Questions tagged [savings-account]
for questions specifically related to savings account. There is a general tag for "bank-account". Related tags "checking-account"
175
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Are high yield savings accounts as secure as money market checking accounts?
I do asset allocation: 10% in cash. 40% in equity mutual funds. 60% in bond mut funds.
I've had the cash in Vanguard money market funds.
Wondering about keeping some of the cash in HYS account to ...
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What's up with banks closing down their high yield savings accounts and incentives lately?
We had been keeping our cash savings in a Purepoint high yield savings account for the past few years, until we got this email from them a couple months ago:
"We’re reaching out to let you know ...
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How are the banks behind high yield savings accounts able to pay such high rates?
How are the banks behind high yield savings accounts able to pay such high rates? Where does their yield come from? Do they invest in just high yielding treasuries or junk bonds, or other high ...
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Need help in calculating interest on daily savings account
Preamble
I would like to open a savings account in one of "Big 5" banks in Canada. Many banks are offering so called "daily savings" accounts.
My calculation
Not to name any names, ...
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Are demand and time deposit accounts really loans _to_ the bank?
Borrowers pay interest to borrowees any time they take out a loan.
The Government even pays interest when you "buy" it's notes and bonds.
Banks, too, pay interest to deposit holders. Does ...
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143
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Why can't I find an online savings account that supports revocable trust?
I keep an emergency fund in a savings account where it is liquid and easy to access. It is a sizable amount, but my bank offers a laughable savings rate. It doesn't even pay enough over a year to ...
- 1,737
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326
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pending recession: keep money in 401k or savings account?
Husband and I are on Social Security.
I have a 401k of about $225K, not a lot.
With the impending recession, probably during Q2 2023, husband wants me to withdraw $$$ (e.g. $8K) from 401k and put it ...
- 109
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207
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Bank accounts closed unexpectedly, funds missing
Wells Fargo bank closed my accounts and haven't sent me my funds. I keep getting run around about who to call; what can I do?
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Assessing the trade-off between exchange rate risk and potential higher interest returns on emergency savings in foreign currency
I currently reside in an EU country and earn a salary in EUR, the currency I primarily use for expenses. I have been researching ways to protect my emergency fund from inflation by keeping it in a ...
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When will interest rates on savings accounts increase (UK) [closed]
Note: question related to UK savings accounts
4 days ago the Bank of England increased the bank rate from 2.25% to 3% which I understand will increase interest rates on mortgages and savings accounts ...
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Why should I not keep my checking account at $0 and use overdraft protection?
My savings account earns interest; my checking account does not. I have overdraft protection, so if I overdraw the checking account, the money comes out of the savings account. It seems like I could ...
- 1,399
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A change in trend towards end 2022? Don't invest money in the stock market anymore, but leave it in a savings account? [closed]
Many in this community and other forums recommend S&P500 and some other index funds. After the index fund fell sharply, I also thought now is the opportunity to enter.
But now I read in the news ...
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What are the Italian equivalents of 401K, Roth IRA and Savings account?
I am Italian and I consume a lot of internet content about saving and investing (that's why I am here too!).
I often hear or read about:
401K
Maxing out your 401K (and meeting your employer's match)
...
- 155
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487
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Financial pros and cons of having a rainy day fund in a savings account versus invested?
I used to have about 4 months of expenses in a savings account as a "rainy day fund" in case of emergencies.
The last year or so, though, I've switched to having a minimum of expenses (about ...
2
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1
answer
67
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How to calculate monthly savers interest profit
I am intrigued to understand how the monthly saver accounts work. For instance, I have seen one where you have to put maximum 400 pounds a month for a period of 12 months and there is an interest of 1....
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What are good criteria to decide how much money I should keep in a foreign exchange credit card account?
The Situation
I have a Wise account for EUR and AUD.
Into the Wise AUD account I can easily (without fees) put money from an AUD bank account when needed. For most of my purchases I use the AUD ...
- 121
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Should I close my French PEL to invest in ETFs?
My grandmother opened for me a PEL. I am going to give a complete description of what is a PEL as it is most probably unknown for money.SE. I am French and the PEL is a saving account that means: &...
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What is the advantage of a Sparbuch, and how does this work?
In Germany, there apparently exists such a thing as a Sparbuch (literally: Savings book, apparently comparable to a passbook in the USA), mentioned in this answer. According to a recent news article, ...
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Savings account in UK but working and living in the EU
Is there any reason not to have a bank or savings account in the UK even though I live and work in Germany? I'm a UK citizen. Is the tax situation awkward if the savings account earns interest?
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532
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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 ...
4
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1
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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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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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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 ...
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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 ...
user109157
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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....
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208
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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 ...
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3
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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 ...
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112
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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 ...
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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?
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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 ...
- 549
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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 ...
- 16.9k
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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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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 ...
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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 ...
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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 ...
- 153
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440
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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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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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1
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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:
- 11.2k
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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 ...
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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 ...
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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?
- 11.2k
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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:
- 11.2k
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Why do some savings accounts have a maximum balance?
Example: https://www.hustlermoneyblog.com/hsbc-direct-savings-review/ (mirror):
Maximum Balance: $2,000,000
- 11.2k
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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 ...
- 11.2k
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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 ...
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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, ...
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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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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 ...
- 267
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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 ...
user44213
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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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