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how much do you keep in no interest checking?
Old 05-29-2018, 10:02 PM   #1
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how much do you keep in no interest checking?

I think I am keeping too much . . . but then what is "too much" ? 1.5% interest (from moving it to savings) is hardly a going to make me wealthy so may be worrying about nothing.

Mostly I could use a card for an "emergency" and pay it off but some places will offer a discount if you just write a check so I like to have "extra" around. . .

So, for anyone who feels like offering advice, how did you arrive at your "number"?


Editing to add - no fees on balance regardless so that is not a factor.
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Old 05-29-2018, 10:18 PM   #2
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Anywhere between $3K and $12K depending on how much I owe and when...


For my mom's account I have to keep over $7K because I have two checks totaling close to that that are floating around... add another $7K to bills that have to be paid and we get close to $15K for some decent period of time during the month...
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Old 05-29-2018, 10:25 PM   #3
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Just enough to cover the bills.
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Old 05-29-2018, 10:38 PM   #4
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actually I do not have no interest checking. MY CU pays (it changes often lately of course with the rate hikes) something like 1.8% on up to 25K and about half that on the amount over 25k. I do not need to keep more than 25k for bills (not even close to that), so all my money is earning something somewhere all the time (until the next correction/bear, etc etc of course hits the investment accounts)
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Old 05-29-2018, 10:44 PM   #5
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With a couple dozen rentals, quite a bit, split between three large banks. And more squirreled away in on-line savings. Total cash is in the low six figures. In the house? A crumpled up dollar, a two dollar souvenir bill, and some change. Plastic for daily use.

ETA: The big banks essentially pay no interest. But I can get $20k by walking in the door. The online accounts pay 1.6 to 1.75 percent, last time I checked.

That's not counting the cash in the inherited IRA's set aside for RMD's.
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Old 05-29-2018, 11:03 PM   #6
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Google tells me "average" is btwn 1K and 9K depending which article I look at. . . guessing I could find one that said anything I wanted it to match!
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Old 05-29-2018, 11:24 PM   #7
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$1500. at most. If we need money we simply transfer it from our bank account. We keep that account balance at $10K max. Most of our cash is held in an internet bank HISA. Since retiring we have move most of our accounts away from our historical bank.
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Old 05-29-2018, 11:28 PM   #8
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Old 05-30-2018, 12:03 AM   #9
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Just enough to pay whatever is coming up. Transfers from online savings happens overnight (as needed).
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Old 05-30-2018, 01:12 AM   #10
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Yup, rentals. We are at $43k right now in six accounts. Quarterlies and big repairs kinda eat up a bunch of cash every now and again, and about $23K is deposits from the tenants. If a big set of bills, like quarterlies or property taxes are coming up I hold a month or two of rent in checking; when things are looking good I siphon off cash to the interest bearing accounts and hold it there till I get antsy and we plug it into stocks or a new loan.
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Old 05-30-2018, 02:49 AM   #11
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Quote:
Originally Posted by googily View Post
Just enough to cover the bills.
Yeah - pretty much + meet the account minimum for no charges.

Have monthly transfers from high yield savings to checking. These are automated, but updated as needed depending on the variable credit card bills.
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Old 05-30-2018, 04:28 AM   #12
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Around 10k typically, up to 30k.
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Old 05-30-2018, 05:19 AM   #13
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Last month was $40k but then we bought a truck. So, $10K.
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how much do you keep in no interest checking?
Old 05-30-2018, 05:29 AM   #14
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how much do you keep in no interest checking?

One month's expenses. Everything else is funneled to a HY savings account.


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Old 05-30-2018, 07:21 AM   #15
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I do get interest but the amount is laughable. Every 4 months I get expenses for the next 4 months from my brokerage accounts and deposit it. Average balance is maybe $15K since it's not just current expenses but "reserves" for various things such as property taxes, state and federal tax estimates and OOP medical expenses that I accumulate over time and spend when needed. I get nervous if it falls under $5K.
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Old 05-30-2018, 07:26 AM   #16
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Okay I am convinced I will move some on out. . . thanks for answering.
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Old 05-30-2018, 07:39 AM   #17
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The minimum daily balance for my local bank's checking account is $1,500. I keep at least $2,000 in the account with the extra $500 as a buffer, or cushion, to cover any small, unforeseen expenses. It's my first-tier emergency fund.


How much over the $2,000 is in at a given time depends on the time of the month and if I need to carry forward a previous month's excess to cover a future month's larger, lumpier expense.


Anything over $2,000 I don't need to keep in there to cover a lumpier expense I move out and put into something which generates an actual return, usually a bond fund.


Right now, I am at low point for the month because my last regular monthly expense was just paid and I won't get a new infusion of money until the (May) monthly dividend arrives a few days into the next month (June).
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Old 05-30-2018, 07:52 AM   #18
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$1000
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Old 05-30-2018, 07:52 AM   #19
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One month expenses plus $200-$500
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Old 05-30-2018, 07:52 AM   #20
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Usually in the $10K-$20K range. As interests rates get higher, I'll manage it better, but when MM rates were well below 1% it just wasn't at all worth it. If PF MM or savings paid more I'd do it, but I don't want the delay of external transfers.

Plus, my PenFed checking pays some dividends, but not every month. I still haven't figured out why it does some months and not others. Something to do with deposits maybe? My balance rarely dips below $10K.
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