I don't think it is unusual to do this if there is no money in it and no activity. To keep some accounts open a minimum of $5 remaining in the account is what I am familiar with. I think it is a good thing to make a habit of once a month putting something in to such an account...even if it is $5. The habit is the thing and then the 2nd habit is to forget you have the account for the other 30 days of the month.
As a unemployed individual, I save my leftover cash and add into high yield savings. The most I can put is $25 and the least is $10, which I deposit every three to six months.
Wow 😮 thats unbelievable. Go plan my friend. I do have an account that I sink money into and forget we opened it about 5 years ago. We have 10 percent automatically deducted each pay day and i have certain challenges that are desinated for that account. It took us years to get to that point and relize we needed to start saving money. It helps that It takes 2 days to get the money back and I love seeing the balance go up for our retirement
I love how realistic you are ❤️❤️ maybe you should try a bank that makes it hard to get the money out? My high yield takes like 3 weeks to put money in or take it out, makes me think twice before touching it?
It’s not that I am touching the money because I want to spend it on other things that are just whatever I am having to pull my money because life is expensive and I usually get hit with something big that takes my money. Like a bill or something that happens in my family.
It’s common to close bank accounts with nothing in them especially after months of no activity. I had a Schwab account that had money in it and did not log in for 2 years. They closed the account and were sending the money to the state of Texas. Had to fight and prove it was me so annoying
I can't believe they didn't give you a notice about the closure! I have a completely separate high yield that i 'can't touch' its completely separate and not a brick and mortar bank. So i have a very small amount in it. I only recently have added to it. i'm also doing a coin challenge and that money will then be added to the high yield savings account. My thoughts are if i break the dollar its already spent, so why not put the change to good use.
I think they should have disclosed a few thing before even having me open the account. I think people are totally miss informed about these accounts. The fact that you have to keep your money in an account for X amount of time to get the interest and that if you make X amount in interest it’s income and you claim it on your taxes. I also they lied and said I could put in small amounts of money when it was $25 per transfer plus the 3.99 fee!
Yes I have a spare account that goes into the oblivion lol I don't know the balance at the moment and it's my oh crap account. I set an amount out of my check that goes directly to that account.😊
I call ours Tammy & John Fund. It's separate from our emergency account. Started small. It builds up fast. I try to surpass my debt. Then all at once transfer and pay a large chunk. .
I have a credit karma high yield savings account. And I just started so I wouldn't be able to tell you for at least a couple of months. Hopefully, I'll be able to give you a review.
I do have a high yield savings account with capital one and haven't added any money in a while. Like 6 months. Total on the past year I added 300 and now I have 312. I love that interest. This time, it's in MY favor. Usually, interest works against you.
I want to say one thing, I haven’t been homeless, but I have been a single mom with no help n have struggled. What I want to say is you are powerful - all that u do. Many won’t know what to do when times are rough or shtf. I hope this cheers u up a bit ❤
I’m not really mad about the account o was mad that when I found out you have to have a 25 minimum to wire transfer until the hys that’s when I was like but sir I’m poor I was told any amount
Also. If you have to walk 3 bucks into the bank.. hold your head up! Lots of ppl don't save anything at all. That 3 bucks will grow and grow. No shame at all in saving money my girl no matter how big or small.
One thing that I have learned from putting money into the oblivion (or retirement) is to take SOMETHING from my pay check to have auto taken from my check to it. After a few checks you honestly don't even notice it gone. Whenever I get a raise I put a % of that into the acct too to keep the number growing and getting bigger. Maybe do some of the low income freebie challanges to build the acct (your binder with the 6 envelopes that you put the dollars in.. maybe plants and curb appeal could be 1 and then add HYSA) even if you can only add 2 dollars surely if you are adding something they won't close it on you. Mini challanges that you finish maybe 1 or 2 of them to the hysa acct.
All the high yield accounts I could get have a minimum of 25 for a transfer. No local banks have them with that high of interest. My job gives paper checks so I think when I go cash it I’m gonna just go to a separate back and put it into a basic saving account for now. I appreciate your advise friend ❤️❤️❤️
@@AmandasBudgets Just use a regular savings account. For small amounts of money, the difference in interest is not that much. And once you have the habit of saving you can worry about where it goes. (And I'm like you -- it needs to be stashed away. If I have it in cash it flows through my fingers way too fast!) Even perhaps use Certificate of Deposits. Say once your account has grown to over $1K, then see if you can take $500 and stash it into a Certificate of Deposit for 6 months or a year to get a tiny higher interest. And keep building in the regular savings. The CD locks your money away so you can't get to it pretty effectively as well.
I’m with you on that struggle bus. I’m in Oregon too. I have a full time job that a year ago was decent money, but with inflation, etc., I am barely making it. After bills and food and gas money, I’m tapped. There’s nothing left to save. I’m loving your content. There aren’t very many relatable budgeters for me. Most people give themselves more spending money than I have for food and gas combined. Keep at it, you’re doing great.
I wish I could tell most people things like this - I don’t know how much I trust it’s REAL. You do you boo I’m cheering you on! Everything will be alright in time we can hope! Have you tried $1 savings challenges? It all adds up
I had to turn my account off for now cuz of no $. An idea for those that work a job that gets tips save the very first tip of each shift you work. At the end of the week use those first tips. If you tell yourself you didn't get that 1 tip it really adds up. That's what I was doing when I got tips. Another idea I am going to try is if you use a coupon for something or get a rebate somewhere put those few cents in. It's something 🤷♀️. Maybe it will make a difference.
I have a hys account with Marcus by Goldman Saks. I get 4.40% interest. I transfer $30/ payday, like clockwork. The money is there in case I need anything. I haven't used any of it since last year when I threw my daughter a graduation party.
How long does it have to be in the account before you actually get the interest though? I know most if you pull it before a certain time won’t give you the interest without a penalty
@@AmandasBudgets I know that it's compounded monthly and deposited on the first of every month. I've never withdrawn all of it, but that would be the only instance of zero interest that I can think of.
I worked for a bank. If funds aren't being deposited regardless of struggle bus or not we shut it down. It's nothing personal, just no point having it open.. I have 9 accounts and 3 investment accounts. You'll get there. Personal finance is personal.
That I understand I’m 35 I have had a few accounts in my time. I am just frustrated because the minimum they wanted me to transfer to a high yield was 25 at a time and they lied and said I can transfer any amount
@AmandasBudgets Yeah I'm 34 so only a year younger. I don't hold much savings just Bills, Rainy day , emergency and sinking funds the rest I'm just investing in heavily into my 5 year olds account and my account so she doesnt have to think about money. I'd be annoyed with that too. Thankfully the banking industry is changing and the right out will be there for you.
@@aishaabdullah6993 that’s great she has a little nest egg I want to do that for my kids so when they graduate they have money! Thank you for supporting my channel girl I appreciate you ❤️
I actually found out more when calling then I ever knew it’s a little more to it then that. The things that was discouraging was that they wanted a minimum of 25 dollars per wire transfer + 3.99 feet. Also I had to keep money in my account for an extended amount of months to get the interest penalty free. If you make a curtain amount on interest they have to notify the irs and then you pay taxes on it.
I don't have a HYSA. I do have a savings account in a bank that I throw money in. Out of sight out of mind. I don't have an ATM card for it, I have to go into the bank to access any money. Best decision I have ever did. Don't worry about what people say about what your bills are, how much your car payment is etc. My car payment is high too and frankly that was my choice.. :)
Well to be honest they were all high because I didn’t have any credibility and never had a loan before. The truck I drove for a month before I traded it in for a brand new car was 590 a month. They don’t trust people who haven’t had loans before and are almost 30. My credit wasn’t the highest either back then I just got out of debt only months before my 1500 dollar car broke down for the last time. I think people forget no everyone has great options: we do what we can with what we’ve got!
@@AmandasBudgets that is a great way to bring in income hun. It seems as though those places you can make your own hours so that can definitely help you bring in a little extra. 😊😊
I hope you are also keeping an adequate amount of cash at home to last you several days or weeks in case you cannot access your savings or bank accounts because of natural disasters, power outages, etc. I have 3 checking accounts, two savings accounts (one is a HY savings account) spread between 3 different banks as well as a few thousand of cash at home. Keep your funds in several different banks, just in case!
Why open an account if you have nothing to put into it? I don't see the point. If I'm not sure I'll have anything to put it into the account say during the first 30-45 days, I wouldn't bother wasting my time on that. Banks pay interest to depositors for the privilege of using that money to fund their business loans. You can't earn interest if there's no money there for them to use. They saw your account as pointless. Please don't see this as criticism bc I say this most respectfully.
I guess I should’ve mentioned it was a continuation of what I was talking about in a previous video. The company I went with said that I had put any amount in come to find out that I had to put a minimum of $25 at the time plus the wire fee. I don’t have $25 a lot of times to transfer in there at once so I was gonna just do a little bits from my checks to start small
Yes you can! If you can go to the store and treat yourself to whatever, that amount can go into high yield savings. Even if you have to take it to the bank to prevent yourself from spending it then do it. Don’t give yourself excuses. Save your leftover cash. It will help you out.
@@AmandasBudgets crazy!! you need a need HYSA! Capital one no minimum and you send money via Zelle or link your other bank acct and no fees to transfer.
I don't think it is unusual to do this if there is no money in it and no activity. To keep some accounts open a minimum of $5 remaining in the account is what I am familiar with. I think it is a good thing to make a habit of once a month putting something in to such an account...even if it is $5. The habit is the thing and then the 2nd habit is to forget you have the account for the other 30 days of the month.
As a unemployed individual, I save my leftover cash and add into high yield savings. The most I can put is $25 and the least is $10, which I deposit every three to six months.
My minimum was 25 per wire transfer it was discouraging
Some banks charge fees for an inactive account. Some activity needs to happen within 6 months.
Yeah coffee and doughnut fund for the ceo
Yes. Try to put something into it twice a year, like every six months. Like many stated $5 just to keep it open.
My Husband has $20.00 put into our Tammy & John account every two weeks. Out of his check.
Wow 😮 thats unbelievable. Go plan my friend. I do have an account that I sink money into and forget we opened it about 5 years ago. We have 10 percent automatically deducted each pay day and i have certain challenges that are desinated for that account. It took us years to get to that point and relize we needed to start saving money. It helps that It takes 2 days to get the money back and I love seeing the balance go up for our retirement
I love how realistic you are ❤️❤️ maybe you should try a bank that makes it hard to get the money out? My high yield takes like 3 weeks to put money in or take it out, makes me think twice before touching it?
It’s not that I am touching the money because I want to spend it on other things that are just whatever I am having to pull my money because life is expensive and I usually get hit with something big that takes my money. Like a bill or something that happens in my family.
It’s common to close bank accounts with nothing in them especially after months of no activity. I had a Schwab account that had money in it and did not log in for 2 years. They closed the account and were sending the money to the state of Texas. Had to fight and prove it was me so annoying
I had that happen with a check I never received once from an old employer who owed me sick time! Really frustrating
I can't believe they didn't give you a notice about the closure! I have a completely separate high yield that i 'can't touch' its completely separate and not a brick and mortar bank. So i have a very small amount in it. I only recently have added to it. i'm also doing a coin challenge and that money will then be added to the high yield savings account. My thoughts are if i break the dollar its already spent, so why not put the change to good use.
I think they should have disclosed a few thing before even having me open the account. I think people are totally miss informed about these accounts. The fact that you have to keep your money in an account for X amount of time to get the interest and that if you make X amount in interest it’s income and you claim it on your taxes. I also they lied and said I could put in small amounts of money when it was $25 per transfer plus the 3.99 fee!
Yes I have a spare account that goes into the oblivion lol I don't know the balance at the moment and it's my oh crap account. I set an amount out of my check that goes directly to that account.😊
you might want to check the balance.
I call ours Tammy & John Fund. It's separate from our emergency account. Started small. It builds up fast. I try to surpass my debt. Then all at once transfer and pay a large chunk. .
Happy Saturday, Amanda! 💙
I had a Credit Karma Savings and did not put money in it enough so they closed it and put my money back in my savings account at the bank.
I have a credit karma high yield savings account. And I just started so I wouldn't be able to tell you for at least a couple of months. Hopefully, I'll be able to give you a review.
Yes, I have oblivion accounts. I only open them 4x a year to look at them.
What’s that?
I do have a high yield savings account with capital one and haven't added any money in a while. Like 6 months. Total on the past year I added 300 and now I have 312. I love that interest. This time, it's in MY favor. Usually, interest works against you.
I have so many questions on hys accounts it’s not funny I feel like there are loopholes
I want to say one thing, I haven’t been homeless, but I have been a single mom with no help n have struggled. What I want to say is you are powerful - all that u do. Many won’t know what to do when times are rough or shtf. I hope this cheers u up a bit ❤
I’m not really mad about the account o was mad that when I found out you have to have a 25 minimum to wire transfer until the hys that’s when I was like but sir I’m poor I was told any amount
@@AmandasBudgets that is ridiculous I agree
Also. If you have to walk 3 bucks into the bank.. hold your head up! Lots of ppl don't save anything at all. That 3 bucks will grow and grow. No shame at all in saving money my girl no matter how big or small.
Truths
One thing that I have learned from putting money into the oblivion (or retirement) is to take SOMETHING from my pay check to have auto taken from my check to it. After a few checks you honestly don't even notice it gone. Whenever I get a raise I put a % of that into the acct too to keep the number growing and getting bigger. Maybe do some of the low income freebie challanges to build the acct (your binder with the 6 envelopes that you put the dollars in.. maybe plants and curb appeal could be 1 and then add HYSA) even if you can only add 2 dollars surely if you are adding something they won't close it on you. Mini challanges that you finish maybe 1 or 2 of them to the hysa acct.
All the high yield accounts I could get have a minimum of 25 for a transfer. No local banks have them with that high of interest. My job gives paper checks so I think when I go cash it I’m gonna just go to a separate back and put it into a basic saving account for now. I appreciate your advise friend ❤️❤️❤️
@@AmandasBudgets Just use a regular savings account. For small amounts of money, the difference in interest is not that much. And once you have the habit of saving you can worry about where it goes. (And I'm like you -- it needs to be stashed away. If I have it in cash it flows through my fingers way too fast!) Even perhaps use Certificate of Deposits. Say once your account has grown to over $1K, then see if you can take $500 and stash it into a Certificate of Deposit for 6 months or a year to get a tiny higher interest. And keep building in the regular savings. The CD locks your money away so you can't get to it pretty effectively as well.
I’m with you on that struggle bus. I’m in Oregon too. I have a full time job that a year ago was decent money, but with inflation, etc., I am barely making it. After bills and food and gas money, I’m tapped. There’s nothing left to save. I’m loving your content. There aren’t very many relatable budgeters for me. Most people give themselves more spending money than I have for food and gas combined. Keep at it, you’re doing great.
I wish I could tell most people things like this - I don’t know how much I trust it’s REAL. You do you boo I’m cheering you on! Everything will be alright in time we can hope! Have you tried $1 savings challenges? It all adds up
Thank you, I just started one!
Good morning! Watching while I make breakfast! 🤗
I had to turn my account off for now cuz of no $. An idea for those that work a job that gets tips save the very first tip of each shift you work. At the end of the week use those first tips. If you tell yourself you didn't get that 1 tip it really adds up. That's what I was doing when I got tips. Another idea I am going to try is if you use a coupon for something or get a rebate somewhere put those few cents in. It's something 🤷♀️. Maybe it will make a difference.
I have a hys account with Marcus by Goldman Saks. I get 4.40% interest. I transfer $30/ payday, like clockwork. The money is there in case I need anything. I haven't used any of it since last year when I threw my daughter a graduation party.
How long does it have to be in the account before you actually get the interest though? I know most if you pull it before a certain time won’t give you the interest without a penalty
@@AmandasBudgets I know that it's compounded monthly and deposited on the first of every month. I've never withdrawn all of it, but that would be the only instance of zero interest that I can think of.
@@AmandasBudgets no penalties either, not for just the savings account. Penalties usually apply to CDs and retirement accounts.
I worked for a bank. If funds aren't being deposited regardless of struggle bus or not we shut it down. It's nothing personal, just no point having it open.. I have 9 accounts and 3 investment accounts. You'll get there. Personal finance is personal.
That I understand I’m 35 I have had a few accounts in my time. I am just frustrated because the minimum they wanted me to transfer to a high yield was 25 at a time and they lied and said I can transfer any amount
@AmandasBudgets Yeah I'm 34 so only a year younger. I don't hold much savings just Bills, Rainy day , emergency and sinking funds the rest I'm just investing in heavily into my 5 year olds account and my account so she doesnt have to think about money. I'd be annoyed with that too. Thankfully the banking industry is changing and the right out will be there for you.
@@aishaabdullah6993 that’s great she has a little nest egg I want to do that for my kids so when they graduate they have money! Thank you for supporting my channel girl I appreciate you ❤️
Looks like everything has been said by others. An oblivion account is an excellent idea.I have one
What’s that?
We live and learn dear❤
If you look over the requirements of high yield accounts, they usually require a minimum of deposits and/or debit card transactions per month.
I actually found out more when calling then I ever knew it’s a little more to it then that. The things that was discouraging was that they wanted a minimum of 25 dollars per wire transfer + 3.99 feet. Also I had to keep money in my account for an extended amount of months to get the interest penalty free. If you make a curtain amount on interest they have to notify the irs and then you pay taxes on it.
The realist video I've ever seen.
I don't have a HYSA. I do have a savings account in a bank that I throw money in. Out of sight out of mind. I don't have an ATM card for it, I have to go into the bank to access any money. Best decision I have ever did. Don't worry about what people say about what your bills are, how much your car payment is etc. My car payment is high too and frankly that was my choice.. :)
Well to be honest they were all high because I didn’t have any credibility and never had a loan before. The truck I drove for a month before I traded it in for a brand new car was 590 a month. They don’t trust people who haven’t had loans before and are almost 30. My credit wasn’t the highest either back then I just got out of debt only months before my 1500 dollar car broke down for the last time. I think people forget no everyone has great options: we do what we can with what we’ve got!
Hey Amanda! Haven't been here long. What is gig work? I am clueless 😂😂
Door dash Uber eats grub hub. Uber ride share Lyft ride share. Instacart or Spark which is Walmart delivery.
@@AmandasBudgets that is a great way to bring in income hun. It seems as though those places you can make your own hours so that can definitely help you bring in a little extra. 😊😊
I hope you are also keeping an adequate amount of cash at home to last you several days or weeks in case you cannot access your savings or bank accounts because of natural disasters, power outages, etc. I have 3 checking accounts, two savings accounts (one is a HY savings account) spread between 3 different banks as well as a few thousand of cash at home. Keep your funds in several different banks, just in case!
I’m lucky I live in Oregon. We don’t have natural disasters often at all.
I love you Amanda …….just breathe ❤❤❤❤❤
I’m fine 🙂
Out of sight out of mind.
Why open an account if you have nothing to put into it? I don't see the point. If I'm not sure I'll have anything to put it into the account say during the first 30-45 days, I wouldn't bother wasting my time on that.
Banks pay interest to depositors for the privilege of using that money to fund their business loans. You can't earn interest if there's no money there for them to use. They saw your account as pointless.
Please don't see this as criticism bc I say this most respectfully.
I guess I should’ve mentioned it was a continuation of what I was talking about in a previous video. The company I went with said that I had put any amount in come to find out that I had to put a minimum of $25 at the time plus the wire fee. I don’t have $25 a lot of times to transfer in there at once so I was gonna just do a little bits from my checks to start small
Yes you can! If you can go to the store and treat yourself to whatever, that amount can go into high yield savings. Even if you have to take it to the bank to prevent yourself from spending it then do it. Don’t give yourself excuses. Save your leftover cash. It will help you out.
❤
Nothing unusual and unbelievable at all- They closed it because of the no money. You don't have to send much - just need to show some activity.
The minimum they allow to send is 25 + the wire fee of 6.99
@@AmandasBudgets You need a need bank! Capital one has no minimum, and you can Zelle the money or ACH transfer for free.
@@AmandasBudgets crazy!! you need a need HYSA! Capital one no minimum and you send money via Zelle or link your other bank acct and no fees to transfer.
💚💚💚🥰