Finance and budget question

[Schuttzie]

Originally Posted by bpollen

I have my SS sent to my checking account, with Medicare deducted.

When I have a build-up of too much cash in the checking account, or not enough, I transfer to/from my FDIC insured online savings account (I get 2.2% interest right now). That's where I keep enough cash for big emergencies or could pay expenses for a certain length of time if necessary.

I have a MM in my investment accounts. It's part of my investments. I use it as a holding area for cash, used for buying or selling holdings, or receiving dividends.

Can I ask what online savings account you use and for how long? I am looking to set one up soon. I am reading some reviews on some of the banks and think I may go with HSBC Direct Savings account.

Thank you!

[engineman]

The earnings from our funds are automatically reinvested in those funds. We keep them not as a rainy day fund but as a hurricane fund. If necessary we can access $$ from them in a few days. We have done this only when a big expense has come up suddenly such as when we needed a new AC for the house.

By living prudently our SS and pension are quite adequate.