How much of your savings do you keep liquid in your checking account?

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  • #93523 Reply

      I’m trying to decide if I should put the majority of my rainy day savings in a high yield savings account.

      #93524 Reply

        It’s funny, I’ve never been able to keep money in my checking account. I keep very little for that reason. It’s a habit I’ve tried to change but for some reason when I have little in my checking it motivates me to not get comfortable financially. Almost like artificial scarcity.

        However, I do track transactions like a hawk to avoid over-drafting.

        #93525 Reply

          Not much. It’s kept in a high yield savings account.

          #93526 Reply

            Maybe a month’s worth of expenses… keep a good amount in HYSA that is fairly liquid.

            #93527 Reply

              My HYSA is what I would consider liquid. I could set up payments for bills from it if I wanted, and I can transfer $ to my regular checking account within a day.

              I’m not sure when I would need immediate access to a huge amount of money anyway, so I’m not sure what keeping it in checking vs HYSA would buy me.

              Have you seen: For those of you who have fluctuating income each month: How do you calculate your savings rate?

              #93528 Reply

                I would say to leave a portion of your savings in your checking account for immediate access to funds for daily expenses and emergencies, then put a substantial portion of your rainy-day savings in a HYSA.

                #93529 Reply

                  Just use SoFi. If you accidently overdraft from checking it just auto pulls from your 4.6% high interest savings.

                  We keep 6 months of living expenses in our HYSA as an emergency fund.

                  #93530 Reply

                    I try to keep as little as possible in my checking account, but enough to ensure that it doesn’t ever go into overdraft. All my emergency cash is in an HYSA, which is linked directly to my ETF portfolio for easy transfers.

                    #93531 Reply

                      I don’t have a traditional checking account; my checking account is tied to my brokerage account; but if I did have a separate checking account. It would probably be one to two month’s worth of expenses.

                      #93532 Reply

                        I have the vast majority kept in my HYSAs. I have one that is actual savings, the bigger amount. And my other one is bills. I have everything I can autopay from that to earn the interest until due. I only transfer amounts needed for checks I write.

                        Regular shopping and other purchases I do with a cash back credit card auto paid from the bill HYSA.

                        I am a long way from FIRE but I think this is one of the pieces of that puzzle for me.

                        Don’t miss: Is it appropriate to invest 80% of your savings in stocks, funds or real estate after retirement?

                        #93533 Reply

                          As little as possible. In our joint account, about a month’s worth. In my personal, a couple weeks. The rest is in savings.

                          #93534 Reply

                            I literally keep 2 days worth of money in my checking account. All my bills come out between the 28th of the month and the first so any other time of the month, there’s like $80 in my checking account and the rest is in my HYSA.

                            #93535 Reply

                              I keep $0 in my checking, monthly expenses are in my SoFi savings earning 4.6% interest. Anything billed against my checking is automatically covered by free overdraft coverage and automatically comes out of my savings account.

                              There is no 6 transaction limit anymore for savings.

                              #93536 Reply

                                Very little.

                                I like to be 80% invested 20% cash in a HISA. But the market has been phenomenal last few years, right now I’m 95% equities, 3% crypto, 2% HISA.

                                I am starting to build my cash back up to 20%

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