Bill checking account and Spending Checking account

[fruitbowlk]

Do you have two seprate accounts or one account?

[Broken Arrow]

Technically no. I just use one checking account. However, I use a program to separate the money into different budgets items.

[cypher1]

For checking, I keep one, tied to a short term/home project saving account, all outside of EF account.

[Joan.of.the.Arch]

We use three accounts: one internet bank, one local credit union, one local small bank. 'Tis a whirlwind of money flying here and there to gain greatest interest, receive incoming checks, make bill payments (only one direct debit & only because that one was required for health insurance). We do very little in cash and nothing by paper check. Any cash is picked up at the ATM or teller by my husband. Most spending is on credit card or debit card. We only use debit cards limitedly in order to merit the high monthly interest on two of the accounts. Naturally, we try to keep most of the money in those accounts most of the time. Together these two higher interest accounts (currently 3.01%) contain our emergency money as well.

We closed a fourth account just yesterday. This historical local bank had been bought by another. DH investigated ownership of the bank, their investments, and rankings. He did not like what he found, and there was no longer much benefit in keeping this account, so the dust moths are circling over it today. (One of the benefits was the great art they had in their lobby, but that bank is in our neighborhood across from the library, so I can still pop in any time to see what they are displaying, )

[littleroc02us]

I have 2 checking accounts and 2 savings.

Emergency account 1 - Don't touch except for emergencies

Regular savings - For large ticket items to pay in cash

Regular checking - daily use

Mortgage account - for paying off the mortgage

* It helps me to prioritize and organize.

[disneysteve]

Just one checking account. Really no need for more than that. Would just complicate matters.

[feh]

One checking account at local CU. Emergency/large purchase fund is kept at an "internet-only" bank.

[maat55]

We have four.

Business account.
Personal bill paying account
DW's bank account(hers is with the bank she works for and recieves her pay, we use it for investment drafts)
Combined savings(holds EF, car fund and building fund earning 4.1%)

Actually, we have a fifth. It is a savings we keep 100.00 in. It was opened so that we could get garanteed signitures.

[marvholly]

I do keep 2 check accounts but that is probably because I am an old foggy. Main account is whee all my automatic deposits go. 2nd account is my online billpay that I 'feed' by check. There have been just WAAAY too many incidents of hackers getting into various accounts and I cannot take the hit on my main account if it were hacked. There is never much more than $1000 in the bill pay account and while I would NOT be happy, I could live w/it getting hit.

[kork13]

I only use one checking account, but have multiple savings accounts. My checking account actually tends to see huge fluctuations, because I use it as an intermediary between all of my accounts -- savings, investments, retirement, credit cards, etc. Every dollar flows through my checking account, so it's not at all abnormal for my checking statement to show $10k/mo or more in deposits and withdrawals, even though I normally only keep about $1000 in the account. Almost as soon as my paycheck comes in, it gets farmed out to other accounts or goes to pay bills (which I've set up to draw from my checking within a day or two after my paycheck arrives).

[PMMM]

I do much the same as the previous poster. I have 1 checking account at a CU and both of our paychecks are direct deposited into this account. Our mortgage comes out of this in the form of an auto draft and then I move the rest to assorted savings accounts. My EF is actually a Vanguard Bond Fund though I keep about 15K in other savings accounts. I pay most bills via the CU online!!

PMMM

[TheBudgetCoach]

Thank you Broken Arrow

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