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Does anyone one here have their money in one place or one institute? I ask this question because I only have a savings account at my local credit union and that's it. Right now I'm in the process of putting most of my saved money into my saving account ( I have most of my money in physical cash). Is this a good idea? My father gave me his opinion and said it's not a bad thing to have all your money in one place but it not really a good thing either. I would love to hear how both sides feel about this question. By both sides i mean the people who have most are all of their money in one place, and the people who have their spread out. For the people who have there money spread out, do you think it's a bad idea to have all my money in one place. I always had the idea that all I needed was a savings and a checkings account, I don't have a checkings account because I think it supports the idea of unnecessary spending. I'm trying to live and think as frugal as possible lol!
No. Some are with an investment place. Checking is with a credit union. Some are with another investment place for Education IRAs (since my primary investment place didn't offer the EIRA but rather the 529).
I have 3 main places for money...my everyday checking in a national bank, my mortage account in a local bank, and my savings in an online bank. I also have a little money in a local CU just so I can establish a relationship in case I ever need to bail from the banks.
Checking and MM at local bank. All IRA's and savings at one firm for me the wife and the kids. I am in excellent shape financially. Based on that I opened an account at a discount brokerage with $10,000. This was to be my "fun" investment account where I take a shot at some of the "long shots" that come my way. Two years later I have turned that account into $2,000. I would have fared better at the track.
I depends on how much money. If you have over $100,000 in an account you can be uninsured (unless they raised the amount). OF course unless you need cash for some reason, putitng $100,000 in a bank account is kind of stupid.
401k, Roth IRA, Non-Retirement Investments, Checking, Savings, Money Market, CDs. This is spread across 6 institutions and I have no problem with the number of accounts. There are reasons that I have each type of account with each different institution (perks, better rates, etc.) and that far outweighs the very minor inconvenience of having multiple accounts. With online banking these days, it's barely a hassle at all.
Location: Chapel Hill, NC, formerly NoVA and Phila
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I like having my money in more than one bank. My reasoning is that if I travel, it is more likely that one of them will be available there. If there is a huge crisis and one of them had to close their doors (think Depression), I'd still have access to some money from the other one. I have more CD's/loans, special rates, etc. to choose from by having my money in two banks. Overall, I just like the idea of "not keeping all my eggs in one basket."
I depends on how much money. If you have over $100,000 in an account you can be uninsured (unless they raised the amount). OF course unless you need cash for some reason, putitng $100,000 in a bank account is kind of stupid.
The amount is $250,000 for FDIC per account owner.
And 100k in cash or money mkt may be someone's 8 months to 1 year of emergency fund.
To the op, my checking and savings at one, IRA with another, 401k with another, and investments with another.
I don't have any clue what your dad is talking about. Maybe you are taking it out of context.
I depends on how much money. If you have over $100,000 in an account you can be uninsured (unless they raised the amount). OF course unless you need cash for some reason, putitng $100,000 in a bank account is kind of stupid.
I believe the present maximum fdic insured amount is $250,000,...however I think it is set to expire and go back to 100,000 within a few years.
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