Comments on: The Difference Between Checking and Savings http://masteryourcard.com/blog/2009/02/06/the-difference-between-checking-and-savings/ The best Credit Card Debt Blog online Wed, 02 May 2012 03:22:04 +0000 hourly 1 http://wordpress.org/?v= By: Carnival of Debt Reduction » Blog Archive » Simply Forties posts the Friendship Edition Carnival http://masteryourcard.com/blog/2009/02/06/the-difference-between-checking-and-savings/comment-page-1/#comment-18781 Carnival of Debt Reduction » Blog Archive » Simply Forties posts the Friendship Edition Carnival Tue, 10 Feb 2009 05:19:13 +0000 http://masteryourcard.com/blog/?p=766#comment-18781 [...] MasterYourCard reviews the difference between checking and savings accounts [...] [...] MasterYourCard reviews the difference between checking and savings accounts [...]

]]> By: Kristy http://masteryourcard.com/blog/2009/02/06/the-difference-between-checking-and-savings/comment-page-1/#comment-18513 Kristy Mon, 09 Feb 2009 04:04:54 +0000 http://masteryourcard.com/blog/?p=766#comment-18513 @ Weakonomist - That's a very good point, thank you for bringing it up. A lot of people don't really understand what it is that banks do with their money and we do prefer the CDs to savings simply because it gives us a longer period to work with! @ 1MansMoney - I didn't really have to do a lot of research with this article...I've been in banking for 6 years, you sort of get to know about checking and savings accounts. It was a long post, though. But, I figure it has good information so it was a nice trade-off! Thanks for reading it! @ Weakonomist – That’s a very good point, thank you for bringing it up. A lot of people don’t really understand what it is that banks do with their money and we do prefer the CDs to savings simply because it gives us a longer period to work with!

@ 1MansMoney – I didn’t really have to do a lot of research with this article…I’ve been in banking for 6 years, you sort of get to know about checking and savings accounts. It was a long post, though. But, I figure it has good information so it was a nice trade-off! Thanks for reading it!

]]> By: 1MansMoney http://masteryourcard.com/blog/2009/02/06/the-difference-between-checking-and-savings/comment-page-1/#comment-18506 1MansMoney Mon, 09 Feb 2009 03:24:47 +0000 http://masteryourcard.com/blog/?p=766#comment-18506 Wow, you weren't kidding about the length of the post. You really did your homework. What a great, informative resource, Kristy. Nice work! -1MansMoney Wow, you weren’t kidding about the length of the post. You really did your homework. What a great, informative resource, Kristy. Nice work!

-1MansMoney

]]> By: The Weakonomist http://masteryourcard.com/blog/2009/02/06/the-difference-between-checking-and-savings/comment-page-1/#comment-17776 The Weakonomist Fri, 06 Feb 2009 14:37:44 +0000 http://masteryourcard.com/blog/?p=766#comment-17776 I work at a bank and we get this sort of question all the time. With checking and savings banks are limited to what they can use the money for. Many times these deposits are used to buy short term investments like t-bills and the like. Your bank always wants you to open CDs because that money is locked up for a longer period. Once in a cd those deposits can be used for longer term investments, like mortgages. I'm glad you talked about the fees. Banks make tons of money on deposit account fees and I find this to be an awful practice. Use a bank that won't give you fees or stick with a credit union. If you love your area, consider a local bank. All the money in that bank will be invested in the community instead of some mortgage on the other side of the country. I work at a bank and we get this sort of question all the time. With checking and savings banks are limited to what they can use the money for. Many times these deposits are used to buy short term investments like t-bills and the like. Your bank always wants you to open CDs because that money is locked up for a longer period. Once in a cd those deposits can be used for longer term investments, like mortgages.

I’m glad you talked about the fees. Banks make tons of money on deposit account fees and I find this to be an awful practice. Use a bank that won’t give you fees or stick with a credit union.

If you love your area, consider a local bank. All the money in that bank will be invested in the community instead of some mortgage on the other side of the country.

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