Whenever you get a paycheck or any check, should you deposit the money in your Checking or Savings account?

Answer 1

checking -- savings account allow unlimit number of monthly deposits but limit the number of withdrawals with out a fee!!!

Answer 2

Checking accounts are for paying bills, while savings accounts have a high interest.

Where you put your money will depend on how you plan to use it. But I would go to a bank with a combined account, or use my savings account to electronically pay for bills or use the interest free period of your credit card for the same purpose.

As a general rule, the longer your money is in your savings account the more interest you will get. So deposit it there. Use online banking to transfer money to your check account to pay bills.

Banks and credit unions try to make things are confusing as possible so that you pay the least amount interest or the highest fees.

Answer 3

it can be a great concept to get a financial institution value reductions account no count number in case you have a job or no longer. It provides an incentive to save funds and somewhat learn the workings of a financial institution account. yet, on your question, no, you do no longer want a financial institution account to get a job. maximum grocery shops will funds a paycheck from a superb company. There are additionally some examine cashing companies accessible for assessments that the food market won't settle for (like from the seasonal backyard service contractor dude). however the examine cashing centers many times value a extreme fee to funds the examine.

Answer 4

If you plan to spend the money then it needs to go into a checking account but if you plan to save the money or take money out every so often then put it into your savings account.

Answer 5

If you can split the paycheck, it is often a good idea to put enough to cover your expenses in checking and the rest into savings.

The trick is keep enough in your checking account, so that you do not have to withdraw from savings on a regular basis.

Answer 6

when i get paid from work, i have direct deposit split up between 4 accounts. i deposit some into 2 different savings accounts (1 is my sons and 1 is ours) and then the rest is split 50/50 between the "bills" checking account and the "spend as you please" account.

Answer 7

Whenever you get a check, deposit it right away, so as not to lose it, and to start earning interest right away. Try to get all of your accounts set up to pay interest.

Answer 8

15% should go into savings. But that depends on your age. If you are under 20 and still in school or single you should try to put 50% in savings.

Answer 9

Depends on if you plan to spend it or save it.

Kind of a strange vague question!