3 Responses to Would Opening A Second Savings Account To Buy Something Be A Good Idea?

  1. Reena says:
    August 14, 2009 at 6:16 am

    Open a savings account with another bank (one straight across town from where you live). Don’t get an ATM card for this account but set up the terms to where you have to withdraw money in person with a teller of that bank…
    Then do a direct deposit from your regular checking account to that savings account and this way you will save money automatically and you won’t be easily tempted to raid the new savings account.

  2. David B says:
    August 14, 2009 at 12:12 pm

    Saving for something instead of using a credit card is always a good idea. It shows that you are living within means.
    If you have a savings account open already, you don’t need a second one. If you are having problems saving money, then it means that you are spending more than what you take in. You will need to adjust your spending habits.
    However, take a look at your current savings account. If you can find another bank that will pay you more interest for banking with them, you can switch your business to the better bank. Banks pay you interest for banking with them because then they have money that they can loan to other people. However, they don’t pay the same rates. Some will pay you interest for money in your checking account, while most won’t (only the savings account will generate interest).

  3. Ses says:
    August 14, 2009 at 12:19 pm

    Hi. Yes as long as you committ to
    Not touching the money for anything else and if you really
    Won’t to buy those items. You have a right to
    treat yourself. Good luck & Peace