Checking accounts

[EsmeraldaX]

Does anyone else out there have two checking accounts, instead of a checking and a savings?

I feel like my bank thinks it's odd that I chose to go this route (as I use the two checking accounts for various things) rather than a checking and a savings. Like they think I'm trying to pull a scam or something.

I'm not though. I have one main checking account that my paycheck goes into, and is used for billpaying, and food shopping and other necessities; and then one that I transfer money to to pay for "fun" things; like vacations, fun shopping, dining out etc.

I have a different savings account through ING.

Is this unusual? I'm probably just being paranoid but just the way the people at the bank talk about it. It's just like they think it's odd. :shrugs:

Is it odd?

Sheri

 

[RUDisney]

No. It's not odd AT ALL.

I have two checking accounts. One I pay all of my bills from and the other is for our spending money. When that's gone, we have to wait to be paid again, or justify moving money.

I also have two savings accounts. One is for actual savings and for paying bills and the other is for our vacations. (Can't have a vacation club because you never know when the travel bug is going to bite.

The long term stuff is held between Invest and ING.

If banks didn't expect people to use MMAs and NOW accounts as savings vehicles, they wouldn't have created them. I'm assuming that your bank has a higher interest rate on the interest-bearing checking than on their savings products.

Don't worry about what the bank says. I can honestly say that unless you were very rude, you aren't talked about once you leave the building.

 

[Lorix2]

I don't think it's strange...it's how you choose to manage your money. I have a joint checking with my DH and then I have another separate one that's just mine for anything other than bills, it's actually a savings account like yours.

 

[dizneenut]

I don't think it is odd at all. We also have 2 checking accounts.

 

[JetMom]

We also have 2 checking accounts. Each has a different purpose.

 

[EsmeraldaX]

Thanks everyone!

 

[Meriweather]

I have 4 checking accounts.....two are actually money market accounts that a certain amount of checks can be written on each month.

 

[Lewski709]

2 here also. One for DH business (not a business account though...does that make sense) and then ours.

 

[DocRafiki]

I have two in two separate banks, but they're not for different purposes. I have the credit union one so that I can get lower interest loans, but the CU is too far from me to be able to use their ATM or to deposit checks easily if needed. My regular bank is close to work and has ATMs all over the place.

It's a little bit of a waste since I like to keep a good cushion in the bank in case of emergency/accounting error. So, with 2 accounts, I have to have more of my money in limbo. Accounting errors are also more likely. One time, I paid an online bill with the wrong account, and then I couldn't get money from ATMs during my vacation. Ah well, that's what those emergency credit cards are for, but those cash advances are expensive!

 

[AMClvsMKY]

We also have 2 checking accounts. The main one is in both of your names, which is used for paying monthly bills. The second one was opened in my name only and we use it as a savings. It just seems more accessible for when we want to use it for large purchases.