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Should I open a savings account?

I used to have a savings account but I closed it after I got my car and got a checking account. Now I have to save money for something else and I was thinking of getting a savings again. Is it a good idea?

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  • 1 decade ago
    Favorite Answer

    Absolutely. Money that is left in your checking account is more likely to be spent. Start a savings account and start tossing in extra money every week and watch it grow.

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  • 1 decade ago

    Yes, opening a savings account would be a very smart decison. Placing money off to the side, especially in today's economy, should be very beneficial to you in the future.

    I would suggest openinng and account with an online bank such as ING (ww.ing.com) or with any local bank or credit union that makes you feel comfortable. I suggest the online route because they pay higher intererst rates because their overheas s low.

    I would also practice forced savings. By forced savings I mean enrolling in a direct deposit plan with your employer, they usually have give you the option of deducting a set amount or ercentage from your paycheck and directly deposit it into your savings acount. The nice thing about following a style like this is that you never really see the money in your checking account so you never really miss it or rely on it to be there to spend.

    Finally, I would suggest setting up your online bill pay feature on your checking account if you have not done so already. The nice thing about this feature is that you can send a check or make an electronic tansfer deposit to your savings account. The nice thing about this is that it allows you to make small deposits / transfers when you save money. For example, if I save $1.23 on coupons ot through preferred buyer programs at the grcery store I send that amount to my savings account. Another example is illustrated through simpl budgeting, if I know I have $150 to spend on food for the week and only end up spending $133 I send the other $17 to my savings account. If you practice these little ticks you will be suprised how much money builds up in your account over the year!

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  • 1 decade ago

    It really all depends on how much money you are planning to put into that savings. If It'a a larger amount, then a CD would be the way to go. If you are going to save, make sure you don't touch it because Savings accounts will charge you a fee if you make more than a certian amount of withdrawals per month, so you'd be loosing money. Most savings account only get a tiny amount in interest anyways. It would be a great idea, but only if you don't plan on touching any of it, b/c that's where they get you with the fees.

    Source(s): Work for a bank
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  • Cindy
    Lv 4
    1 decade ago

    Yes it a good idea to start a savings account. It will put the money in a spot that is a little harder to access everyday than a checking account and it will typically pay a little interest if you have a minimum balance usually dictated by the bank.

    Go for it!

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  • 1 decade ago

    Open a CD savings account this way you can put your money to work when you are not using it and you can earn lots of interest by saving your money:) Try it and you see the benefits!

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  • 36
    Lv 6
    1 decade ago

    i don't understand why you can't save in a checking account, is it that you can't control your urge to spent or rather in a savings account, you can at least earn interest? But if you don't intend to spend that money for something like for the environment or for cleanings, i think it is considered haram to take the interest.

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  • 1 decade ago

    Yes, You should all ways be saving money!

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  • 1 decade ago

    Most definately get it again. If it helped you buy your car, then obviously get it again to save what you want to get later.

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  • 1 decade ago

    yes indeed!

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  • 1 decade ago

    .....

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