> However, the percentage of people with $0 in savings has climbed to 39 percent from 34 percent in 2016.
When savings accounts are yielding 0.02%, what's the point? Might as well keep it in checking or an actual investment.
When savings accounts are yielding 0.02%, what's the point? Might as well keep it in checking or an actual investment.
0. http://money.cnn.com/2017/10/20/investing/trump-stock-market...
Reliable access to a computer or smartphone can be an issue for the really poor but most should be fine.
https://www.doctorofcredit.com/high-interest-savings-to-get/
To this day I always keep a savings account with enough money to cover emergency short-term expenses, and to accumulate funds for large, non-deferrable expenses like property or income taxes that I couldn't easily put on a credit card. Importantly this account is not linked to my checking account for overdraft protection, nor permits ACH withdrawals.
I learned later in life that savvy banking customers (e.g. financial professionals) will create multiple, special purpose accounts with various withdrawal and deposit limits precisely to minimize the risk of fraud, mishaps, etc. But a simple unlinked savings account works well for most people.