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Surge89

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Difference between Transfers, Savings, and Deposits?
I have 2 Bank accounts, both which have a Checking and a Savings.

My second Bank is for Savings purposes only and for Emergency Withdrawals. My main Bank is where I pay my Bills from from the Checking. Occasionally I will Transfer an amount to the main Bank's Savings account. Once I've accumulated a nice amount, I Transfer that amount from the main Savings to my second Bank's Savings.

I was playing around with the Withdrawals and Transfers I make from my main Checking to my main Savings, then to my secondary Savings, but the numbers are confusing me. Some numbers are in Green. What category should I put each one at?

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Red means money was taken from Account A (withdrawl) and Green means the money from Account A was deposited into Account B.

So the bank accounts are with separate banks? Any particular reason why? Are there fees associated with the transfers and are there any limits on withdrawls?

For ease I'd consider moving all of your accounts to the same bank. You can keep all 4 accounts, but at least then you can access them within the same dashboard on the online site. I do almost the same thing as you in regards to moving money around in my accounts and I have a rediculously hard time assigning labels to these transactions within Mint or my bank's website. So I just leave them as transfers or select that they not be tracked.

Reply by
Surge89

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Thanks,

I'd prefer to not track them at all.  I only want expenses and revenues tracked, not the transfers since they're irrelevant to that.

The reason I have it set up in two different banks is because of the APY on my secondary savings.  This is where most of my savings go in terms of accumulation.  The APY is almost as good as a CD account (and alot better than my primary savings), so I can accumulate a good amount there and then CD it somewhere else.  I've found this to be an effective solution for me, and there are no fees at all; only 3 withdrawal transaction from primary savings (which is why I wait for a good amount to be accumulated here), and 6 on my secondary savings (which is where most of my savings get saved to).

I would like to set these transfers to NOT be tracked, however I can't find the option to do so.  Can you shed some light please?

Thanks!

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