[Follow up] 22 years old and have a check made out to me for 30,000 dollars. Should I open a savings account for the initial deposit or just go straight to my checkings?

Submitted by throwaway2639441 t3_yg704f in personalfinance

I currently don’t have a savings account, and think it would be wise to open one now. I have around 10k in my checking before I cash this check. I currently bank with chase but there apy’s are extremely low. I am also not 100% sure what I’m going to do with this money. You can check my last post for my details on my current situation if Interested. Any advice would be appreciated. As of right now I just want to make sure I make this deposit to the correct location so it dosnt bite me later when/if I decide to transfer funds to other avenues.

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Rxpert83 t1_iu7cyjk wrote

Where you deposit it really doesn't matter. You can move money between accounts.

But you should NOT have even the 10k you have now in a debit account. That's asking for trouble.

Start a savings account. Even if it's a low yield it's safer than your checking account. You can figure out the best option after that.

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KReddit934 t1_iu7h39i wrote

This is particularly risky if you use a debit card for everyday transactions.

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hvacjesusfromtv t1_iu77f48 wrote

Transferring the funds is extremely easy - you can link bank accounts from different banks and transfer money between them through your bank websites or apps. It takes a couple days to arrive once you send it but it’s not a hassle at all.

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moldyjim t1_iu78n6z wrote

Go get an account at a Credit Union.

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queensg28 t1_iu77ulq wrote

High yield savings account for the deposit unless you're going to spend all of it immediately upon receipt. And you're actually losing money leaving that $10K in a checking account with inflation. Open accounts with capital one. One checking for expenses. One high yield savings for the bulk of those funds. Transfer between the accounts as needed. And you can connect Zelle to transfer between chase and cap one.

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KGAColumbus t1_iu78y3s wrote

You can always start a savings account at Chase and transfer to a high yield account, later. Citizen's and Citibank are doing 3%, rn.

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mermaldad t1_iu7d9nj wrote

Also remember that the $30K will probably qualify as income, so plan to save at least some of it for income tax. Of course this may not apply, depending on where you live.

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geeeeeep t1_iu7dhjr wrote

American Express high yield savings account. Current interest %2.35. Put in all 30K and transfer even some of your checkings. You want very minimal money in your checking as it’s getting no interest.

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reidmrdotcom t1_iu7h2ip wrote

Just deposit the check into your current account, use the mobile app. Then open a high yield savings account somewhere. The bank you currently use may have one, or Ally is often mentioned. Many you can open right online, and as others said, it’s normally fairly easy to transfer money around.

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oceanleap t1_iu7jmfs wrote

Deposit that 30k in your checking account tomorrow. Then take your time to decide where you are going to open a savings account (or a Roth IRA or other type of account) and move your money from your checking account. But get that money in the bank now.

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Grevious47 t1_iub5alr wrote

I mean id put it in your checking now and figure out where to move it from there later rather than careting around a paper check while you think about what to do with it.

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