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Could You Use More Than One Savings Account?
By Debbie Dragon
Originally, savings accounts were created to give people a place to hang on to their money for the
future, and to earn a little interest in exchange for doing it. It was a safer place to hold the money than
under the mattress or in a box buried in the backyard, which is the type of savings people had before
banks started offering savings accounts.
Savings accounts are still around to help people save their money and earn interest, but there is a
greater variety of savings account options and many different reasons people open savings accounts.
Many people have more than one savings account, designed to save for different uses.
Emergency Savings Accounts
Many people have set up savings accounts that are used for emergencies. It’s recommended that
everyone establish an emergency account that has at least three months of living expenses in it; but
for many people that is a challenge. Having an account that is designated for emergencies only is good
even if you are unable to set it up with enough money to cover a full three months of expenses! For an
emergency savings account, you want to be able to access the money when you need it – but you
probably don’t want it to be so easy that you’ll be tempted to spend it in non-emergency situations.
Setting up an automatic deposit into your emergency fund helps you save a little at a time until you’ve
reached your desired amount. Choose an account that allows a direct deposit or a bank transfer so you
can quickly and easily move money into the account on a r