Leaky Savings?

 Why You Shouldn't Link Your Checking and Savings Accounts

Many couples open both a checking and a savings account at the same bank.
Often, the bank will suggest linking these accounts to automatically cover any shortfalls in your checking account by pulling from your savings, thus avoiding overdraft fees.
This might sound like a great idea, but it can actually be quite risky!

The Hidden Danger

Linking your accounts can lead to unintentionally depleting your savings.
Without realizing it, you can easily plow through your savings, and once that money is gone, there’s no bringing it back!

Best Practice: Keep Them Separate

To protect your savings, it's best not to link your checking and savings accounts. In fact, consider keeping your savings account at a different bank altogether. Yes, this might be inconvenient, but that's the point!  The extra step will make you think twice before dipping into your savings, helping to keep your savings intact until you truly need it.

Benefits of Separate Accounts

• Prevents Impulse Spending: The inconvenience of accessing your savings can deter unnecessary withdrawals.
• Encourages Better Financial Planning: You will realize there's a shortfall in your checking and you'll be more mindful of your spending and saving habits.
• Protects Your Savings: Your savings will be safe and available for their intended purpose.

By keeping your checking and savings accounts separate, you can ensure that your savings remain untouched and available for when you really need them.