Most Black American Households Only Have $855 In Checking Accounts, Nobody Uses Savings Accounts

[Kinguno]

You're limited to 6 online transfers per month and further have to be done at a branch. If you need to touch your savings more than 6 times in a month you're defeating the purpose of a SAVINGS account.

lol it happened because one month I decided to keep all money that came in to the savings account In addition to all my money to be stricter on budgets

But you learn over time

 

[Barnett114]

you can only take money from them via your phone only

How is shyt like this getting dapped



I see why 1 in 4 black people have no bank account at all

 

[Kinguno]

How is shyt like this getting dapped



I see why 1 in 4 black people have no bank account at all

I meat take as in transfer money god

 

[Barnett114]

People talking about investing when most people have no money to invest

 

[Easy-E]

Breh, Breh & Associates managing my coli cash investment bonds

I'm good

 

[Crude Abolitionist]

People talking about investing when most people have no money to invest

I guess that's funny....

Not really though...

 

[O.T.I.S.]

I goth 3 savings, a roth, a tsp, and stocks...

On my own

Trying to teach certain fam but no one listens

Im not the most financial person but you can't spend as soon as you get

 

[Originalman]

People talking about ira accounts when people don't even have money in checking accounts

Yep

 

[CinnaSlim]

Credit scores affect interest rates

You talking about the interest you are paying APR. most in here are talking about interest you are earning APY

 

[Originalman]

Savings accounts are scams you can only take money from them via your phone only six times a month plus their growth is trash

Yep a lot of folks say it is better to have it in a money market or even a kasasa account.

But savings accounts interest rates are indeed trash.

I remember when I use to have some ccounts with as a way to move my money with my business partners. Jokers talking about I should open a savings account with them..... I was like for what? So I can have 5k or more in a savings account and you give me 15 cent a month on it. Please I would be better off with a kasasa or money market account.

 

[posterchild336]

fukk a bank
I hide my money

how would you a house?

 

[Rockstar Mom]

I'm interested in knowing what the best savings/investment account is.

I won a 5 figure lawsuit 2 years ago. I put the money is a regular savings because I plan to use it when I eventually move out of NY. Until then, I would like to see it grow more

 

[Luke Cage]

One thing I will say is. We're implying essentially that were doing something wrong because we're doing it the way white people are. But the stats show were similar to other non whites. Maybe they are putting too much into their saving?

 

[Lamar Givens]

Most Americans are 1 paycheck away from being homeless.

This is not just a black issue.

 

[UserNameless]

Run your home like a business. Maximize profits. Reduce expenses.

Checking is your operating account. Paying bills, expenses, etc.

You should have a Reserve/Buffer account for short-term savings. Christmas purchases, Property tax, large purchases. Basically an escrow account.

Savings is for liquid emergency cash and longer term savings. You should have 3-6 months worth of expenses.

Savings for things 3-5 years down the line can go in a CD, longer than 5 years, invest.

So on point.