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Well, I think it's relevant to consider that any type of investment vehicle outside of an insured savings account is subject to risk. Of course there are varyin
by 6stringmerc 11y ago
Well, I think it's relevant to consider that any type of investment vehicle outside of an insured savings account is subject to risk. Of course there are varying risk profiles, but in cold, hard terms an insured savings account (FDIC) is, conceptually, a secure store of funds. No downside risk and access without penalty to 100% of funds is something I don't think many investment vehicles can claim.
- kd5bjo 11y agoChecking accounts are also insured by the FDIC, and most people wouldn't include their checking balance when asked about a "savings account"
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- hugh4 11y agoI probably would, because I'm not sure I see the distinction. I'd also answer "none of your business" if asked.
- joshuacc 11y agoIn the US there is a legal distinction between savings accounts and checking accounts, which governs how many "convenient" transfers can be made to/from savings accounts, among other things. The question is specifically asking whether people have money in the legal "savings account" category, not whether they have savings in any random bank account.
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- manigandham 11y agoChecking accounts and certain retirement accounts are also insured, and easily retrievable The issue seems to be the relative lack of use from a separate savings account.