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how much is too much to put into savings and not invest

Naraku4656

By Naraku4656
in Free-For-All

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Poof Monster Mutant

Poof

Posted
Posted
9 minutes ago, Naraku4656 said:

a pile of easily accessible money sitting in a bank getting 0.0000001% interest.

Ppl really do that? What a novel concept

Swimmod_Luna Centurion

Swimmod_Luna

Posted
Posted

At the very least find a high interest savings account. There are plenty of banks that give savings accounts with ~2% interest so you're at least keeping up with inflation. I used to keep a few hundred in a savings account that was linked with my checking but really there aren't that many situations I can think of where I'd really NEED immediate access to the money (Especially because the minimum balance for the account was $300 to avoid a fee so I actually only had like $30 in the account essentially). I can link the high interest account with my checking and get money in a couple days if necessary and for anything else I can use credit.

As for an amount, I'd say enough to pay all your bills for a few months is ideal but who actually does that anymore. We have about 4k in a high interest account right now but a lot of that is going to moving related fees.

Naraku4656 Monster Mutant

Naraku4656

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i have a lot in savings in case i get some crazy medical bill or something but it's been sitting there snowballing for as long as i can remember and i hardly make anything on it. i was thinking of some conservative investment where i could bail it out if i REALLY needed to because at this point it's getting eaten by inflation. i don't like online savings accounts from banks that don't have a physical location, same with brokers. idk why, but it makes me feel better to have a physical person i can talk to and not sit on the phone for hours on hold if i ever really needed to for whatever reason.

Swimmod_Luna Centurion

Swimmod_Luna

Posted
Posted
2 minutes ago, Naraku4656 said:

i don't like online savings accounts from banks that don't have a physical location, same with brokers. idk why, but it makes me feel better to have a physical person i can talk to and not sit on the phone for hours on hold if i ever really needed to for whatever reason.

Time to join the 21st century then, grandpa.

But seriously man just read some reviews for some or something. I doubt most of them will ever have you waiting on hold "for hours". Discover, for instance, has a high interest savings and while I don't have one of those accounts with them I do have a credit card with them and don't think I've ever waited more than 5 minutes when I've called and all their call centers are U.S. based.

bnmjy Monster Mutant

bnmjy

Posted
Posted

I'm pretty sure here is not the right place to ask. But you can always open a new savings account with a high yield interest rate. It sounds like you already have enough money for six months anyway.

Poof Monster Mutant

Poof

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Posted
27 minutes ago, Naraku4656 said:

can't put everything in a 401k or an IRA, much as i'd like to

just spend it on something you're gonna die anyway

Naraku4656 Monster Mutant

Naraku4656

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8 minutes ago, Athena 92 said:

Time to join the 21st century then, grandpa.

But seriously man just read some reviews for some or something. I doubt most of them will ever have you waiting on hold "for hours". Discover, for instance, has a high interest savings and while I don't have one of those accounts with them I do have a credit card with them and don't think I've ever waited more than 5 minutes when I've called and all their call centers are U.S. based.

this is money i'm trying to keep as liquid as possible. i already have assets that are in other non-liquid forms, only one of which i can't convert until i'm in my 60s. putting it somewhere that i can't just drive to and talk to someone about makes me uneasy. i suppose i could probably split it some of it into a T note or something along those lines and keep some of it still sitting around for a break-glass type of ordeal. problem is i'm not sure exactly what that amount should be

Swimmod_Luna Centurion

Swimmod_Luna

Posted
Posted
20 hours ago, Naraku4656 said:

 putting it somewhere that i can't just drive to and talk to someone about makes me uneasy.

R u like 60 years old or something seriously who actually goes to the bank in person. I've been to a bank like 3 times in the past 2 years and 2 of those times were to close an account.

Anyway, not sure if Citibank has brick and mortar locations near you but they have high-yield savings accounts available. We have a savings account through them at something like 2.3% APY. It's linked with my checking so we can get any transfers within one business day.

Naraku4656 Monster Mutant

Naraku4656

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15 minutes ago, Athena 92 said:

R u like 60 years old or something seriously who actually goes to the bank in person. I've been to a bank like 3 times in the past 2 years and 2 of those times were to close an account.

Anyway, not sure if Citibank has brick and mortar locations near you but they have high-yield savings accounts available. We have a savings account through them at something like 2.3% APY. It's linked with my checking so we can get any transfers within one business day.

i usually talk to people over the phone but i just like having the option in case i need it. i've had to go the bank a bunch of times (depositing stuff because the mobile app is terrible)

fuggstop Monster Mutant

fuggstop

Posted
Posted

Rich people buy insurance. The money earned at LEAST 3% and you can put in a lot of money. Not endless, but a lot. One customer of mine did it, surrended after 15 years and retired with the money.

Naraku4656 Monster Mutant

Naraku4656

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13 minutes ago, fuggstop said:

Rich people buy insurance. The money earned at LEAST 3% and you can put in a lot of money. Not endless, but a lot. One customer of mine did it, surrended after 15 years and retired with the money.

3ish% isn't really great for a 20 something. i guess neither is .0000001% i'm talking to an adviser on friday and they can probably tell me what to do. i've been averaging 5ish on my own not including 401k but i think i can do better

Edited by Naraku4656
Swimmod_Luna Centurion

Swimmod_Luna

Posted
Posted
1 hour ago, Naraku4656 said:

i usually talk to people over the phone but i just like having the option in case i need it. i've had to go the bank a bunch of times (depositing stuff because the mobile app is terrible)

Get a better bank then, nerd.

Naraku4656 Monster Mutant

Naraku4656

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Posted (edited)
2 minutes ago, Athena 92 said:

Get a better bank then, nerd.

well i'm talking to an adviser on friday. it's been at least over a year since i've talked to one so i'm probably overdue

Edited by Naraku4656
Swimmod_Luna Centurion

Swimmod_Luna

Posted
Posted
1 minute ago, Naraku4656 said:

well i'm talking to an adviser on friday. it's been at least over a year since i've talked to one so i'm probably overdue

Just give all ur money to me

Poof Monster Mutant

Poof

Posted
Posted
12 minutes ago, Naraku4656 said:

i hardly make anything, i'm just good at not spending anything

Nothing you say about your finances is true

Naraku4656 Monster Mutant

Naraku4656

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Just now, Poof said:

Nothing you say about your finances is true

i'm one of the lowest earners in my friend group of similarly aged people who are within the same or similar field.

Poof Monster Mutant

Poof

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Posted
36 minutes ago, Naraku4656 said:

i'm one of the lowest earners in my friend group of similarly aged people who are within the same or similar field.

I don't mind if you're rich poor or somewhere between. It's just one second your broke, the next you have a lot in your savings and investing. So idk what you mean when you talk about money really

Naraku4656 Monster Mutant

Naraku4656

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9 minutes ago, Poof said:

I don't mind if you're rich poor or somewhere between. It's just one second your broke, the next you have a lot in your savings and investing. So idk what you mean when you talk about money really

both are true actually. i'm usually pretty cash poor. it's also a consequence of talking to people within the same income bracket who are doing a lot "better" than i am and gauging where i'm at and also being extremely aggressive in saving. an example is that i got an $80 a month raise after tax. but my newest paycheck showed up in pending in my bank, and i'm only going to see $10 of that.

Edited by Naraku4656
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