Bank accounts

@Trace86 (5030)
United States
October 18, 2010 6:23pm CST
I am trying to save some money, but am having a hard time. I was considering opening another savings account and making it, in my mind, a deposit only account. I mean that I will put the money in with the understanding that it is not to be used to pay the bills. I was going to open an account with the credit union at work, but they don't have any branches near me if I needed the money in an emergency situation. So, should I open another savings account at my current bank or pick another bank in my neighborhood. Or should I do the Credit Union and count it a blessing that it isn't near enough to get at easily?
3 people like this
15 responses
@Sillychick (3275)
• United States
19 Oct 10
I definitely suggest going to another bank, and even better the credit union that doesn't have a branch near you. You will be able to access your money, it's not out of reach forever, but the fact that it's a little more difficult means you'll be less likely to take it out without considering what you are using it for and if it is in fact an emergency. I have a savings account at the bank where I do my regular banking, and I can't keep money in it. But I also have another one at a bank where the closest branch is 30 minutes away. I mail checks to deposit in that one and I almost never take money out. It is definitely better for saving.
1 person likes this
@Trace86 (5030)
• United States
9 Nov 10
I did open an account at the credit union about a week ago. I just hope my employer doesn't have a problem setting up the transfer. I actually drove to the credit union on Sunday to make an ATM deposit. I found out that you don't start earning interest until you have $100 in the account. So that is what I did. Now I don't plan to even think about that account for months until I have lots saved!
@cher913 (25782)
• Canada
18 Oct 10
what we do is have a seperate account just for savings that cannot be touched by or for anything else.
1 person likes this
@Trace86 (5030)
• United States
18 Oct 10
At the same bank or a different one?
@coffeebreak (17798)
• United States
21 Oct 10
Very good idea. Even if it is just 10 dollars a month.. it all adds up and as you see it grow it will motivate you to add more! But watch banks... I just heard Bank of America and most "big" banks are stopping free checking and savings accounts. You pay a monthly fee for the checking account unless you have like $5k daily balance in the checking account. Who's got that much extra laying around? I am closing mine many year account with BofA because of this. After all my years of being a good customer to them, and after them squandering all their money on bad deals and then loosing their For their own selfishness.. and now making me and other depositers pay for their bad choices....I'm going elsewhere. Plus, I hear they are going to start charging for use of a bank teller! I swear - that is true! They didn't state the fee to use a teller, but they will charge your account if you use the teller and not the ATM....so not only does their personal customer service drop out of site, but look at the tellers that are going to be layed off. Sorry... that don't deserve my patronage. So, I went to a local/community bank. A little guy. They still offer free checking and "no daily minimum" for checking or savings. I just opened one today. Plus in telling us about their bank features, she said they are buying banks in other states..saying "we have extra capital so we (the bank) are buying assets". So that tells me they are solvant and will be here for awhile. SO just call around to the local banks in your area and see what they offer. IF you can't find anything like that...get a "home bank" kind of thing.. a lock box or something and just put your 10 every month in there... PLUS...any change you collect...drop it in there. I just paid for a 3 day trip - hotel and gas - to Las Vegas on my change collection! Whatever you do... good luck...just remember...it all adds up, just give it time!
1 person likes this
@puccagirl (7294)
• Israel
19 Oct 10
I would go with the one that gives you the best interest for your savings and has the smallest fees, in order to make the saving more profitable. So contact both your bank and the credit union to see what they offer.
1 person likes this
@ermadear (367)
• Indonesia
19 Oct 10
hi trace, maybe you should maintenance your account bank. too much account bank, make you must spend more money for maintenance it. you must pay maintenance your account at banks, each.and i think this is not good idea. why you not make 2 account and another money you can save it by buy gold or something??well just share my opinion
1 person likes this
• United States
19 Oct 10
the credit union would probably be the ideal place to do it because it would be harder to access that account but you could also do it at the bank you are currently a member of a another nearby bank you would just have to have a little more will not to take any money out.
1 person likes this
• Canada
19 Mar 11
The hardest part about doing this is changing the mindset that there might be reasons to use the money and to realistically define what an emergency is that would require accessing it. A lot of people have trouble saving because they continually "borrow" from themselves with the intention to put the money back on their next pay day or when a check comes in... and they never do it so their savings don't grow. An effective way that you might build up your savings is to have your bank set up an automatic transfer to your new account. If you have a fixed amount - say $25, $50, whatever you are able to do - transferred to your savings immediately when you get paid, you never had that money to begin with. It's in and out. Think of your income as your pay amount minus that $25 or $50. Don't count it because it's already being used elsewhere (for savings). The less you handle the money (or the less you think about it) means it doesn't matter so much where the savings account is located.
@AmbiePam (85461)
• United States
18 Oct 10
I like your theory about putting it in the credit union. That it wouldn't be easy to get into. That being said, I'm probably not the one you should save monetary advice from. I once had a savings account, but it was a long time ago. I'm not up on current savings information.
1 person likes this
@drannhh (15219)
• United States
19 Oct 10
I would choose the Credit Union if I were in your shoes, but in an emergency can't you have them mail you a check or if it is a right now emergency use an ATM? The last time I was in your situation I opened an online account as the big orange "bank" pays better interest than anybody local if you know who I mean. Also you can use their plastic anyway. This is with the understanding that you are NOT paying any monthly fees on your checking. Sometimes having savings linked to checking at a primary bank helps achieve the minumum balance needed to avoid fees. I never pay monthly fees on any checking account.
1 person likes this
@elmiko (6630)
• United States
19 Oct 10
if i was you i would take a look at the online banks that offer savings accounts and see the amount of interest rate each of them offer for you to save your money. your more then likely to find a more enticing offer online with all the selections of savings accounts you will be able to find.
1 person likes this
@tonyllenium (6252)
• Italy
19 Oct 10
having 2 different account,1 for savings,is not a bad idea..surely it depends from bank account and its conditions...i think there are some deposit bank account for saving s that cna be ok for this purposes..also because they haven't costs associated to them and so you cna mantain a separate bank account without paying the normal costs..
1 person likes this
• United States
18 Oct 10
I have a savings account with a credit union. It is great because it is far away enough to where I cannot get there. It is 40 miles away and I do not drive so it helps me a lot. It is hard to save, but I am hoping to start saving soon. I am in the process of starting an online business so I hope once it picks up I will be able to start saving again.
1 person likes this
• United States
7 Jun 11
I have a savings account and every month I deposit a minimum of $25.00 in it. If I get extra money from doing any other work I put it in there as extra. The savings account is set up to where my husband and I both have to be present to take the money out and we both have to discuss it before we use it. It is our goal to use that money for Christmas. Credit unions tend to pay interests and regular banks may not always pay you interest.
@sapaki (54)
• India
19 Oct 10
I suggest you to go for another bank. It is really good that you are interested to save money. Even i have one saving account and personal account. I use saving account money only if it is emergency.
1 person likes this
@BeetleBam (171)
• United States
11 Feb 11
I would put your money in an online high interest savings account. There are many financial institutions that offer them incuding HSBC. They are better than regular savings accounts because they gain more interest, often over 1.5% APY.