DQOTD: Why Do I Keep Money at Ally (or other Savings Accounts)?

[aja8888]

I have an Ally MM account and have had it for quite a long time. I use that as a place I leave some cash for my auto payments (CC's, city water bill, property tax, etc). I replenish it occasionally with a transfer from my Schwab brokerage account.

I also have a free Premium Chase checking account (free for veterans) and use that locally with Zelle to transfer a few dollars here and there on occasion (lawn guy, daughter, etc). My SS check auto deposits in this account.

I have slimmed down my accounts as I age out......

 

[RunningBum]

My CD matured earlier this month so I'll probably close the account soon. I already moved the CD proceeds out. Their MM rate isn't as good as Vanguards. Might wait until early next year so I'm not reliant on them mailing a 1099-INT.

 

[Koolau]

That’s overkill IMO, but whatever suits you.

That’s overkill IMO, but whatever suits you.

What do you consider the ideal?

We're all different in our AAs as well. What ever lets you sleep at night is the ideal. Same with access to cash for me.

Due to some issues I got sideways with IRS 35 years ago, they emptied my credit union account where I kept my savings. It was lucky that I at least had cash in my checking acct. that they didn't go after. From then on, I felt more comfortable with multiple sources of cash - including a small wad at home. Our experiences color our views. YMMV

 

[skyking1]

Lots of ebb going on with our accounts now, but I was trimming cash as it came in from work and getting it out of our B&M and off making money. I kept trimming that ready money down.
ACH out of Vanguard seems pretty painless to me. We had too many baskets IMO.