3 Signs You Have Too Much Money in Your Checking Account

Motley Fool11-11

KEY POINTSYou may have too much money in your checking account if you have more than a few months of living expenses in it. Money you're saving for financial goals doesn't belong in a checking account...

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Here's why you might need to put your money to better use.","collect":0,"end_time":0,"defaultTopTitle":"fool.com","property":[],"viewcount":null,"language":"en","relate_stocks":{"LU0648001328.SGD":"Natixis Harris Associates US Equity RA SGD","BK4516":"特朗普概念","IE0002270589.USD":"LEGG MASON CLEARBRIDGE VALUE \"A\" (USD) INC","LU0477156797.USD":"HARRIS ASSOCIATES GLOBAL EQUITY \"RE\" (USD) ACC","LU0648000940.SGD":"Natixis Harris Associates Global Equity RA SGD","BK4585":"ETF&股票定投概念","LU2360107671.USD":"BGF FINTECH \"A4\" (USD) INC","LU0211331839.USD":"FRANKLIN MUTUAL GLB DISCOVERY \"A\" (USD) ACC","BK4166":"消费信贷","BK4588":"碎股","IE00B19Z3581.USD":"Legg Mason ClearBridge - Value A Acc USD","LU0053666078.USD":"摩根大通基金-美国股票A（离岸）美元","IE00B19Z3B42.SGD":"Legg Mason ClearBridge - Value A Acc SGD","LU0980610538.SGD":"Natixis Harris Associates US Equity RA SGD-H","LU0130518102.USD":"HARRIS ASSOCIATES GLOBAL EQUITY \"R\" INC","LU1201861249.SGD":"Natixis Harris Associates US Equity PA SGD-H","LU1201861165.SGD":"Natixis Harris Associates Global Equity PA SGD","LU1861217088.USD":"贝莱德金融科技A2","LU0130102774.USD":"Natixis Harris Associates US Equity RA USD","LU1861220207.SGD":"Blackrock FinTech A2 SGD-H","LU0130103400.USD":"Natixis Harris Associates Global Equity RA USD","COF":"第一资本"},"translate_title":"您支票账户中资金过多的3个迹象","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"COF":0.9,"US7Y.BOND":0.79,"US6M.BOND":0.79,"US5Y.BOND":0.79,"US3Y.BOND":0.79,"US30Y.BOND":0.79,"US2Y.BOND":0.79,"US12M.BOND":0.79,"US10Y.BOND":0.79},"content_text":"KEY POINTSYou may have too much money in your checking account if you have more than a few months of living expenses in it. Money you're saving for financial goals doesn't belong in a checking account.You should store extra money in a savings account or a brokerage account.Your checking account is a convenient place to keep your money. You can make unlimited withdrawals from your checking account and access your money from an ATM. Chances are good this account is where you deposit your paychecks, so the money can be used as needed. Having a big checking account balance may seem like a good thing, but in reality, having too much in there could come at a big cost. Here are three key signs you have too much money in your checking account. 1. You have more than a few months of living expenses in your checking accountIf you have more than enough money to cover the bills for around two or three months, this is a pretty good sign you have too much money in your checking account. Checking accounts should be used to store money you use regularly. Since money is most likely being deposited into it on a regular schedule, you don't need to keep a huge balance. And you usually shouldn't because checking accounts rarely, if ever, pay interest -- even with an account that provides a small return, it's usually well below what you could earn elsewhere.Our Picks for the Best High-Yield Savings Accounts of 2024Capital One 360 Performance SavingsAPY4.00%                        Rate info                Circle with letter I in it.      See Capital One website for most up-to-date rates. Advertised Annual Percentage Yield (APY) is variable and accurate as of Oct. 23, 2024. Rates are subject to change at any time before or after account opening.      Min. to earn$0Open Account for Capital One 360 Performance SavingsOn                          Capital One's             Secure Website.                                                  Member FDIC.                                              APY4.00%                        Rate info                Circle with letter I in it.      See Capital One website for most up-to-date rates. Advertised Annual Percentage Yield (APY) is variable and accurate as of Oct. 23, 2024. Rates are subject to change at any time before or after account opening.      Min. to earn$0American Express® High Yield SavingsAPY4.00%                        Rate info                Circle with letter I in it.      4.00% annual percentage yield as of November 11, 2024      Min. to earn$0Open Account for American Express® High Yield SavingsOn                          American Express's             Secure Website.                                                  Member FDIC.                                              APY4.00%                        Rate info                Circle with letter I in it.      4.00% annual percentage yield as of November 11, 2024      Min. to earn$0CIT Platinum SavingsAPY4.70% APY for balances of $5,000 or more                        Rate info                Circle with letter I in it.      4.70% APY for balances of $5,000 or more; otherwise, 0.25% APY      Min. to earn$100 to open account, $5,000 for max APYOpen Account for CIT Platinum SavingsOn                          CIT's             Secure Website.                                                  Member FDIC.                                              APY4.70% APY for balances of $5,000 or more                        Rate info                Circle with letter I in it.      4.70% APY for balances of $5,000 or more; otherwise, 0.25% APY      Min. to earn$100 to open account, $5,000 for max APYKeeping tens of thousands of dollars just sitting in your checking account for no reason comes at an opportunity cost since that money isn't working for you. If you earn no interest at all or if the yields you're getting are below the rate of inflation, you're losing purchasing power. 2. You have your emergency fund in your checking accountIf you're keeping your emergency fund in your checking account, it's a clear red flag that you have money in this account that doesn't belong there.Your emergency fund should be used only for true emergencies. It shouldn't be mixed in with money you're spending on other things, like everyday expenses. It's too hard to keep track of what money is for emergencies if it's mixed with other funds. It's also more likely you'll end up just spending the cash since it's too accessible. If you have your emergency savings in your checking account, move it today. Check out our picks for the best high-yield savings accounts, many of which offer yields well above the national average.3. You have money in checking you're planning to use for other goalsFinally, if you have money in checking you're planning to use for other long- or short-term goals, such as saving for a house or a vehicle, or even for retirement, then you need to move it. You should have this money in dedicated accounts to keep track of your progress toward goals and to stop you from spending it.Depending on your timeline, you could put the money into one of the best CDs, which would look up your funds for a period and help you earn a guaranteed return. You could also use a savings account if you need the funds accessible, or a brokerage account to invest in equities and potentially earn much higher returns.If you spot any of these signs that you have too much money in your checking account, fix it today. It's easy to do, and you can get your finances in better shape by making sure all your hard-earned money is in the best place to work for you.","kind":null,"is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"symbols":[],"gpt_button":1},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"deviceId":"web-server-community-laohu8-v3","version":"4.29.1","shortVersion":"4.29.1","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2482201094"}