I want to save for a car and also set up a weekly spending fund. I’m thinking of doing this by opening two new checking accounts, but I’m not sure how to go about it. Can I open multiple accounts for different purposes like this? Or is there another option that might work better?
How about opening a checking account and a savings account? Or you could consider buying CDs for the car fund.
Micah said:
How about opening a checking account and a savings account? Or you could consider buying CDs for the car fund.
I already have a checking and savings account. I’m wondering if I can open more accounts for these specific purposes (unless you mean I should make a savings account for the car, which is a good idea, but I also want to use that account for gas if that makes sense).
@Parrish
You can open more accounts. I have accounts for bills, deductibles, emergency funds, fun money, and more.
You can call your bank, and they’ll help you open new accounts, or you can do it online or through the app. You can also set up auto deposits to send money into these accounts on a schedule, so you don’t have to manually transfer money.
Just submit a new deposit application on the website.
Open multiple accounts and 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” and “needs” budgets. In the app, go under ‘banking’ and select ‘open an account.’ This lets you have two checking accounts (and two debit cards) on one profile. I scheduled automatic transfers every other week from my ‘needs’ account (where I get direct deposit) to my ‘wants’ account. It’s a bit annoying that you can’t choose card designs, so I used a paint pen on one card to help remember which is which.