Questions tagged [savings-account]

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

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1answer
55 views

How do I calculate Compound Interest with changing monthly contributions, quarterly contributions, and changing interest rate

John currently has $100 in a saving account that compounds quarterly at a .25% interest rate. When the account's balance reaches $2500 or more, the interest rate will change to .05%. I want to figure ...
2
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1answer
183 views

What is the difference between a checking account and savings account?

I understand the exact difference will vary from bank to bank. But in general, I understand that savings accounts have a higher interest than checking. So if it's that simple why not always use the ...
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2answers
126 views

Disadvantages of putting all cash in a chequing account

When I opened an account at a bank, I was given two bank accounts: a savings account, and a chequing account. I was also given a debit card that is linked to the chequing account. The chequing account ...
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2answers
334 views

SwissGap savings platform, is it legit or scam?

Recently I found this ad for something called called SwissGap. They promise very high returns like 5% a month on 1000 USD investment for their savings account. So I registered and got called by one of ...
9
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3answers
2k views

Will closing a checking/saving account have a bad effect on my credit report?

I opened a saving and a checking account in Chase bank. But I decided to close them. I want to know will this has a bad effect on my credit, etc? I also like to know should I pay money to close my ...
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1answer
191 views

Why would banks offer negative interest rates?

I recently saw news that Danish bank Danske Bank is going to be offering -1% return on balances over $16,000. Obviously nobody wants a negative return on their balances so nobody is going to want this....
0
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1answer
176 views

How should money sitting idle in a bank account be invested? [duplicate]

I've been working for a couple of years still living in my parents home with no outgoings, meaning all my money goes straight to the bank. I've saved around £30'000+ but I'm unhappy with money sitting ...
2
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3answers
140 views

Difference between a checking and savings account

I'm aware that savings accounts in the US are restricted to 6 withdrawals per month, but what differences exist aside from that? From what I understand, both are FDIC insured, meaning there's ...
-1
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2answers
100 views

Can I legally avoid tax on savings bank interest, If I move the money to my mother's account who is not under any tax slab?

Can I move money from my savings account to my mother's account on April 1st (beginning of the financial year in India) and move the money back (original amount, not including interest gained) to my ...
2
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1answer
126 views

Should i worry if i lied in my new bank that i have no association with another bank when i actually do?

I recently opened a new account. I already had an old account at a different bank, but I declined when they asked me if I had association with another bank. Does this matter?
1
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1answer
82 views

Is it worth opening an ISA at the moment? [closed]

I'm looking to open a long term savings account, something to regularly put money into but not withdraw. I can't find an ISA or regular savings account which pays more than 1.5% and investment ...
2
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1answer
96 views

What are the advantages of prize-linked savings accounts over regular savings accounts?

I was looking at prize-linked savings accounts (lottery-linked savings accounts), and I wonder: is there any fundamental benefit in putting my savings in such accounts instead of regular savings ...
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1answer
144 views

Questions on Index fund dividends

I wanted to ask a few questions regarding Index funds and its dividends. The questions are the following: If I decided to invest 10k into an Index fund and contribute monthly around 100-200 and ...
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2answers
62 views

CDs vs saving account - which is better if both have same APY?

Currently Marcus by Goldman Sachs is offering the same APY for a 7-Month No-Penalty CD and for an Online savings account. AFAIU a savings account has full liquidity, while the CD forces you to stay ...
2
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1answer
59 views

Why are savings rates the same as CD rates? [duplicate]

Looking at Ally bank (https://www.ally.com/bank/view-rates/), a 12-month CD has the same APY as a savings account. (9-month CDs are an even lower APY). Money in a CD is locked up for 12-months, with ...
3
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2answers
90 views

Why can I add secondary savings account to a personal account without hassle, but not to a business account?

I've been using a small-town Credit Union for all of my personal banking for many years and have always been really happy with them. When I first set up the account, it included Checking, Savings, and ...
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0answers
315 views

ACH transfer to incorrect account type ('Savings' instead of 'Checking') - US bank to another US bank: Is it lost?

A friend visiting the US was asked to transfer $2000 for rent payment to a US bank account. On February 12th, while doing an ACH transfer from his US bank account to the landlord's account in another ...
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2answers
147 views

Opening monthly savers in different banks

I recently had a monthly saver with Lloyd Banks that is coming to an end. I want to continue saving however you can't have another monthly saver with the bank. I found that you can open accounts with ...
2
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1answer
59 views

Why can't Bill Pay payments be scheduled with savings accounts with some banks?

Why can't Bill Pay payments be scheduled with savings accounts with some banks? For example, the Bill Pay at bank of America doesn't the users to schedule payments with saving accounts:
18
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1answer
9k views

Who does the money go to if "everyone" in a family dies?

I watched this movie yesterday, and there's a scene in it where they execute an entire Mafia family (parents, siblings, cousins, relatives and whatnot). It made me think of this question. If an ...
2
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2answers
117 views

Innovative finance ISA

I have an emergency fund I am happy with and a Stocks and Shares Lifetime ISA where I am saving up for a house. As I am going to be going into my last year of university I was researching higher ...
0
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1answer
117 views

Why does HSBC ask whether one plans to receive or send international wire transfers when creating a new HSBC Direct savings account?

Why does HSBC ask whether one plans to receive or send international wire transfers when creating a new HSBC Direct savings account?
3
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2answers
333 views

Does returning small bank verification deposits count towards the limit of 6 monthly "convenient" withdrawals on a savings account?

Does returning small bank verification deposits count towards the limit of 6 monthly "convenient" withdrawals on a savings account? Example:
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3answers
341 views

Why do some savings accounts have a maximum balance?

Example: https://www.hustlermoneyblog.com/hsbc-direct-savings-review/ (mirror): Maximum Balance: $2,000,000
1
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1answer
73 views

Why does a short-term certificate of deposit (CD) have a significantly smaller annual percentage yield (APY) than a saving accounts in some banks? [duplicate]

I see on Ally Financial's website that a 3-month certificate of deposit (CD) has an annual percentage yield (APY) of 0.75% whereas the saving account has an APY of 1.60%. This surprises me because I ...
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3answers
2k views

How to calculate savings account interest if you deposit and withdraw irregularly?

It's easy to calculate interest on a fixed principal. If you have for example $1000 deposit on your savings account and the rate is 0.25% compounded every whatsoever and you want to know how much is ...
3
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7answers
520 views

Saving hard to buy one specific item worth it?

I am new to this Stack Exchange channel, sorry in advance if the story does not fit. About 3.5 years ago I bought a laptop for my education. At the time it was a top of the line model etc. Recently, ...
5
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4answers
4k views

Is there any benefit to keeping money in a checking account?

I have been getting a lot of "tips" from my bank lately about different ways to save. Things like "Save $1 week 1, $2 week 2", etc or "tax my spending habits". Whenever I see things like this, they ...
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2answers
165 views

Is it safe and smart to keep all your money in SAVINGS account in India? [closed]

I am a Software Engineer by profession and passion. I am facing problems with chosing how shall I invest my money. I have worked for 3 years now, and have around 40 lacs INR total earnings which I ...
0
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2answers
601 views

Why don't banks offer a combined chequing and savings account option? [closed]

A few Canadian banks offer a combined chequing and savings account — see beneath for a generic example. Most do not though. A combined account seems better for the following reasons. You must keep ...
20
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12answers
10k views

How to manage expenditure when billing cycles and paycheck cycles are not aligned?

I get paid on the 15th and the last of the month and my husband will be getting paid weekly when he starts a new job after the one he has been working at for 25 years will be closing soon. How does ...
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1answer
93 views

Is it safe to use Capital One Bank? [closed]

After the recent Capital One hack, is it safe to keep a savings account with Capital One ?
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0answers
948 views

How do I identify product code from a bank account number

I am trying to classify savings account and current account from a bank account number. Need to understand the pattern for Kotak Mahindra Bank
3
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1answer
184 views

How exactly does AER work?

I am planning on opening a savings account and will be putting a fraction of my monthly salary into it, around £1000 each month. To calculate the interest generated, as the total in the account ...
0
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2answers
870 views

Maintain Salary Account even after quitting job

This is very silly question I know , but there is a big debate happening between my colleagues. Say A is having Salary account with Bank AAA who is working in company ABC. Now A resign the jobs and ...
2
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2answers
10k views

Is it mandatory to convert normal savings account to NRO/NRE account if there is no money to deposit from outside India?

If there is no money to deposit from outside India to Indian account, though the status is NRI, is it mandatory to convert savings account to NRI/NRE account? What are the penalties of not ...
2
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0answers
145 views

Is it fine to use Savings account to pay salaries? what is the downside?

It is taking us time to get checking/current account for the business. We want to know, if it is OK to pay through Business Owner's personal savings account and still have it as a record of business. ...
31
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4answers
14k views

Transfer over $10k

I recently realized that most of my money is going into my checking account where it's just sitting there losing value due to inflation, etc. I want to open a savings account at a different bank (...
2
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5answers
442 views

Frequently Moving Money Between Checking and Savings

I'm currently carrying a balance in my checking account, much of which I feel is going to waste, since its not being "invested". The overall total balance in my checking account isn't growing much if ...
45
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5answers
12k views

When to stop saving and start investing?

Since I started my first job after graduating a few years back, I always saved a certain percentage of my salary each month on an extra savings account my bank offers. At that time, and until recently,...
3
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2answers
1k views

interest compounded daily vs monthly

I want to compare two saving accounts with same APY, but one has interest "compounded daily and credited monthly" and the other has interest "compounded monthly and credited monthly". Which will yield ...
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2answers
1k views

Do most credit cards allow a positive balance?

I have a Visa credit card, issued by a German bank. The card allows me to carry a positive balance and even pays a small interest on it (called Visa Sparen -- Visa Saving). I find this convenient, ...
2
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1answer
153 views

Bank is not depositing my new account promotion bonus [closed]

I opened a bank account in response to a promotion in a big bank. Originally it was saying if I keep my money (50K) for 60 days, I get $600. The agent at the branch didn't say anything more. Then they ...
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3answers
1k views

Should I pay off my car loan from savings to save money?

I have about 13k in a savings account with 1% APY. Last year this account earned over $100 in interest. I have a car loan with a balance of about $4200 on it, with 1.9% APR. I pay $288/mo on the loan, ...
2
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2answers
155 views

Are there any catches to no penalty CDs?

My bank offers a a 2.25% savings account. They also offer a 2.35% no penalty CD. This sounds like a straight upgrade with no downsides (ignoring a 7 day minimum holding period). This sounds too good ...
0
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1answer
111 views

Does closing BOA Savings account hurt my credit score?

I have following accounts at BOA. a Savings Account a Checking Account (where my salary is crediting every 15 days) a Visa Credit Card a MasterCard Credit Card Lately I found that I am not using my ...
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1answer
2k views

Storing Money Without a Bank [closed]

One way to store money without a bank account, could simply be keeping it in banknotes, however that's not very safe. So is there another way to store digital money that is not a bank account? ...
0
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1answer
198 views

Should I make a loan or withdraw all my savings to buy an asset?

Lately, this is a question I've been asking myself, and I don't know which would be best, both on short term and long term. Let's suppose I have around 20,000 to 25,000€ in my savings account (which ...
1
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2answers
302 views

Friend constantly complaining about $850 monthly S.S. check [closed]

I posted a similar question recently, but I guess I didn't explain correctly. I have a friend that receives $850/month in social security. He doesn't pay rent, electric/gas/water/cable bills, loans, ...
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1answer
179 views

Is a savings account that earns 0% interest tax-free?

If I can find a savings account that doesn't earn interest and doesn't come with any sort of bonus, will my savings be tax-free?