Linking your checking and savings accounts together can help you avoid overdraft fees in some cases, and enables you to move money with freedom from one account to another. Ask for overdraft protection, if applicable, but the best advice would be not to use your checking account for major purchases. You’ll want to make sure your account has a healthy balance as most banks charge an overdraft fee for purchases that exceed your balance. Yes, checking accounts are excellent cash replacements, but that doesn’t mean you should go to it at a moment’s notice. When accessing your account, make sure to keep your receipts or record each transaction you make to keep your spending to a minimum. The bank can deactivate it so someone else can’t use it at will.
It keeps your money safe while covering you in case your debit card gets stolen. And you can access it in various ways-by depositing checks, using a debit card, or using your bank’s Automated Teller Machine (ATM). Unlike savings accounts, checking accounts are accessible at any time. Have you put some money away in your savings account, but got a bit too much cash on you and want somewhere to put it? A checking account helps you solve that problem. These kinds of accounts show you that you have more wealth that you think you do, why not start now? Checking accounts Or, since you’re young and more tech savvy, there are also online savings accounts which you can access from anywhere and offer higher interest rates. You can choose a regular savings account, which is easy to set up at any bank and sign up for in person, though it may require a higher daily minimum balance requirement. A fraction of your money in a savings account can make a whole lot of difference. That 10% accumulates over time and, while that might not sound like a lot, it could lead to a lot of benefits, possibly retiring early or purchasing your first home. Lexington Wealth Management founder and president, David Dedman, recommends that you start putting away at least 10% of what you earn. Keeping money in a savings accounts helps you prepare to make large purchases as time evolves and allows your money to grow. If you’re serious about that car, college education, or other major goals, put your money where your mouth is and feed it to a savings account.
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