How much do you keep in your checking account?
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Anonymous
Me too. 
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Anonymous
What is the benefit of doing this? |
Anonymous
What is the benefit of doing this? |
Anonymous
Not much. I get .10% on savings and .30% on my money market. Since the beginning of the year, I've earned about $3 on the savings account and about $90 on the MM. Not a lot, but even that is better that $0 if I kept the bulk of the money in my checking account. I'll take even a couple of dollars over zero. |
Anonymous
Not the PP you asked, but I also put everything that possibly can be put onto a CC on and pay it off each month. In my case, Discover gives me between 1-5% cash back on my purchases. In prior years when I was part owner in a small business and put some business purchases on the card (and got reimbused), I made as much as $1000 in cash back in a year. Now, I get about $600 a year in cash back. Definitely worth it to me. |
Anonymous
I get .8 on an ING savings account and I think .25 on a Citigold checking account. I don't transfer to savings until my checking balance exceeds about $30k. The margin is small and while ING makes it easy to transfer I've gotten lazy about it - easier just to leave it in checking until I know I don't need it. |
Anonymous
Helps maintain a high credit score. Credit bureaus don't monitor debit card usage, so if you put all your expenses on a cc and pay off the balance monthly, rather than paying as you go via debit, you get the "credit" for being a timely bill payer with the credit bureaus. |
Anonymous
| 10 k |
Anonymous
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Today is the day before payday and I have $19 in my checking account. I consider it a success if I have more than $50 in my account right before payday.
-a teacher |
Anonymous
| Around 20k. But that monthly bills are 10k usually, so like to have a cushion for unexpected things |
Anonymous
What is that in 2012 dollars? |
Anonymous
| $20k just as a buffer. |
Anonymous
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Minimum $1000, try to move anything more than that over to a money market account. 3 times a month a lot more (to pay mortgage, private school tuition, and credit card bill), anywhere from $3750 (mortgage) to $5k (private school tuition) to $8-12k (credit card bill).
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Anonymous
I do this too. I have a notification when it goes below 500 but that happens rarely, and it is linked to a savings account with 3-4 months expenses. |
Anonymous
| Usually about $10k. We need to keep a minimum balance of $6k total in all our accounts to avoid fees. So, we make sure it never dips below that as bills are paid. |