Savings or Current Account?

[Heatman]

The two major accounts that we use in our banks down here is savings and current account. Savings accounts comes with monthly interest but not current account. Current accounts are seen as business accounts.

Which one do you operate?

 

[Smiley]

Currently, current.

 

[Heatman]

Currently, current.

I actually have 3 😂.

I have both current and savings account, together with a fixed deposit account 😉.

 

[Henrywrites]

I prefer savings account since I don't have a business of my own that will make me writing cheques. When I setup one or two businesses, I can decide to have a current account.

 

[Nebulous's iconNebulous]

I have a savings and a checking account (I assume my checking is the "current" account). I hardly ever use the savings.

 

[Malevolent]

I got rid of savings quite a while back.
Banking interest rates tend to pale in comparison to my stock gains.

 

[Nebulous's iconNebulous]

I got rid of savings quite a while back.
Banking interest rates tend to pale in comparison to my stock gains.

Interest rates from the banks are nothing. They give you a few pennies every few months. Savings is just a place to store money, I don't expect to earn anything off it.

...So you put all your spare money into buying stocks?

 

[Malevolent]

Interest rates from the banks are nothing. They give you a few pennies every few months. Savings is just a place to store money, I don't expect to earn anything off it.

...So you put all your spare money into buying stocks?

I keep different pools of capital.

I always have a strong emergency fund.
I usually have a pool for whatever I want to buy/budget for fun during the year (this year is/was two new trucks)
This main cash pool also includes home projects, items that need maintenance/replacement, etc.
Then I have a great deal tied in real estate.

$x,xxx for monthly expenses and small purchases.
$xxx per month into a retirement account.
I would consider putting more in, but I don't believe retirement will ever come.
My bet is on the world ending, society collapsing, or retirement becoming a distant memory.

Finally, $xxx,xxx USUALLY tied up in stocks.
I have dabbled in crypto, but only when it was trending positively. Truth is, I see crypto as a ponzi scheme.
Right now, this isn't true, as I am feeling bearish toward the market.
This is one of the few times I have had nothing in the market.

I do keep $xxx,xxx on hand as low/no-interest debt, but my assets massively outweigh my liabilities at all times.