I want to save up for a car and set up a weekly spending fund, but I’m not sure how to do it. I was thinking about opening two checking accounts for these purposes. Does anyone know if this is possible? Or is there another way to achieve what I want?
What about opening a checking and a savings account? You could also consider buying CDs for the car funds.
Ren said:
What about opening a checking and a savings account? You could also consider buying CDs for the car funds.
I already have a savings and checking account. I’m wondering if I can open more accounts for these two specific purposes, unless you mean I should open a savings account for the car. But I want to use that account for gas too, if that makes sense.
@Kirby
You can open multiple accounts. I have separate ones for bills, emergency funds, and fun money.
You can call or open new accounts online or through the app. You can even set up auto deposits to put money into the accounts automatically on your schedule, so you don’t have to do transfers yourself.
Just fill out a new deposit application on the website, and you can open the accounts.
You can open multiple accounts. Just give each account a unique name, like car fund, emergency fund, and weekly spending fund.
I did this a few weeks ago to separate my wants vs needs budgets. In the app, go to the banking section and select ‘open an account.’ This way, you get two checking accounts (and two debit cards) under the same profile. I also set up automatic transfers from my main account (where I get direct deposit) to my other account every two weeks. It’s a bit annoying because I couldn’t pick the card design, so I just used a paint pen to mark one card so I can tell which is which without checking the numbers.