Savings Accounts | Personal Savings Accounts | Tandem (2024)

FAQs

Can I have two savings accounts with Navy Federal? ›

Can I have more than one savings account? Yes, there's no limit to the number of savings accounts you can have.

With interest rates on savings accounts still the highest they've been in years, it pays to save. But while having one savings account is good, many financial advisors and budgeting experts actually recommend keeping several, even if the balance in each one remains small.

Generally, you'll want to aim to have at least two to four months' worth of expenses in your savings account.

"There is no right or wrong number of savings accounts," says Kendall Meade, a certified financial planner at personal finance platform SoFi. "Some people prefer to separate their savings into multiple accounts for different purposes, while others find it simpler to have all of their money in one account."

Having multiple savings accounts can help you keep track of various savings goals. Consider how many accounts you're comfortable managing when deciding if you should open more savings accounts. You can have multiple savings accounts with one bank or spread them across several institutions.

Navy Federal automatically provides a Basic Savings Account to each member. The account has no monthly maintenance fee and accrues interest on balances over $5. Members can open multiple Basic Savings Accounts to save for different goals.

In general, bank accounts don't affect your credit score, and they don't show up on your credit report.

There's no limit to how many accounts you can have, especially if you spread them across various financial institutions. The number of savings accounts you should have depends on your financial needs and goals, however.

Cons. Multiple accounts can be more challenging to keep up with when tracking deposits or withdrawals. You may run the risk of incurring overdraft or other fees if you're not tracking each account closely. Monthly maintenance fees can easily add up for multiple checking accounts.

In fact, if you sock away $400 a month over a 43-year period, and your invested savings generate an average annual 10.5% return, then you'll end up with $3.3 million. And that should be enough money to enjoy retirement to the fullest.

What is the 50 30 20 rule? ›

The 50-30-20 rule recommends putting 50% of your money toward needs, 30% toward wants, and 20% toward savings. The savings category also includes money you will need to realize your future goals.

A 401(k) can count as savings in a 50/30/20 budget plan. But if 401(k) contributions are automatically deducted from your paycheck, they're not included in your take-home pay calculation.

In terms of savings accounts specifically, you'll likely find different estimates from different sources. The average American has $65,100 in savings — excluding retirement assets — according to Northwestern Mutual's 2023 Planning & Progress Study. That's a 5% increase over the $62,000 reported in 2022.

FDIC and NCUA insurance limits

So, regardless of any other factors, you generally shouldn't keep more than $250,000 in any insured deposit account. After all, if you have money in the account that's over this limit, it's typically uninsured. Take advantage of what a high-yield savings account can offer you now.

As a general rule of thumb, you'll want to have saved three to eight times your annual salary, depending on your age: 40: At least three times your salary. 45: Around four times your salary. 50: Six times your salary.

borrower, your savings account must have a minimum of $5. If not, your savings account must have a minimum of $50. A $3-per-quarter fee will be charged if your savings account has no activity for 12 months, you have no other Navy Federal account relationships and your combined balance is less than $50.

Top Banks for Multiple Savings Accounts

Online banks and credit unions typically offer the best combination of high interest rates and low fees, making them ideal places for keeping multiple savings accounts.

(At Navy Federal, all members of the military, DoD, veterans and their families are eligible.) Minimum opening deposit. Navy Federal requires a minimum deposit of just $5 when you become a member and open a savings account.

No monthly service fee if average daily balance is $1,500 or more; $10 if less than $1,500.