for questions specifically related to savings account. There is a general tag for "bank-account". Related tags "checking-account"

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25
votes
5answers
4k views

Short term parking of a large inheritance?

What are the options available for safe, short-term parking of funds? Today I received an inheritance check for $250,000 (I am in the U.S) and I don't know what to do with it – at least in the short ...
3
votes
2answers
379 views

Do banks offer any Savings Account or Savings fund for specific reasons?

I am saving Money for Grad School Prep and Marriage which is there in my Savings Account. I was thinking of opening new bank savings account for certain purposes and schedule automate deposit to those ...
0
votes
1answer
53 views

joint savings account requiring three signatures

Savings account requiring three (and) signatures for withdrawals. Does the (and) change to (or) upon the death of one of the signatories? Wells Fargo bank changed the requirement for two signatures ...
0
votes
0answers
25 views

Recover money from court and/or treasury [duplicate]

My brother used to have a bank account more than 30 years ago in Seattle where he used to live. Being disable due to a car accident, he is unable to follow up the matter. He lives now in a nursing ...
0
votes
1answer
135 views

College funds - is it too late to open a 529?

We are immigrated parents and our daughter will be going to college in 3 years. What's the best option if we want to start saving for her college education? I would like to have an account with high ...
1
vote
1answer
88 views

How to reach an apt going against inflation

I live in Argentina and I am 21 years old. One of my goals is to buy an apartment but the problem is the more money I have, the more money I am losing because of inflation. One of the options is to ...
0
votes
1answer
97 views

What would you say is the ideal percent of money per check should go into your savings account? [closed]

I would typically for me I'd say 12 - 20%. That way even if its a small check due to hours I'll still be able have some cash in hand.
3
votes
4answers
163 views

What is the preferred way to set up personal finances?

I'm trying to figure out how to set up a personal finance system that is simple. I want to know things like: How many bank accounts should I have and what kinds, and how much (percentage-wise) of my ...
3
votes
1answer
103 views

How do I best time my currency conversions between Australia, New Zealand, and Great Britain?

I have over AU$20,000 in savings in an Australian bank account, currently earning me 1.75%. I am now living in NZ where my savings account earns 3.75%. In about a year I will be transferring the ...
2
votes
4answers
360 views

Can I prove having savings without giving out the account number?

I will be looking to rent with no income, but significant savings. For that, I'll probably need to give the prospective landlord my name, DoB, SSN (for credit check) and the savings account number. ...
13
votes
10answers
2k views

How can I enforce saving when I have a very limited income?

I have a very limited income (unfortunately) and have found I am practically incapable of saving. What are the best methods to enforce saving, however still have access to the money if required? Here ...
2
votes
2answers
262 views

Using multiple bank accounts

One thing I've always struggled with finance-wise is how to manage higher-level budget categories across a limited number of accounts. For instance, I currently maintain the following types of ...
1
vote
1answer
205 views

Why invest in money market funds, when its return is lower than a high-rate savings account?

RateSupermarket.ca displays, for a deposit of $50,000 CDN, high-rate savings accounts (abbreviated as HRSA) that yield as highly as 1.75% from Implicity Financial, 1.50% from Scotiabank, and 1.05% ...
3
votes
1answer
516 views

Anyone have experience with Brink's 5% savings account?

If you get a Brinks prepaid MasterCard (no initial fees, and you can even get a $20 signup bonus) and go through some other gyrations, you can presumably get access to a 5% FDIC-insured savings ...
0
votes
0answers
27 views

Crisis Safe International Savings Account

I am a non-US national living in a non-US country and I am planning to liquidate a smallish amount(about $10k) of my US dollar assets and set them aside to have some buffer for my family in case of ...
0
votes
2answers
111 views

Savings account with fixed interest or not?

Me and my wife are renting our apartment and we're both students with part time jobs. We are saving up for a condo more suitable to our needs, we would like to have our down payment within five years. ...
2
votes
1answer
341 views

Is it a bad idea to open a savings account for the bonus and then close it once I get it?

Some banks offer a bonus (e.g. $50) when you open an account with them and deposit a minimum amount of money with them (e.g. $5000) for a certain amount of time in the beginning (e.g. 60 days). Are ...
1
vote
0answers
72 views

If a citizen of UK is sending money from a US bank to an Indian what is the amount that citizen of UK and India has to pay to the government/bank? [closed]

The banks of both the countries i.e., India and US took some amount from us and still the bank in India has demanded for more money to complete the money transferring process.How much amount is the ...
3
votes
1answer
136 views

How to minimize damage from sale of savings account

I've been a Bank of America customer for ~13 years and have maintained the same accounts during that period. I currently have a checking and savings account with them and have two credit cards (one ...
2
votes
1answer
337 views

For long-term savings: Short-term Bond ETFs vs High-interest Savings Accounts

In the Summer 2015 edition of MoneySense magazine, the article Value Hunter (Cash cows for your portfolio) by Norm Rothery, recommends replacing High-interest Savings Accounts (HISAs) with Short-term ...
1
vote
1answer
97 views

How can I compare having accounts at various banks without opening an account?

I currently have an HSBC checking, savings, credit card, and overdraft protection account. I do not like HSBC though for a number of reasons, so I'm looking into transferring to a different bank. ...
0
votes
1answer
113 views

What type of best bank account to store your savings in?

My wife has saved up quite a bit from a job that she had. We put the money into a BoA savings account, but the returns are miserable. What sort of savings account would you recommend to put these ...
1
vote
2answers
2k views

Is it legal to have a Savings account in india while I am working in the US

I have been residing in the US since 2012. I have recently started working for an employer since 2014. I have three related questions. Due to lack of due diligence on my part, I missed couple of ...
1
vote
2answers
295 views

Hong Kong - What's the difference between Current Account and Savings Account here

I know there is already a question called “Savings” account vs. “current” account - what's the difference?" on the site but bear with me, I believe that doesn't answer my doubts. I know very well ...
0
votes
1answer
137 views

Can my mother keep the money in my custodial account from me?

I'm seventeen, about to be eighteen in five months, and the other day, my mother said that if I didn't prove that I can be responsible with my money, she would stop me from closing my custodial ...
5
votes
2answers
1k views

Should I use a bank or a credit union for my savings account?

I have two checking accounts with a national bank, one which I have a debit card that I use for daily purchases, and one which I use just as a savings account. I leave that debit card stashed away at ...
3
votes
2answers
248 views

Can a Roth IRA be used as a savings account?

If my understanding is correct, you can take out your contributions from your Roth IRA whenever you want without paying any penalties. If this is true, then other than the limit you can contribute to ...
1
vote
1answer
93 views

Managing account other than salary account

I have a salary account in one bank and a separate saving account in other bank but i dont show my saving account details in ITR will it affect me in future.
0
votes
2answers
283 views

send money from US to India in parent's saving a/c [duplicate]

If I send money from US to India in my parent's saving account will I have to pay tax in India?
0
votes
1answer
122 views

Worry about trading High Interest Savings Accounts only by phone?

A friend living in Canada has HSBC InvestDirect Canada as her discount broker, which requires a minimum of $10,000 CAD in the InvestDirect account. She doesn't want $10,000 of cash to lie around ...
2
votes
1answer
1k views

What is the easiest way to open a foreign Bank Account?

I live in Argentina. Nowadays in my country it is almost impossible to buy foreign currencies as American dollars or Euros. I was thinking if it is possible to open a foreign Bank Account to be able ...
1
vote
1answer
87 views

What special rules, if any, need to be followed for US citizens to put money in Australian savings accounts?

From a few recent questions, I have seen that current (as-of Oct 2014) rates on savings accounts in Australia are in the 3.5% ballpark. This is about 30x higher than in the US. What would I, as a US ...
8
votes
4answers
487 views

What should I do with my HSA?

I recently changed companies, and the new employer does not have a HDHP. I have just under $2,000 in my HSA, but without any medical expenses to spend it on, it's just sitting there, slowly being ...
2
votes
2answers
111 views

How does a TFSA work? Where does the interest come from?

I have extremely little knowledge about finance in general, but I have had a TFSA for several years now and know that my money keeps magically growing. Exactly where does the interest I gain come ...
1
vote
2answers
100 views

Minor open checking and saving account

Is it the norm for banks to allow a minor (age 17) to open either or both types of accounts in America?
4
votes
3answers
385 views

Savings account vs Roth 401k

Is there any reason to have a savings account if you have a Roth 401(k), which allows early withdrawal of principal? If pooled together, couldn't you get the liquidity of a savings account and, if ...
2
votes
2answers
2k views

Is amount transferred by third party to savings account considered as income?

If my friend transfers (using Third Party Transfer or NEFT) some money to my savings account, does that amount count as my transfer income and do I have to pay tax on it?
14
votes
4answers
3k views

Do banks give us interest even for the money that we only had briefly in our account?

My father has just deposited ₹95,000 in my savings bank account with Indian Bank that I have to pay as fees to my university. I was thinking of paying the fees 1-2 days later, as I will get interest ...
1
vote
2answers
1k views

Do I need to pay tax on the amount of savings I have in the bank?

Do I need to pay tax for the amount which I have in the bank? If so, what's the tax percentage for a savings account and a current account?
0
votes
0answers
60 views

Switching to PC Savings account from PC Credit card

I currently have a Presidents Choice credit card on which I have kept a low credit limit. I use this credit card for day to day purchases. My primary reason for getting this card were the PC Points. ...
2
votes
1answer
170 views

How can a bank offer a higher interest rate for a savings account than for a GIC?

At this link on rates offered by ICICI, the TFSA savings account rate currently being offered is 1.8% but the GIC rate being offered is 1.75%. But why would anyone put money in a GIC and lock it up ...
4
votes
1answer
288 views

What should I be wary of when opening a savings account?

I'm looking to open a savings account (probably online) but I want to make sure I avoid any pitfalls. After looking at Bankrate.com I put toegether a bit of a list, but is there anything else I should ...
6
votes
3answers
2k views

Why have U.S. bank interest rates been so low for the past few years?

I have some savings accounts in different banks and they all give 1.00% interest or less, and in many cases it is something ridiculous like $0.05 Would anyone be able to explain why this is happening?...
0
votes
1answer
2k views

What taxes do I pay on interest earned on a savings or GIC account?

If I put 10 000 $ in a savings account that pays 1% interest, then after a year, I get 100 dollars in interest. Is this 100 $ taxed at my marginal tax rate? Does the answer change if the account was ...
2
votes
4answers
6k views

What's the purpose of having separate checking and savings accounts?

It's a simple question, but I'm having trouble finding an answer: What's the purpose of having separate checking and savings accounts? What benefits does it provide?
5
votes
1answer
895 views

Why does my checking/savings account offer a higher interest rate than a standalone savings account?

I have a bank account with checking and savings bundled together; if I make enough purchases with my debit card, I earn a higher interest rate on the savings. Today I decided to look at other types of ...
2
votes
3answers
462 views

Long term saving: Shares, Savings Account or Fund

I'm reasonably disciplined with regard to saving but am unsure as to how exactly I should go about it on a long term bases. Should I favour shares, funds or long term saving accounts? What are the ...
10
votes
3answers
7k views

can the government or debt collectors garnish money from any bank account to which the debtor has access?

A trusted family member has access to my savings account. The savings account is mine, but the family member's name appears next to mine, which means that they are entitled to withdraw money from the ...
7
votes
1answer
142 views

Savings Account Rates vs. CD Rates vs IRA CD Rates

I have an IRA at Fidelity, and was looking into rates I could get for new issue CDs. I found that the best rate offered for a 1 year CD was 0.3%. I was surprised by this, as I currently have a (non-...
2
votes
1answer
216 views

How to automate and streamline saving for multiple large purchases?

My situation is the following: I want to automate as much of my finances as possible I want to have multiple savings goals (perhaps house, wedding, new car, or recurring 'savings' items like car ...