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Checking or savings account?

H

hellfreeze

Golden Member
This is sort of a dumb question, but I want to ask just incase

I get about $70/week in cash, as well as my paychecks. I currently have only one checking account

What I want to do is set up one account where I deposit my paychecks, and another where I deposit the $70 each week (as well as any other misc cash). I don't have many bills, so I wouldn't touch the paycheck account very often.

Which would be better to get? Checking or savings? I know savings offers you some interest, but yeah, it isn't much. And could I access a savings account from the ATM using my checking account ATM card?

Thanks for the help
 
If you can get a checking account that doesn't require a minimum balance, then I'd say get both checking and savings. Otherwise, just get a savings account.
 
well, I have a CD account also...but i don't touch that money

at the moment, as i just turned 18, i'm living at home. my main bills are my phone bill...and i use the $70 for food and other items i need to get. so the 2nd account wouldn't be touched much (i just want an easy way to organize my money without having to think long term investment, since i have the cd account for that)
 
Originally posted by: RishiS
If you can get a checking account that doesn't require a minimum balance, then I'd say get both checking and savings. Otherwise, just get a savings account.
Click to expand...
i have the bank of america "myaccess campus edge" or whatever. $100 to open, no minumum balance...no monthly fee for 5 years since my mom has an account with them

so savings then. sweet
 
you might want to consider a money market account for that tiny bit more interest you would get.
 
Another option is open an ING account and tie it to your checking acct. Every few weeks, if you have money sitting around in checking doing nothing, transfer it to ING.
 
thanks. i haven't thought of those options

one last question: on my current 2 accounts, i went online and set it to send mail to my P.O. Box....now for the online application to open a new account, do I just enter in my home addres sthen just update it online at a later time?
 
Hrmm most 18 year olds don't deal with mutual funds (including me). Just get a check card, a credit card, a checking account, and a savings account. Put everything into your checking account until you don't need the spending money. Then start regularly dumping into the savings account. Just only use your checking account until you find that car you want or you need the cash for your house's downpayment.
 
well, i submitted the application for the ING savings. 2% anual interest is better than bank of america's .25% anual. heh
 
Get both and link them together. I have everything going into my checking account. When it gets really high, I transfer funds to my savings account. Likewise, when I have nothing in my checking, I take some from my savings...
 
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