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Tag: bank account

What’s the Difference Between Savings and Checking Accounts, and How Should I Be Using Them?

May 19, 2020January 8, 2022 Kitty 6 Comments

What Piggy said last week is very true: sometimes we’re so eager to lunge ahead and answer the most complex, interesting questions that we forget to cover the absolute beginner basics. So this week I’m going to take you to church (or, I guess, school) on the difference between savings and checking accounts.

These are the two most common kinds of bank accounts in America. So if you’re new to banking, the first account you get will likely be one of these.

The features of these accounts were very consistent for several decades. But the past few years have changed the dynamics of how we use savings and checking accounts. And as a result, we’re changing our advice on how and what they should be used for. And even those of you who are rock-solid on this topic are going to want to hear that! (We think.)

So let’s get into it!

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From HYSAs to CDs, Here’s How to Level Up Your Financial Savings

April 6, 2020January 8, 2022 Piggy 9 Comments

In light of certain global pandemics, financial experts are telling us to prioritize savings over investing at this time. But what does that truly mean? Pulling your money out of the bank and stuffing it in your mattress? Probably not.

We’ve already lectured you on keeping up with inflation and the expense of depreciation—complete with examples from Harry Potter! So our beloved readers know that keeping fat stacks of literal cash in a drawer is a bad idea.

But what can you do to cautiously save your money in a way that will both keep up with inflation and stay safe from the risk of stock market volatility?

Take my hand, children, and I will lead you up a ladder of ever increasing financial savings savviness with the following four savings methods.

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How the Hell Does One Open a Bank Account? Asking for a Friend

How the Hell Does One Open a Bank Account? Asking for a Friend.

November 11, 2019June 3, 2022 Piggy 10 Comments

When I was about thirteen or so, my mom brought me down to the local branch of the regional bank and helped me set up my first checking account. I had diligently saved $100 of my babysitting money, which I deposited in my brand new checking account.

And suddenly, I was an individual with a bank! I had the ability to deposit and withdraw cash from that account. I could use my debit card to buy things with the money in that account. And I could transfer money from that account to others as I grew older and my financial needs expanded. When I got my first jobs, my employers could automatically deposit my paychecks directly into that account. Heckin’ magical.

I thought this was a pretty damn normal step toward adulthood. So imagine my surprise when I learned, years later, that not everyone goes through the rite of passage of opening a bank account when they’re young. Or at all.

There are, in fact, 17 million American adults who do not have a bank account of any kind. These individuals are known as the unbanked. The unbanked or underbanked represent 25% of U.S. households. And while many of them choose to be unbanked for various legitimate reasons (a distrust of financial institutions, for example), many of them are unbanked because of circumstances beyond their control (an inability to open an account due to legal status, or an inability to maintain minimum balances due to long-term poverty, for example).

Having a bank account is important and useful. So allow your beloved Internet auntie to take you under her downy, cloud-like snow goose wing and walk you through everything you need to know about how and why to open your very first bank account!

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