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Reply to "Early thirtysomethings how much is in your checking account?"
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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]Why are people keeping an emergency fund in checking? Smh[/quote] Why not?[/quote] Because it's just throwing money away. Checking accounts get no interest at all. Even though small, savings accounts get a small interest. Money markets get more. Have the money direct deposited to your savings account. Transfer what you need to pay bills to the checking account when needed. The interest is small, but it builds up slowly and compounds. $20 this year is $25 next year is $37 the next year and compounds. Over the years, it will matter.[/quote] I'd also be concerned about the security implications. If someone steals your debit card or fraudulently accesses oyour checking account, they could clean out everything and you'd have to wait for the bank to resolve it. [/quote]
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