4 ms·
If you purchase everything from a savings account you are going to get eaten alive in withdrawal fees. Note the survey question literally asked about "savings
by vonmoltke 8y ago
If you purchase everything from a savings account you are going to get eaten alive in withdrawal fees.
Note the survey question literally asked about "savings accounts". I would answer that question with a number below $1,000, but I still have a significant reserve and no credit card balances.
- djrogers 8y agoI haven't paid a withdrawl fee on a savings account in decades, and I use them for all my sinking funds.
- mattkrause 8y agoRegulation D limits savings accounts to six withdrawals a month, after which almost every bank charges you an “excess activity” fee.
- djrogers 8y agoSinking funds aren't generally used for large numbers of purchases - but if they happen to be one month, you can just make a single transfer to a checking account.