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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 accounts.

Instead of me opening, Do banks offer any Savings Account or Savings fund for specific reasons?

  • My bank, Simple, has a feature called "Goals" - you can set a monetary goal, a deadline, and it'll take $X out of your available balance and put it in the goal on a daily basis. simple.com/goals – ceejayoz Jul 5 '16 at 1:18
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I'm not aware of banks offering savings account for specific reasons, other than certain accounts for college funds, as the number of reasons someone might want to open a savings account is almost infinite.

What I did was open 3 savings accounts with the same bank (I could have opened more, but I didn't need more). Each account is labeled with a nickname for it's specific purpose: Vacation, Emergencies, and Annual fees. This way, I can make automated deposits to each one based on my monthly budgets and track them independently. Most E-Banks offer this type of setup (CapitalOne even advertises it as a "feature") and the interest rate will likely be better than a standard brick-and-mortar bank.

  • As per your advise, easiest way is to have multiple savings account for each purpose. Thanks !!! – goofyui Jul 4 '16 at 16:19
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In the United States there are some specific savings accounts, some of which have rules from the federal government (education) and some that are setup by the bank/credit Union.

Some institutions have a Christmas club, where money is set aside each week or each month and then you are given access at the end of the time period.

Some institutions have accounts that pay CD rates but allow you to add funds during the period. They will have some flexibility in setting the time period.

I have seen accounts that are designed to save up for a big purchase, or for a specific time period (summer vacation)

Ask your bank. Or better yet look at a variety of banks websites for their rate sheet. That will explain all the different account types, rates, and rules.

My credit Union allows a large number of sub accounts so that you don't have to commingle the funds.

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