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how much do you keep in no interest checking?
05-29-2018, 09:02 PM
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#1
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Thinks s/he gets paid by the post
Join Date: Aug 2017
Posts: 2,111
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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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05-29-2018, 09:18 PM
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#2
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: May 2005
Posts: 17,242
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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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05-29-2018, 09:25 PM
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#3
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Full time employment: Posting here.
Join Date: Jul 2013
Posts: 792
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Just enough to cover the bills.
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05-29-2018, 09:38 PM
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#4
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Full time employment: Posting here.
Join Date: Dec 2012
Posts: 751
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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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05-29-2018, 09:44 PM
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#5
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Thinks s/he gets paid by the post
Join Date: Jan 2013
Posts: 3,413
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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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05-29-2018, 10:03 PM
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#6
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Thinks s/he gets paid by the post
Join Date: Aug 2017
Posts: 2,111
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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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05-29-2018, 10:24 PM
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#7
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Apr 2010
Posts: 5,914
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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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05-29-2018, 10:28 PM
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#8
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Nov 2010
Location: Sarasota, FL & Vermont
Posts: 36,374
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~$10k
__________________
If something cannot endure laughter.... it cannot endure.
Patience is the art of concealing your impatience.
Slow and steady wins the race.
Retired Jan 2012 at age 56
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05-29-2018, 11:03 PM
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#9
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Thinks s/he gets paid by the post
Join Date: Aug 2013
Posts: 1,660
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Just enough to pay whatever is coming up. Transfers from online savings happens overnight (as needed).
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05-30-2018, 12:12 AM
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#10
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Jan 2007
Location: Independence
Posts: 7,298
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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.
__________________
"Be kind whenever possible. It is always possible." Dalai Lama
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05-30-2018, 01:49 AM
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#11
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Jan 2006
Location: Rio Grande Valley
Posts: 38,145
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Quote:
Originally Posted by googily
Just enough to cover the bills.
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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.
__________________
Retired since summer 1999.
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05-30-2018, 03:28 AM
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#12
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Thinks s/he gets paid by the post
Join Date: May 2014
Location: Utrecht
Posts: 2,650
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Around 10k typically, up to 30k.
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05-30-2018, 04:19 AM
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#13
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Thinks s/he gets paid by the post
Join Date: Mar 2008
Location: Atlanta Suburb
Posts: 1,499
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Last month was $40k but then we bought a truck. So, $10K.
__________________
"Oh, twice as much ain't twice as good
And can't sustain like one half could
It's wanting more that's gonna send me to my knees" - John Mayer
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how much do you keep in no interest checking?
05-30-2018, 04:29 AM
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#14
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Thinks s/he gets paid by the post
Join Date: Jun 2013
Posts: 2,522
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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.
Sent from my iPad using Early Retirement Forum
__________________
"Luck favors the prepared mind"
Pasteur
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05-30-2018, 06:21 AM
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#15
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: May 2014
Posts: 7,373
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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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05-30-2018, 06:26 AM
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#16
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Thinks s/he gets paid by the post
Join Date: Aug 2017
Posts: 2,111
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Okay I am convinced I will move some on out. . . thanks for answering.
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05-30-2018, 06:39 AM
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#17
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Nov 2009
Posts: 6,697
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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).
__________________
Retired in late 2008 at age 45. Cashed in company stock, bought a lot of shares in a big bond fund and am living nicely off its dividends. IRA, SS, and a pension await me at age 60 and later. No kids, no debts.
"I want my money working for me instead of me working for my money!"
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05-30-2018, 06:52 AM
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#18
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Thinks s/he gets paid by the post
Join Date: Jul 2013
Posts: 1,884
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$1000
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05-30-2018, 06:52 AM
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#19
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Full time employment: Posting here.
Join Date: Mar 2008
Posts: 968
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One month expenses plus $200-$500
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05-30-2018, 06:52 AM
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#20
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Jun 2007
Posts: 13,228
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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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