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Questions tagged [savings-account]

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

2
votes
1answer
129 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 ...
2
votes
3answers
241 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
votes
2answers
88 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
votes
1answer
57 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 ...
0
votes
1answer
216 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
votes
1answer
166 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
vote
2answers
276 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, ...
-1
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1answer
168 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?
1
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0answers
28 views

Health Management Reimbursement Accounts (HMRAs / HMAs)

I recently heard about an interesting alternative to HSAs called "Health Matching Account Services" ("HMRAs"/"HMAs"). However, most of what I can find out about them is on the very website of their ...
2
votes
2answers
475 views

What is the difference between a Health Savings Account (HSA) and a regular savings account through a bank?

What is the difference between a Health Savings Account (HSA) and a regular savings account that I might set up through my bank? I presume that withdrawals from an HSA can only be made for health ...
1
vote
2answers
68 views

Does regulation limit on number of savings account transactions include transfers to accounts of same depositor at different bank?

The text of the restriction on withdrawals from savings accounts, found in 204.2(d)(2): The term “savings deposit” also means: A deposit or account, such as an account commonly known as a passbook ...
0
votes
1answer
85 views

Is savings account limit on number of transactions both per calendar month and per bill cycle?

The Federal Reserve's "regulation D" places a limit of six withdrawals per month from a savings account: allow no more than six transfers or withdrawals per calendar month or statement cycle of at ...
2
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0answers
173 views

How safe is depositing ≥ $100K in Tangerine's Savings Account? [closed]

"The maximum protection for eligible deposits at Tangerine is $100,000 per name registration (principal and interest combined"). I intend to buy a condominium for my parents in the next year, and ...
1
vote
2answers
143 views

How important is future big purchases (house) when setting up guaranteed investment accounts?

I moved out of my parents's house a couple weeks ago. I moved into an apartment in a big city and I am not sure yet if I will like it here or not. I have no idea when I'll switch to a house and if ...
1
vote
3answers
176 views

Savings Account vs. CDs of less than 1 year. Which gives the better return?

I am thinking about purchasing some (short term) CDs once I have some extra savings. However, I'm not sure whether it is actually more profitable to purchase CDs or keep the money in my high-yield ...
0
votes
0answers
24 views

Can a sole proprietorship survive with just a saving account in India? [duplicate]

I understand that the current accounts in India provide a facility of unlimited number of cash withdrawals restricted only by the funds within the account (some may also offer overdraft facilities). ...
0
votes
2answers
173 views

Resident vs Non-resident alien in the United States

I have been in the United States since August 2015 in an F1 visa. I was away from January 2018 to May 2018 in Denmark for study abroad. I do have a SSN as well. I wanted to open a savings account in ...
1
vote
1answer
68 views

Claim Tax treaty for savings account in the US

Should I claim tax treaty benefits as an Indian working in the US on F1 Visa, non-resident status for tax purposes, on my w8 form? It was issued by my bank in US for holding a savings account with ...
1
vote
4answers
218 views

Best way to save up for a house

When trying to save up for a house, should I make sure that money is put in a bank account and is liquid? Or do I put it into some mutual funds and take out the money when I have enough for my down ...
3
votes
3answers
266 views

Save for one thing or for many things at once?

Lets say I have $100 each month to put in my savings account and that I want to save towards thing A, B, C and D that each cost the same (e.g. $200 each). I'm not sure if I should have one savings ...
39
votes
16answers
19k views

Why would I ever put my money into a savings account that returns less than the current inflation rate?

I like a safe investment as much as the next guy. But can anyone give me a good argument on why I should invest in a bond or a savings account that returns less than inflation? It seems to me that I ...
4
votes
1answer
165 views

When making an online money transfer, why is one often asked whether the source account is checking or savings?

When making an online money transfer, why one is often asked whether the source account is checking or savings? Example in Merrill Edge (https://olui2.fs.ml.com/MoneyMovement/MakeTransfer.aspx):
0
votes
2answers
79 views

How should I save money? [duplicate]

It has been about a year since I graduated college and started working. So far all my earnings are going into my checking account. Since I don't have much experience with managing my finances, I was ...
4
votes
2answers
339 views

What exactly is a time deposit?

I understand the function of a time deposit. You can make a deposit, and you cannot withdrawal (without a fine) for a set amount of time. Really what I'm confused upon is what types of accounts are ...
0
votes
0answers
172 views

Early retirement options

I plan to retire early (around age 45). Living in Europe. My question relates to what order I should be saving / investing in now and what order to use that money when I get to my early retirement age....
4
votes
3answers
348 views

Why do French banks push hard that customers open a savings account?

In France account managers often offer their costumers that they open a savings account (Livret A as they call) on top of the checking account. From my point of view, those employees seem to have ...
8
votes
1answer
265 views

Savings account versus corporate bond

I am looking at buying a bank corporate bond instead of placing money into a savings account. Say I buy a 2 year maturity corporate bond, that yields exactly 2% per year (in terms of yield to ...
1
vote
1answer
253 views

How to return 4 - 6% on savings / investments with little / no management?

What would be the simplest (require the least management) way to get a return of 4 - 6% on savings over a 10 - 15 year period. I would like the lowest risk possible, I do not need the 'potential' ...
8
votes
2answers
649 views

What to do with $2115 disposable income per month?

I want to start investing money, as low risk as possible, but with a percentage growth of at least 4% over 10 - 15 years. I won't need this money until then so can handle locking it away or risking a ...
0
votes
1answer
137 views

Childhood savings account closed years ago due to parents negligence. Can I reclaim it? [duplicate]

Years ago, my parents received notice that my savings account was being closed. I was too young to do anything myself, and I guess my parents too lazy. There was only about $130 dollars in the account....
3
votes
5answers
376 views

I have $10,000 sitting in an account making around $1 per month interest, what are some better options? [closed]

So i have $10,000 in an account and i'm only making around $1 per month interest on it. It's not doing much and i want to make it work harder. What are some better (safe) ways for me to invest / move ...
1
vote
1answer
84 views

How do I determine my local version of the American FDIC or NCUSIF insured savings account?

I'm not an American, but I'd like to take advantage of this good advice and put 6 months of emergency funds into a savings account. However, I don't know what account to use locally because there aren'...
3
votes
1answer
459 views

Tax implications for a child's savings account

I'm in the process of moving a child's savings account from a bank that pays virtually no interest, to one that pays an amount where - while the amount they will earn is still quite low, it will at ...
5
votes
1answer
434 views

What happens if my bank account is closed due to withdrawing

Because of federal law, you can't withdraw from a saving account more than 6 times in a month. I've messed up and done this (once because I did not know, again because I did not keep track) and if I ...
-4
votes
3answers
330 views

Do I need to invest to become millionaire?

Refering to this question: Can saving investing 15% of your incoming start 25 likely make you a millionaire In France the highest rate I can find is about 2%, with special conditions, while the post ...
16
votes
4answers
7k views

Does a savings/checking account sitting at $0 have any drawbacks?

I currently have a couple checking/savings accounts that are sitting at $0 because I found better accounts and switched banks for some reason or another, is it worth the time to try to close these ...
2
votes
1answer
482 views

Can I open a savings account in India with the salary I earn in UK?

I am an Indian national who recently moved to UK for a job and found out that the interest rates here in UK are abysmal. The rates in India are much higher. Almost tenfold. Can I transfer the salary ...
25
votes
5answers
8k views

How much money should I lock up in my savings account?

I'm a 28 software engineer. I make around 26k, of which about 40% I set aside every month. In my two-and-a-half years working I now have about 24k savings. I've recently opened an account that allows ...
6
votes
1answer
217 views

What is the purpose of a short term CD that offers lower interest than a savings account?

I have noticed that some banks offer short term CDs with interest rates that are actually lower than that that the same bank pays on a savings account. For example Ally bank seems to offer a 0.30% ...
2
votes
2answers
316 views

The most appropriate ways to keep money ready for emergencies?

Background info: My financial planner advised investing money in debt funds, mutual funds as long term investments, where in case of an emergency for large amounts, I could withdraw from the debt ...
1
vote
1answer
63 views

Cost to transfer money from IRA savings account to other investments or IRAs?

I currently have $5,500 invested in a Roth IRA savings account with an online bank. I am planning to contribute another $5,500 to the account soon. The reason I am putting this money into an online ...
15
votes
12answers
16k views

Is it a good practice to keep salary account and savings account separate?

I read somewhere that salary account should be restricted to only receiving salaries and any spending, personal or otherwise should be carried out from your savings account. I am not able to find the ...
1
vote
2answers
535 views

Does a savings account's advertised “APY” account for compound interest?

From what I've read, typically "APY" typically refers to the effective interest rate of an account (or loan) over the year, while accounting for compounding effects -- for instance, https://www.ally....
1
vote
2answers
175 views

What are the downsides to high-interest savings accounts?

Most US banks offer vanishingly small interest rates on their money market savings accounts, while many others offer rates around 1.0%. Assuming that I keep my deposits below the FDIC insurance limit, ...
21
votes
2answers
5k views

What is the purpose of “Regulation D”

When transferring funds between my savings account and my checking account, there is always a little help text about "Regulation D". Essentially it says that due to federal limits if I exceed 6 ...
2
votes
0answers
64 views

Moving to the US from Canada - what are the tax implications from both ends on CAD saving account?

I am planning on moving the US as a result of my work most likely using TN. I'll be selling my primary residence and will put the money in a saving account at a Canadian bank. I don't want to use this ...
4
votes
2answers
512 views

Official Bank Check

My mother purchased a bank check from her bank (that came from her savings account) for around $25-30K & was made out to a business partner. She passed away & I found the bank check in her ...
1
vote
1answer
81 views

To park cash and have no risk of losing principal, how can I achieve in my IRA or brokerage a counterpart of a bank-like savings account?

I have $50k+ in my personal (taxable) and $50k+ in my retirement accounts. If I am conservative - I use a CapitalOne360 savings account (that in Sep 2016 yields 0.75%). For my cash in IRA (...
15
votes
7answers
5k views

Savings vs. checking account — when to prefer savings if interest is the same?

Let's say I'm opening a new checking or savings account, assuming: I already have another checking account All accounts offer the same interest rates Why would I ever choose to open a savings ...
1
vote
2answers
8k views

Why do sole proprietors in India generally use a current account?

I was told that sole proprietors in India use a current account for their business, rather than a savings account, to avoid interest. I don't understand why — if you account for the interest properly ...