Savings accounts didn’t make much sense when they yielded 1% and inflation was 9%. With yields around 5% at banks chasing deposits, they make a little bit more sense now.
Yep! Why keep anything more than $500-$1000 in a low-yield savings account?
Well, here’s another problem I see. I had some money in a savings at a time when it paid almost nothing. In order to draw some out for bill payment, I had to transfer that amount to checking. Well there goes your interest. I now use a checking account to pay the bills that require a check or credit card.
Interest on savings still is not that great, & if you have to draw some out to pay bills.....well, as I said.