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Message
Best option for multiple savings accounts?
Posted on 6/3/24 at 7:37 pm
Posted on 6/3/24 at 7:37 pm
The significant other and I have decided to take a more intentional approach to our finances. We have no kids and have admittedly lived lately quite lavishly with two pretty good salaries and no major expenses. Money comes in and we know roughly how much goes out each month, but we’re far from diligent about it.
We’re now trying to become intentional about our financial planning. We’ve had the fun traveling, dinners, flashy phase, now we want to start growing wealth.
We’re looking for the best savings account options, ideally something that gives returns and also allows us to setup a handful of accounts. I’m personally someone who needs to see everything broken into their own buckets or else it looks like a huge amount just sitting in a big kitty waiting for me to use it on something dumb.
So, got any recommendations on a platform / service that gives pretty decent returns on money saved and allows you to setup a handful of accounts?
We’re now trying to become intentional about our financial planning. We’ve had the fun traveling, dinners, flashy phase, now we want to start growing wealth.
We’re looking for the best savings account options, ideally something that gives returns and also allows us to setup a handful of accounts. I’m personally someone who needs to see everything broken into their own buckets or else it looks like a huge amount just sitting in a big kitty waiting for me to use it on something dumb.
So, got any recommendations on a platform / service that gives pretty decent returns on money saved and allows you to setup a handful of accounts?
5
Posted on 6/3/24 at 8:01 pm to NolaLovingClemsonFan
Capital One lets you have multiple savings accounts - manage online -
4.25 APY - No fees - could be an option
4.25 APY - No fees - could be an option
Posted on 6/4/24 at 4:53 am to NolaLovingClemsonFan
SoFi has 4.6% on savings accounts and “vaults”. Vaults are individual savings accounts located within your main savings. I’ve got a couple different vaults. Emergency, Vacation, Christmas, Tuition. It’s a very user friendly process and easy to setup. Been using them for about 2 years now, and I have zero complaints.
Edit: the individual vaults can be setup to auto allocate a certain amount of money monthly or every direct deposit. The vaults can be set with a total cap as well, so you can set it up, and it’ll send money until that goal is met.
Edit: the individual vaults can be setup to auto allocate a certain amount of money monthly or every direct deposit. The vaults can be set with a total cap as well, so you can set it up, and it’ll send money until that goal is met.
This post was edited on 6/4/24 at 5:00 am
Posted on 6/4/24 at 7:34 am to NolaLovingClemsonFan
What are you saving for? Do you have an emergency fund?
I use Sofi for my daily coming and goings and no major complaints with it.
I keep most of my big savings (emergency fund, kids funds, anything big we are saving for, etc) in Fidelity in a money market account though or invested in short term T-bills or lately USFR. Both of those earn around 5.36 percent currently. USFR is much more liquid as T-bills will tie up the money for awhile depending on how long of one you buy (usually 1-6 months).
You can create as many separate fidelity accounts as you want for different things and name them whatever you want, etc.
You could acutally use fidelity for everything, but I don't like having all my eggs in one basket in case soemthing happens with one account or another. And I like Sofi alot better for its app, etc for daily use for regular spending stuff.
I use Sofi for my daily coming and goings and no major complaints with it.
I keep most of my big savings (emergency fund, kids funds, anything big we are saving for, etc) in Fidelity in a money market account though or invested in short term T-bills or lately USFR. Both of those earn around 5.36 percent currently. USFR is much more liquid as T-bills will tie up the money for awhile depending on how long of one you buy (usually 1-6 months).
You can create as many separate fidelity accounts as you want for different things and name them whatever you want, etc.
You could acutally use fidelity for everything, but I don't like having all my eggs in one basket in case soemthing happens with one account or another. And I like Sofi alot better for its app, etc for daily use for regular spending stuff.
This post was edited on 6/4/24 at 7:44 am
Posted on 6/4/24 at 7:45 am to NATidefan
Thanks, all!
As far as what we’re saving for, it’s most of the things y’all mentioned: emergency fund, vacation, etc. It’s sort of embarrassing how we handle things right now, but we basically keep about $40-50K in our checking that’s everything. It functions as an emergency fund, vacations, miscellaneous. It may go down to $35K after a vacation and then up to $50K after a couple months but basically oscillates between those ranges.
We’re now looking to save around $200K for a down payment, and I just know myself and know if I see $200K in an account that I won’t be able to have the restraint to not go wild thinking I have free money.
I don’t even touch my Vanguard or 401K as it’s auto debited every month so I’m not even tempted or even consider that available spending money. I want to do the same thing with everything else. I want to deposit X amount every month into the house down payment account so that I don’t even see it in what I’d call my normal checking / slush fund. Same thing with emergency fund, take it out, let it sit there, and never touch it. For vacations, deposit it monthly based off how much we budget each year, and then when it’s time to pay for it, dump it into the checking account that all our credit cards are linked to.
In my head I think this is the best way for us to get better at saving. I think we need to have more visibility into where the money saved is allocated and what is actually available for spending based on our goals.
As far as what we’re saving for, it’s most of the things y’all mentioned: emergency fund, vacation, etc. It’s sort of embarrassing how we handle things right now, but we basically keep about $40-50K in our checking that’s everything. It functions as an emergency fund, vacations, miscellaneous. It may go down to $35K after a vacation and then up to $50K after a couple months but basically oscillates between those ranges.
We’re now looking to save around $200K for a down payment, and I just know myself and know if I see $200K in an account that I won’t be able to have the restraint to not go wild thinking I have free money.
I don’t even touch my Vanguard or 401K as it’s auto debited every month so I’m not even tempted or even consider that available spending money. I want to do the same thing with everything else. I want to deposit X amount every month into the house down payment account so that I don’t even see it in what I’d call my normal checking / slush fund. Same thing with emergency fund, take it out, let it sit there, and never touch it. For vacations, deposit it monthly based off how much we budget each year, and then when it’s time to pay for it, dump it into the checking account that all our credit cards are linked to.
In my head I think this is the best way for us to get better at saving. I think we need to have more visibility into where the money saved is allocated and what is actually available for spending based on our goals.
Posted on 6/4/24 at 8:02 am to NolaLovingClemsonFan
Personally I like the my fidelity brokerage accounts for what you are looking for.
I have one that has a debit card if needed and you can link credit cards, etc too it as well as a backup to paying your bills.
Then separate ones for emergency funds, etc.
You can also link all your external 401ks, etc to it so you can easily see all your money in one place but it's still separated.
Even if you don't do t-bills or usfr, the money market itself earns 4.95% currently.
You could set up recurring monthly deposits from sofi, etc into different fidelity accounts for your different short term saving goals.
I have one that has a debit card if needed and you can link credit cards, etc too it as well as a backup to paying your bills.
Then separate ones for emergency funds, etc.
You can also link all your external 401ks, etc to it so you can easily see all your money in one place but it's still separated.
Even if you don't do t-bills or usfr, the money market itself earns 4.95% currently.
You could set up recurring monthly deposits from sofi, etc into different fidelity accounts for your different short term saving goals.
This post was edited on 6/4/24 at 8:16 am
Posted on 6/4/24 at 8:40 am to NolaLovingClemsonFan
Marcus by Goldman Sachs is what I've been using the past few years. Right now they have a 4.4% APY.
I've been looking to switch to SoFi for the Vaults like a previous user mentioned. Seems like a cool idea to save for different things under one account rather than a lump sum.
I've been looking to switch to SoFi for the Vaults like a previous user mentioned. Seems like a cool idea to save for different things under one account rather than a lump sum.
Posted on 6/4/24 at 8:43 am to MikelArteta
quote:
I've been looking to switch to SoFi for the Vaults like a previous user mentioned.
I'll send you are referral code if you want,
. free 25 bucks currently I think. This post was edited on 6/4/24 at 8:44 am
Posted on 6/4/24 at 1:03 pm to NolaLovingClemsonFan
quote:
We’re now looking to save around $200K for a down payment, and I just know myself and know if I see $200K in an account that I won’t be able to have the restraint to not go wild thinking I have free money.
I don’t know your needs for things to be liquid, but it sounds like you might want to start laddering CDs or T-bills for whatever time period you are looking at having a down payment.
That way you have your emergency fund in a savings account and you lock up smaller amounts until it reaches $200K.
Just a thought.
Posted on 6/4/24 at 1:16 pm to NolaLovingClemsonFan
i have a high interest savings through CIT Bank, online bank. just have to have at least 5k in it to get the 5%
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