Anonymous asked in Business & FinancePersonal Finance · 4 weeks ago

What is your system in bank accounts? Where do you save and where do you put a medium-term reserve for repairs, ...?

2 Answers

  • 4 weeks ago

    I love my credit union. Medium term reserve can either be in short term CD's (1 month used to be possible (?), 3 mo (?), a set of laddered 6 mo CDs) or keep the $ in a Money Market account and earn .2% - .3 % (which beats .01% in a regular savings account). [Interest rates are the pits for savers now.]

  • Anonymous
    4 weeks ago

    Small amount in local credit union (under $1000) for quick cash on the spot when needed the same day. (terribly low interest)

     Auto deposit every paycheck of a large amount to AMEX savings for possible really big bills and long term.  Online savings will generally take 2-3 days to get to your checking account so you have to plan ahead. (much better interest)

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