Savings and checking account question

[boyRacer]

Would there be any benefit for having both? Some credit applications ask you if you have both a savings and checking account. My savings account is basically just sitting there and Id rather just transfer the money and close it.

 

[RossMAN]

Yes link your checking account to your savings account for overdraft protection.

 

[boyRacer]

Originally posted by: RossMAN
Yes link your checking account to your savings account for overdraft protection.

Well that's how I have it setup right now but I should have enough in my checking to not have to rely on the overdraft protection... 😱 Would it be a good idea to just keep it there anyway?

 

[acemcmac]

I like having multiple savings accounts with different banks for security so worst case scenaro, only X% of my money is ever in major jeapoardy from say.... someone messing with my checks or something

I have specifially turned off my overdraft protection to gaurd against the damage fraud can do

 

[Blain]

Originally posted by: acemcmac
I like having multiple savings accounts with different banks for security so worst case scenaro, only X% of my money is ever in major jeapoardy from say.... someone messing with my checks or something

I have specifially turned off my overdraft protection to gaurd against the damage fraud can do

I'm with acemcmac on this one... 😉

 

[allisolm]

Would there be any benefit for having both?

The benefit is that you get interest from savings (paltry as it may be) which you don't get from a regular checking account.

 

[Coquito]

Originally posted by: allisolm
Would there be any benefit for having both?

The benefit is that you get interest from savings (paltry as it may be) which you don't get from a regular checking account.

...and if you receive similar interest in both?

 

[Peetoeng]

Originally posted by: bR
Would there be any benefit for having both? Some credit applications ask you if you have both a savings and checking account. My savings account is basically just sitting there and Id rather just transfer the money and close it.

Having a saving account is beneficial when applying for cc. Keep it there, unless your checking account offers the same interest. Or try put in mutual funds.