Savings accounts are a great option for keeping some cash on hand for easy access, but many people treat their savings too much like an investment or a checking account. Here are the important things to know about savings accounts, how to use them, and how to not use them.
I had a checking account at US Bank for more than ten years. When I signed up, I filled out forms for a “free checking for life” account. Last year, they decided to start charging a monthly fee. I closed the account. While there was no option to keep my free checking for life at US Bank, I have found many banks that offer free accounts.
In the past, I have written about the importance of an emergency fund many times, and have even given you updates on my progress to save up cash just in case. I have decided that am emergency fund is not good enough for my current situation, and I am saving up for something new I am calling a “Liberty Fund.”
I have tried many different combinations of accounts in my life. At one point, my credit card, brokerage, checking, and savings were all at different places. At one point, everything was in one place. I found some big benefits to keeping everything in one place.