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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2
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1answer
42 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
8k 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 ...
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2answers
102 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
95 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
152 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:
1
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3answers
332 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
61 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 ...
7
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3answers
712 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
453 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, ...
2
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1answer
139 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 ...
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
156 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 ...
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 ...
0
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1answer
78 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 ?
0
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0answers
105 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
2
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2answers
494 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 ...
0
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2answers
265 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
3k 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
141 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. ...
6
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1answer
268 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 is one often asked whether the source account is checking or savings? Example in Merrill Edge (https://olui2.fs.ml.com/MoneyMovement/MakeTransfer.aspx):
2
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2answers
4k views

Hong Kong - What's the difference between Current Account and Savings Account here

I know there is already a question called “Savings” account vs. “current” account - what's the difference?" on the site but bear with me, I believe that doesn't answer my doubts. I know very well ...
32
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4answers
10k 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
388 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
11k 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
802 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 ...
-1
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2answers
662 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
149 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
599 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
145 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
76 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 ...
1
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1answer
1k 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
181 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
299 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
178 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?
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0answers
34 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
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2answers
522 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
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2answers
165 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
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2answers
103 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 ...
1
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1answer
83 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 ...
2
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3answers
222 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 ...
3
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3answers
772 views

Using multiple bank accounts

One thing I've always struggled with finance-wise is how to manage higher-level budget categories across a limited number of accounts. For instance, I currently maintain the following types of ...
2
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2answers
13k 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 ...
0
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2answers
257 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 ...
2
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4answers
229 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 ...
2
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3answers
426 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
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16answers
21k 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 ...
0
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2answers
101 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 ...
1
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2answers
246 views

Are savings accounts just as safe as government bonds in terms of counterparty risk?

It seems that holding plain cash (say after selling stocks and waiting for other opportunities to come up) in a brokerage or bank account is a bad idea (due to counterparty risk) (Clenow, 2015). ...
4
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2answers
634 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
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0answers
204 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....