Is a savings account a good idea these days?

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    • Rob
      Participant

        I know part of living frugal means spending as little as possible. I have a standard savings account but I never use it. I feel like the way banks are these days, they hardly make it worth putting my money into a savings account. When I was younger, I remember the interest rate (for having money in your savings) was a lot better, you would actually see a good increase. Now, it takes hundreds of dollars just to see a buck or two. Hardly seems worth it.

      • Dana
        Participant

          Regardless of interest, it is still good to have. I like to use mine as a “just in case” thing. I have a few thousand in mine at all times so if something comes up be it auto issues, medical issues, or an emergency of any kind, I have the money sitting there if I need it in a pinch. Better than taking out a loan!

        • Molly Green
          Participant

            Yeah I have two, since I have two different bank accounts. They kind of make you have one these days when you sign up for a bank so if you find a bank that has it as an option, expect them to be charging insane fees for overdrafts!

          • Lilian Peterson
            Participant

              Some people would argue you are better off taking your extra income and putting it in crypto because the USD is going to crash. I mean, the way they are printing money and handing it out to people who just don’t want to work… I feel like it is only a matter of time before that bubble breaks and a lot of us get screwed over.

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