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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3
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2answers
212 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:
3
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2answers
987 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 ...
3
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1answer
828 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 ...
3
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1answer
3k views

Anyone have experience with Brink's 5% savings account?

If you get a Brinks prepaid MasterCard (no initial fees, and you can even get a $20 signup bonus) and go through some other gyrations, you can presumably get access to a 5% FDIC-insured savings ...
3
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4answers
386 views

What is the preferred way to set up personal finances?

I'm trying to figure out how to set up a personal finance system that is simple. I want to know things like: How many bank accounts should I have and what kinds, and how much (percentage-wise) of my ...
3
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1answer
700 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 ...
3
votes
1answer
550 views

How do I best time my currency conversions between Australia, New Zealand, and Great Britain?

I have over AU$20,000 in savings in an Australian bank account, currently earning me 1.75%. I am now living in NZ where my savings account earns 3.75%. In about a year I will be transferring the ...
3
votes
1answer
578 views

Are there any alternatives to ING's Electric Orange that have similar features? [closed]

I currently utilize ING Direct for savings and checking via Electric Orange and Orange savings accounts. However, two features of their bank have stopped me from truly utilizing their services to the ...
3
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2answers
65 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 ...
3
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1answer
173 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 ...
3
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5answers
401 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 ...
2
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4answers
6k views

Can I prove having savings without giving out the account number?

I will be looking to rent with no income, but significant savings. For that, I'll probably need to give the prospective landlord my name, DoB, SSN (for credit check) and the savings account number. ...
2
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2answers
308 views

Is it good enough to close the existing saving account and open new saving account at another bank for higher interest?

I have a saving account which can earn at most 0.25 %p.a on BANK A. I have another despoit account in BANK A for my daily usage. I found BANK B is offering 0.4% per year for the saving account. The ...
2
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2answers
526 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 ...
2
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3answers
536 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 ...
2
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2answers
15k 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 ...
2
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1answer
46 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:
2
votes
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 ...
2
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2answers
773 views

How does a TFSA work? Where does the interest come from?

I have extremely little knowledge about finance in general, but I have had a TFSA for several years now and know that my money keeps magically growing. Exactly where does the interest I gain come ...
2
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5answers
397 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 ...
2
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3answers
243 views

How do I not forget where my money is? [closed]

I've recently put away a fair bit of money in a high interest savings account. I consider this to be my emergency fund. One of my big fears though is that I will forget about this money. This may ...
2
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3answers
613 views

Long term saving: Shares, Savings Account or Fund

I'm reasonably disciplined with regard to saving but am unsure as to how exactly I should go about it on a long term bases. Should I favour shares, funds or long term saving accounts? What are the ...
2
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3answers
226 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 ...
2
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2answers
416 views

Do banks offer any Savings Account or Savings fund for specific reasons?

I am saving Money for Grad School Prep and Marriage which is there in my Savings Account. I was thinking of opening new bank savings account for certain purposes and schedule automate deposit to those ...
2
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1answer
1k views

Is it a bad idea to open a savings account for the bonus and then close it once I get it?

Some banks offer a bonus (e.g. $50) when you open an account with them and deposit a minimum amount of money with them (e.g. $5000) for a certain amount of time in the beginning (e.g. 60 days). Are ...
2
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2answers
5k 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 ...
2
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2answers
153 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 ...
2
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2answers
346 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 ...
2
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1answer
273 views

How to automate and streamline saving for multiple large purchases?

My situation is the following: I want to automate as much of my finances as possible I want to have multiple savings goals (perhaps house, wedding, new car, or recurring 'savings' items like car ...
2
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2answers
972 views

Does the interest rate on a savings account always fluctuate? What about for a TFSA?

When we say 'Savings Account', does it automatically mean that the interest rate can go up and down? So by that definition, the interest rate on TFSA can go up and down any time?
2
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1answer
53 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 ...
2
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2answers
6k 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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4answers
232 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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2answers
729 views

Daily basis interest calculation on Indian savings accounts

I had read that RBI had instructed banks to calculate interests on daily balances from 1st april 2010. Has this been implemented or shelved? I haven't noticed any difference in my interest credits.
2
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2answers
923 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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2answers
351 views

College funds - is it too late to open a 529?

We are immigrated parents and our daughter will be going to college in 3 years. What's the best option if we want to start saving for her college education? I would like to have an account with high ...
2
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1answer
654 views

For long-term savings: Short-term Bond ETFs vs High-interest Savings Accounts

In the Summer 2015 edition of MoneySense magazine, the article Value Hunter (Cash cows for your portfolio) by Norm Rothery, recommends replacing High-interest Savings Accounts (HISAs) with Short-term ...
2
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1answer
229 views

How can a bank offer a higher interest rate for a savings account than for a GIC?

At this link on rates offered by ICICI, the TFSA savings account rate currently being offered is 1.8% but the GIC rate being offered is 1.75%. But why would anyone put money in a GIC and lock it up ...
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. ...
2
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0answers
66 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 ...
1
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3answers
336 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
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3answers
870 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, ...
1
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2answers
205 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, ...
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2answers
300 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
128 views

How to reach an apt going against inflation

I live in Argentina and I am 21 years old. One of my goals is to buy an apartment but the problem is the more money I have, the more money I am losing because of inflation. One of the options is to ...
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4answers
309 views

What should I do with the 50k I have sitting in a European bank?

The interest rates are zilch (in fact the bank fees just about cancel them out). I may need some of the money in the coming year, but definitely not in the short-term. Is there's something smart a ...
1
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2answers
58 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 ...
1
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1answer
273 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' ...
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1answer
116 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 ...
1
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1answer
64 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 ...