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November 2019
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Aerden [userpic]
Savings Account Geekery

I finagled my savings account a bit, today. What I used to do was deposit $100 a month into it. Today, I switched it to $25 weekly, which will give me $1,250 in a year's time, plus interest. Not much of a quantitative addition, but every little bit helps. It will be up to $2,500 soon, and when it hits that, I can convert it to a money market account, which will earn a higher interest rate that will be compounded monthly, so I'm looking forward to that.

Yes, I know; I am the same person who was whining about spending $300 in one month to buy an iPod. The thing is, I would prefer to pay for that out of my checking account balance, not out of my savings account balance. There's not much point in having a savings account if I spend what's in it every chance I get. So...I get my iPod in August.

I should create a savings icon. Maybe later.

Interest In Savings?

Don't know what your savings account is paying, but you might want to look into the high-yield accounts many large Northern and Western banks are offering. I've got some cash stashed with HSBC at 4.80% -- heck of a lot better than many CDs and money markets and I didn't lose a lot of liquidity.

I can have money transferred out of that account into one of my locals in three - five business days. So no temptation to blow it on impulse purchases but I can get to it if I need it. :)