>>26231739 No, 19. I've just been using my work's debit card and cashing checks for the last 2 years. I figure it was time to open a bank account but I don't know what I am doing.
>>26231756 Ok so should I use the savings account for a deposit of $20 every paycheck or something? Is it even necessary to have both?
>>26231773 >>26231774 So should I just open a checking account then? I have 2 jobs but they don't pay enough to support myself. Why can't I use a checking account to save money or use my savings account to buy things? I don't understand.
Savings accounts are a waste. It's supposed to be for you to store money for the future, but money in savings accounts don't grow. Might as well keep it in a checking account if you don't want to open up investment accounts.
Most banks will require a certain amount in a savings account for you to hold an account at all. A checking account can have a debit card linked to it.
Savings accumulates interest over time. However, the current rate of interest (at least in the USA) is not worth having your money invested in.
I personally put the minimum balance required in a savings account, and all the rest goes to my checking. I disregard the fact that my savings account exists and forget about it. I will only remove it in emergency in which case I will be removing my account and withdrawing it all.
Make sure to tell them you do not want to be allowed to overdraft, so you don't accumulate debt (from going under youre required minimum balance, ie withdrawing more money than you have).
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