Main joint checking- This is the account that 75% of my paycheck gets direct deposited into. We also deposit 100% of Mr. Money’s paycheck into this account. We pay all the bills from this account and try to keep it as close to zero as we can. We’ve got a $1,000 overdraft line of credit on this account that’s free just in case of emergencies. We’ve never used it but it’s there for peace of mind.
Secret account- This is our second checking account that we’ve nicknamed our “secret” account. This account is linked to one of my paypal accounts. Whenever we get any snowflake money, I deposit the money here and then decide where to send it. It is very helpful to have that money separate. Also, in the event that something happened to our joint account, we could have this one as backup.
Savings- We lump all of our savings into one account. Basically this is for emergencies only. We try not to take anything out of this account unless it’s a dire emergency. Right now we’re earning 4% interest on our savings and will until the end of April. I’m glad we locked that rate in when we did! I am very anal about having too many accounts to keep track of so this is why we only have one savings account. Perhaps after the rate goes down we’ll separate the money into separate accounts for different purposes. Right now I can’t beat the interest rate so I’m taking advantage of it! I still have two accounts at ING that have very low balances (probably under $1 each) that I left open because I love ING and plan on using those accounts in the future.
How do you use your checking and savings accounts?