Why Do I Have a Savings Account?

I encountered a dilemma today.

I got my goalsharing bonus from work deposited into my checking account and decided to move $500 to my savings account. I haven’t had anything in my savings account since I created it (I think I was required to create it when I joined the credit union).

When I first joined like 5 years ago, I wanted to try to put money into savings – not only to actually save money but to receive interest. Well now my checking account receives interest (pending a couple requirements each month). And it’s almost 3% more than my savings account. So why… other than segregating part of my money… would I want to put money into my savings?

I don’t know. Even trying to segregate my money so I feel like I won’t spend it is kind of moot. I can access my online banking anywhere (thank you iPhone) and can transfer money in just a couple clicks. So what’s to stop me from doing that with money in my savings? Not much.

So I ask again – Why do I have a savings account?

I suppose the answer is because it is “required” by the credit union… but even then, that was how long ago? In any case, I guess I will try to leave it in there to keep it away from the rest of my money and hopefully be able to keep it in there for a while.

No, I won’t be earning shit for interest on that particular sum of money – but at least it won’t infect the rest of my money with its disease, right?