How many savings accounts do you have?

**cheappearls** · 03-07-2007, 11:46 AM

I was reading the "car fund" post and I was thinking. DH and I have one savings account. Once we get it built up a little more, I'm going to open another one and split the money. (EF fund and a rainy day fund.). But there are people talking about having a savings account just for car prepairs and all that.

So how many savings accounts do you have? Not including IRAs or 401ks.

**frugalnana** · 03-07-2007, 12:20 PM

We have three. EF fund, car repairs or home repairs and regular savings. Each one is at the minimum since we are taking extra right now to pay down the medical. The regular savings is set up with dh's employer and we just can't go down the road and get it. We have to request a check and it is here within 2 days. But we haven't done that for about 6 months.
The other is connected to our checking. The last one is near our house, so if an emergency comes up we can get to the bank.
Then if you want to count our change savings. We have that in a plastic bat.

**JustJoy** · 03-07-2007, 12:45 PM

We have two.

**bumplett** · 03-07-2007, 01:02 PM

we only have one at the moment.

**Emerald_Mommy** · 03-07-2007, 01:03 PM

We have one regular savings account and one internet bank savings account.

**acidcookie** · 03-07-2007, 01:10 PM

Just one regular money market account that I use.

**3pups** · 03-07-2007, 01:38 PM

We have 4- Our regualar savings that is hooked onto our checking (we only keep around 250 in here because of the low interest). We also have 3 ING accounds- my pet sitting business, vacations and the other account is strictly emergancy fund.

**broke2007** · 03-07-2007, 01:53 PM

None at the moment, but once I have enough, I'm going to open one and that will become my "Josh Fund." Then after I go to Orlando in May, it will become my "regular" savings. I will then open another that will be my Apartment Fund, and another for my EF. After I have enough of a base, and I have things in order, Ill transfer anything over $300 of my EF into an ING account for the high interest.

**Marie78** · 03-07-2007, 02:11 PM

I have my savings in my checking account right now. I deposit money into my checking which is free and doesn't require a minimum balance. I record the deposit in the checkbook register then I write down a withdrawal for whatever extra money I have after bills and record it in the back of the same check register as savings. I was up to around $750 and now I have next to nothing after my recent dental work, so I am building it up again. It would cost me money to have a savings account right now, my bank will charge you a certain amount of money each month if you drop below $250 in savings. I just don't have that kind of money yet, but I am hopeful that I will someday.

**rachelMcK** · 03-07-2007, 02:40 PM

We dont have one...we should get one. Right now we put our extra cash into our chequing accounts but DH thinks we have to many accounts as it is.

**Telephus44** · 03-07-2007, 03:14 PM

Umm - a lot. I personally dislike having so many accounts, makes more paperwork and I don't like dealing with it (kudos to those of you that do!). We mostly have as many as we do because we run a "his, hers, and ours" system.

I have my savings account at ING. This is in my siggy as my sportscar fund - I use it to splurge on things I want, and I have used it in the past to cover emergencies or my ROTH contributions if we need it.

DH has a personal savings account at ING. He mostly saves up for computer parts and other geeky toys that he wants.

We have a joint savings account at ING. This is in my siggy as the down payment for a house fund, although we will dip into it for emergencies, my ROTH contributions, and this year probably the tax bill as well.

We have a small passbook savings account for our son at our local bank. I put in all the money from the baby shower, and checks he gets from relatives.

**Telephus44** · 03-07-2007, 03:16 PM

I also wanted to add - we keep a $500-$1000 buffer in our joint checking account as well for small unplanned expenses - like car repairs or medical bills.

**tlenad** · 03-07-2007, 04:06 PM

I have two. One at ING which is my emergency fund, the other is at the bank I have checking at. My checking account is linked to that one for over draft protection and the change program.

After I pay off my debt, I'll probably open a third which will become the down payment on a house fund and will morph into the household repairs saving fund after I buy a house.

**FrugalMomof3** · 03-07-2007, 04:09 PM

Well I have one savings account that's with ING and then 1 checking account, which is used to pay the bills out of.

I am going to start saving for car expenses in cash, just save it to an envelope that cannot be touched but for car expenses.