How much do you keep in your checking account?

[pipervali]

I'll echo the credit union sentiments. No minimum balance requirements, and a lot of times you can get a much better interest rate on loans. I have a savings account getting 4 percent interest right now, the only requirement is a minimum $10 deposit each month. Which is no problem considering I'm getting such a good rate on it.

 

[Swimalie]

My bank doesn't require a minimum in any of our accounts but we personally keep no less than $2500 in the checking alone.

My business account requires $1000 minimum so I keep it above there. Since I have a small business, I'm sort of limited on what options I have.

 

[DisneyMomma81]

Join a credit union ~ my minimum balance requirement is zero! Savings min. balance is $25.

 

[DebbieB]

We have 6 months emergency fund in our checking account but it pays 4% interest. Try checkingfinder.com to find a good credit union.

Wow, 4%! That's amazing these days! My checking account has interest but it's currently about .6%. Can't even find a CD with more than 1%.

 

[kelleyrn2000]

Time to shop for a new bank!

We use a local bank, and we have no minimum checking balance. We earn 3-4% interest, and all ATM charges are reimbursed. The only requirement is paperless statements and we have to use our debit card 10 times per month, which is easy for us to do. As a plus, the local branch is a huge supporter of our kids school, so we are glad to put our money there!

 

[NancyIL]

When I opened our NOW checking account 24 years ago, it paid 5.25%, and we had to keep $500 in the account to avoid a $5 service charge. The minimum is still $500, but now the interest rate is 0.05%!

 

[mrsklamc]

Wow, 4%! That's amazing these days! My checking account has interest but it's currently about .6%. Can't even find a CD with more than 1%.

We opened it at that rate about a year ago. New accounts are getting 2.5% now.

 

[arminnie]

I've been with BofA for over 20 years. I've never had any kind of a fee or minimum balance.

But I do keep a large amount of money in my checking account so I don't have to worry about checks clearing, etc. I have almost $3000 in another account - my interest each month is less than 10 cents!!! So not worth it.

 

[mrodgers]

I live paycheck to paycheck and don't even make that much. I'd be screwed if my bank did that.

 

[C.Ann]

Local banks - no minimums and no fees for anything..

 

[zscfan]

Do you have a money market checking account? That is the only type of checking account that I know of that has such a high balance requirement.

 

[Fyrefly]

You need a credit union yesterday. That's just stupid.

I only have to keep $15 in my savings and $20 in extra accounts I choose to make(Example: I had a separate place my parents could put my rent money when I was depending on them for that in college).

Free checking, as many checks as I want to write a month, no minimum in the account, free checks forever, no fees for anything and I think they even have some sort of forgiveness in place if you overdraft for the first or second time. I haven't done it so I don't exactly know the details.

And they are often BFF with other unions/banks. I can search on their site and find lists of no-fee ATMs for wherever I'm going to be.

My boyfriend is with our university's major bank and can only write 3 checks a month and can't make too many withdrawals, or he gets hit with fees. I'm way happier banking remotely with my credit union and just getting cash from the ATM when I need it.

 

[camlace]

I keep enough to cover most of my major automatic payments twice in my account. One to actually pay the bill, one in case it gets paid twice...once I had my mortgage taken out twice I don't want every other payment to bounce if that were to happen, so I leave the buffer.

My checking and savings get the same interest rate so it doesn't matter which account its in. In my check register this money doesn't even exist since it is technically part of my emergency fund. My account is no fee if you have direct deposit (we have) and I have a min balance of $800 required...which my mortgage "extra" payment easily covers.

 

[Swimalie]

Do you have a money market checking account? That is the only type of checking account that I know of that has such a high balance requirement.

Mine is a money market checking account and it doesn't have a minimum balance.

 

[snowy76]

We have a credit union acct with no minimum and a Bank of America acct with no minimum, as long as I do direct deposit with my paychecks.

 

[TnTWalter]

We actually keep quite a bit in our checking account because it earns WAY more than our INGDIRECT savings. I think it's a money market.

We shopped around using checkingfinder I think [advertised on Dave Ramsey]. Anyway we can use any ATM and the fees get refunded at the end of every month. Plus we get our earnings deposited every month too. It rocks!

Trish

 

[KKB]

Ours has no balance requirement, ATM fees only an ATMs that aren't there and we get between 2-3.5% interest. Not a credit unions.

 

[cseca]

Hmm... maybe you are in a certain type of checking acct other than free?

I know banks around me have different types of accts, some have fees but with certain free benefits (free atm if you take $ outside of your banks atm, free check book, etc.) and others are completely free. If you don't want to move banks you might want to ask if your bank has a completely free checking acct.

Good luck!

 

[livie1205]

we do not have a min but we make sure to keep a 2,000 pad...when it gets close to that I see that as 0.00 we use only what is above that..we also have 2 savings acct.we are not rich I just budget ALL the time lol

 

[crisi]

Mine has a balance requirement - but its across all accounts - savings, checking, investment. The minimum balance is $25,000. But as long as I keep $25,000 in there (which isn't difficult - the IRAs count and our rollover IRAs are that easily) we don't have fees for anything, get interest rate breaks, even trade for free.

Checking accounts have a line of credit attached to them - we would pay overdraft fees if we did. But there is generally enough cushion in the checking accounts not to worry about it.