and moving money to Ally)
1 @ Ally (longer term Emergency fund including CD's)
1 @ Sallie Mae (for Upromise savings)

I've also had plenty of more open through out the years to capture promotional bonuses.

I really like having the multiple savings at Capitol One because I just cost average various items such as insurance and utilities, have the money direct deposited into the accounts and then have bills comes automatically out of them. This way I build up money over the summer to pay for the winter bills without having to worry about budgeting the higher bills.

[MonkeyMama]

I think simpler is better.

We have one checking account and a linked savings account (that pays crap interest) that we park money in usually up to about $1,000. (We run our checking account to $0 as it is basically just a conduit where all deposits, payments, transfers are made). Above that, I have two online savings account. The reason is I usually keep old savings account when I jump for a better interest rate, in case the better interest rate goes away. So I will usually have two high-interest savings accounts.

Banks change their fees and terms all the time, and that is just way too much for me to keep track of. Interestingly, I do a LOT of credit card rewards but have never done a bank account cash reward because the hoops are just *so many* to jump through, in comparison.

[twest]

Our accounts

We have 3 accounts:

Our main checking that is for all bills, food, and gas

One Savings which holds our emergency fund and any extra savings for medial, car repairs, vacations, etc....

One Christmas club account


I am planning on opening up one more account for our car savings since I know in the the next 3 or 4 years we are going to want a different car.


I too think it is just whatever your preference is.

[bjl584]

I used to have more than the 3 that I have now, but it was too much to keep track of, and now that interest rates are next to nothing, rate chasing is sort of pointless.

[I-78 Commute]

Used to have checking/savings all over (TD, BofA, Ally, ING) but have closed everything except Ally and ING/CapOne360 accounts. Only utilize Ally now (CapOne's are empty) and have one checking, one savings and one money market account with them.

[Baby_nurse]

Thanks for the replies. I'm thinking that maybe I need to open up another checking account just for non-necessities/fun. Looking around, I think Ally might be the way for me to go right now.

[jpg7n16]

I have one. Checking account.

I use my budget for determining bills vs fun money vs other spending, not more accounts.


All other savings I do in my brokerage accounts. (Taxable account, HSA and IRAs)

[GrimJack]

I have 6 accounts - checking and savings at a credit union where my paycheck goes and from which most of my bills are paid; checking and savings at another credit union (each earn 6% on the first $500) which is my EF - $150 per paycheck is deposited by my employer and then 2 accounts at what used to be ING (I keep meaning to close it but I get distracted) - $100 every 2 weeks is transferred from my primary account.

I used the 2nd account on my trip to Buenos Aires because if the card was lost/stolen, the damages were limited. I did actually leave my card in the ATM (their machines down there don't beep when you leave the card in them) fortunately, their machines swallow the cards after a short period of time. To make matters worse, one of the guys in our group was mocked the day before the the very same thing - they all turned on me next, sigh. I called and canceled the card and moved money out of the account immediately.

[amarowsky]

3.
1. Credit union for normal bills , pay deposits, and disposable income
2. Capitol one 360 online account . for EF and brokerage /long term savings.
3. Fidelity . vacation fund/rewards from my amex card.


Only other account is my vanguard for 401k

[Donal]

I have got three accounts one for my salary, one for my savings and one for monthly expenditure...