Or should I just put them all in a high yield saving account?
In a question I asked a few years ago, I was prompted to start an HYSA, which I did and now it is most the way to where my goal is, but I will keep at it. I have since then started 2 other accounts at 2 other banks (4 accounts total), other than the bank where the HYSA is, making 5 total.
The 4 accounts in the other banks, the APR is under 1%, if not, .5%. One is in a money market account, I have labeled as “truck”, to save for a new to me truck or car, or for emergency car expenses.
The second one in the same bank is labeled “Cushion”. It is primarily used for just in case needs, to keep out of the other accounts. Call it an “emergency, emergency account”. Both the MM and this reg savings account have monthly minimum balances of $1000 or I get a $10 service charge. The truck fund has about 7k in it and the Cushion, I try to grow and move money from there to the other various accounts from there at my whim, not to go under $1500. It is also the account I have connected to online bank transfers, IRS and for the HYSA. I put in and send out as needed.
The 2 mentioned above are personal accounts, I also have personal checking, I keep that funded through my business checking account. I am not using either of these in the question.
I have 2 business accounts, one checking and one savings in another bank. The deposits I get to do work for clients goes in the checking account and materials is paid through that account. Any markup on materials, if it goes that way allows that account to grow. Any amount that it grows by, when I see fit, moves over into the second account in the same bank I labeled “Vacation fund”. Both of these are interest bearing. One, checking, 0.78%, the other vacation is 0.5% There is about 11K between the 2 accounts, The vacation fund having the lions share of that.
Since my last question to the group 3 years ago when I was 68 years old, I am now drawing S. Security. It gets divided up, pretty much based on whim, and some necessity, but $1000 goes to the HYSA and smaller amounts goes to the truck fund and vacation fund when it comes in. The rest goes where whim dictates, Usually one saving account or another. Sometimes I pay the mortgage with it. My original plan for the SS check was for it all to go in the HYSA. I just haven’t made that commitment. My work has done well since leaving the one company as a sub over 2 years ago, mentioned before in my last post. The Good Lord provides. I wished I stepped out sooner….
This is what I have been doing for the past year since I started receiving SS checks.
I am open to investing, or just knowing if closing one or 2 accounts and move it all to the HYSA would be a good move, or start another HYSA, with the same firm. The HYSA I have now has a debit card, and no penalties for withdrawals at any time.
