February 25 through March 2 is America Saves Week which was created to promote better savings behavior so that individuals can get themselves into stronger financial shape. Getting all your different financial accounts in order is an important ...
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Would CD accounts be considered long-term savings accounts?
paying less than 1%??? Suuuure!!
Too many accounts to keep track of. I read once that having too many leads to people spending more..
To go along with the short term savings account, I think optimally an account at an institutions that allows you to have multiple sub-accounts is ideal. I love saving money at Ally because I have a different savings account set up for each goal so I can always see how much money I have saved specifically for my IRA contribution, house, car, etc.
Tony, I’m not sure why having more accounts would lead someone to spend more. By a quick count I have 15 bank accounts (multiple checkings, business, paypals, Allys savings, etc), a dozen credit cards, and five investment accounts. While it definitely is more complex and isn’t simple at all, I don’t think they cause me to spend more money than I would if I only had three accounts. Maybe if someone constantly incurs overdraft penalties or late fees or something I could see that.
You could combine many of your savings accounts into one main account with an online bank like ING (now Capitol One) and then open other accounts within that one. They all show up in the same login. I’ve been doing that for years now saving money into different ‘pots’. You can set up automatic withdrawals to pull money from your bill paying checking account – don’t forget to pay yourself.