Opening a savings account

United States
October 25, 2015 2:04pm CST
I want to open a savings account but my husband thinks I should just keep my savings in my checking account. I like separating money I don't want to touch from money I do want to touch. What is your opinion?
8 people like this
10 responses
@MALUSE (40047)
• Germany
25 Oct 15
Do you need your husband's permission? I think your idea is good.
• United States
25 Oct 15
No. I dint need permission, but I was curious what other people thought. I just worry if the money is in my checking, which i spend from, that I will accidentally use it or I won't stick to my savings plan,
1 person likes this
@MALUSE (40047)
• Germany
25 Oct 15
@Samanthavv That's exactly it. When the money is easily available, it'll soon disappear.
• United States
25 Oct 15
@MALUSE that is why I think a separate account would be better. As long as I make a transfer every month, the account has no fees.
@mrtoffee (1527)
26 Oct 15
go for the savings account, that way your money will earn you a little extra in the way of interest helping it to grow.
• United States
26 Oct 15
Is the interest worth it? I've heard that it isn't enough to make a difference?
1 person likes this
@mrtoffee (1527)
26 Oct 15
@Samanthavv if you keep adding capital on a regular basis the interest will grow and compound over time, if you get a decent interest rate it can be very worth while.
@gudheart (12752)
26 Oct 15
I have a savings account and would recommend one if you think you need a better way to save up without using the funds.
• United States
26 Oct 15
That's exactly my dilemma. I need to save up for moving expenses in April. But I'm worried about separating the funds out in my checking account. I have no way to earmark them in htheyre.
1 person likes this
@scheng1 (24801)
• Singapore
26 Oct 15
There should be better ways to save. Have you bought US government bond or Treasury bill? You can keep the money there where you still earn higher interest and the money is safe and you cannot touch it for a period of time.
• United States
26 Oct 15
I used to have bonds but unfortunately, I would need the money before I would be allowed to cash out without penalty. I am saving for our move in April.
@marlina (73885)
• Canada
26 Oct 15
It makes complete sense to have a savings account separate.
• United States
26 Oct 15
That's what is thought but my husband seems to thi I should be able to keep track of it all separately.
@GardenGerty (99167)
• United States
26 Oct 15
I think for me it would depend on a couple of things. One is whether or not there are any fees or there are any benefits from opening the savings account. The second is whether or not there might come a time when you would need to access it quickly. I have had savings accounts, and I have done "the envelope method" where I put money in various envelopes in a safe place. I do like to pull it aside, though. If it gets left in the checking account it disappears.
• United States
26 Oct 15
As I said in previous comments, there would be no fees for the account so log as I make a transfer once a month. Envelopes would not work for me. I lose absolutely everything and on top of that, my kids get into everything. Nothing is safe in this house lol
@sharon6345 (125319)
• United States
25 Oct 15
My checking is for bill pay. I savings is for savings. I would not want to use one account. I would hope if you wanted a savings account you could get one. That would totally be up to you on that one.
• United States
26 Oct 15
I can get one and it would even be free to use so long as I make one transfer a month from checking to savings. My husband seems to think I should get one though. I don't get it, honestly. I don't see why it's a big deal. Especially when I won't have to pay any fees for it.
@sugartoes (40713)
• Greencastle, Indiana
7 Nov 15
BY ALL MEANS if you want to save money that would be the RIGHT way of doing it till you got it up to a 1.000 then putting it into a C D acct in your back that way it can't be touched till that time you have SET for it to be used & yes it DOES gain interest on it too that's what I have done with mine & everything I make on line through my pay pal goes there, & it don't cost you either
28 Oct 15
i think it is a good idea.
@yukimori (9047)
• United States
27 Oct 15
If the money is your responsibility, I would say that the proper choice is to do what you're most comfortable with. It doesn't sound like there are any cons associated with opening a savings account (aside from your husband objecting). Were I in the same situation, I'd feel comfortable opening an account on my own and putting the money there even if my husband wasn't completely on board with the idea. Then again, I'm also the one who manages all of our finances, and he has no objections to the fact that I have an account with only my name on it for savings. (We've found that works best for us, because we use his online banking login to manage our bank and credit card accounts. My account doesn't appear under his profile, which helps with the temptation to transfer funds out of it to cover things we want but don't need.)