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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"

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Added a person to a joint account

If a account has been open between husband and wife and another party gets added by consent of one and that party died and the added person empties the account, can that party remove all money to a CD?...
Rene Patrice Edwards-Fetters's user avatar
0 votes
1 answer
134 views

Is it possible to lose money with SPDR BIL

I'm seeking an investment method for my Merrill Lynch Edge account since it doesn't accrue interest on cash holdings. Considering this, I opted for SPDR Bloomberg Barclays 1-3 Month T-Bill ETF (BIL), ...
Gulzat Mamytbek's user avatar
4 votes
1 answer
2k views

Advice for investing money for a 15-year old

Hope this is on-topic for here. I'm looking for some advice on the best way to handle a pension. I would like to have the money paid into an account for my 15-year old daughter. The lump sum is about £...
DreamingOfSleep's user avatar
0 votes
1 answer
64 views

Brazilian savings account, understanding "saldos por dia base"

Translating "saldos por dia base" into English, we get "balance per day base". Literal translation. In my savings account, I see a calendar showing a month. In some days, I see ...
user1145880's user avatar
8 votes
3 answers
2k views

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 ...
Doug Null's user avatar
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9 votes
4 answers
4k views

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 ...
mafundly's user avatar
11 votes
5 answers
7k views

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 ...
Katsu's user avatar
  • 525
-1 votes
1 answer
234 views

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, ...
user136555's user avatar
9 votes
2 answers
3k views

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 ...
RonJohn's user avatar
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0 votes
2 answers
654 views

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 ...
nuggethead's user avatar
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0 votes
2 answers
345 views

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 ...
Parkaboy's user avatar
  • 109
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1 answer
282 views

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?
Nancy's user avatar
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1 vote
1 answer
33 views

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 ...
stemnic's user avatar
  • 11
1 vote
0 answers
52 views

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 ...
MJ_Wales's user avatar
  • 111
23 votes
7 answers
8k views

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 ...
Someone's user avatar
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0 votes
3 answers
314 views

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 ...
Sybil's user avatar
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5 votes
1 answer
1k views

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) ...
Lorenzo's user avatar
  • 255
6 votes
4 answers
580 views

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 ...
canary_in_the_data_mine's user avatar
2 votes
1 answer
81 views

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....
Datacrawler's user avatar
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0 answers
43 views

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 ...
halloleo's user avatar
  • 121
0 votes
0 answers
141 views

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: &...
JKHA's user avatar
  • 131
12 votes
2 answers
2k views

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, ...
gerrit's user avatar
  • 3,213
2 votes
0 answers
65 views

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?
D R Ball's user avatar
0 votes
1 answer
843 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 ...
Colin Fiedorowicz's user avatar
4 votes
1 answer
310 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 ...
titchseason's user avatar
  • 1,119
2 votes
2 answers
170 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 ...
Flux's user avatar
  • 17.1k
-1 votes
3 answers
509 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 ...
Hayk Safaryan's user avatar
9 votes
3 answers
3k 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 ...
user avatar
0 votes
1 answer
209 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....
Runeaway3's user avatar
  • 2,898
0 votes
1 answer
211 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 ...
chris timber's user avatar
2 votes
3 answers
165 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 ...
Zaz's user avatar
  • 167
-1 votes
2 answers
113 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 ...
plas's user avatar
  • 121
2 votes
1 answer
154 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?
Anonymous's user avatar
1 vote
1 answer
84 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 ...
Matt W's user avatar
  • 549
2 votes
1 answer
113 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 ...
Flux's user avatar
  • 17.1k
1 vote
1 answer
188 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 ...
lordindex's user avatar
1 vote
2 answers
78 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 ...
Jonathan's user avatar
  • 111
2 votes
1 answer
119 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 ...
nosson's user avatar
  • 23
3 votes
2 answers
129 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 ...
soapergem's user avatar
  • 153
1 vote
0 answers
549 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 ...
Ritesh Singh's user avatar
0 votes
2 answers
156 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 ...
Meerfall the dewott's user avatar
2 votes
1 answer
97 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:
Franck Dernoncourt's user avatar
18 votes
1 answer
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 ...
Snow's user avatar
  • 1,173
2 votes
2 answers
128 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 ...
David O's user avatar
  • 45
0 votes
1 answer
129 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?
Franck Dernoncourt's user avatar
3 votes
2 answers
675 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:
Franck Dernoncourt's user avatar
1 vote
3 answers
367 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
Franck Dernoncourt's user avatar
1 vote
1 answer
258 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 ...
Franck Dernoncourt's user avatar
7 votes
3 answers
4k 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 ...
user92831's user avatar
3 votes
7 answers
605 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, ...
SpoiledMustard's user avatar