In my Bank Account

I got 1, 2, 3, 4, 5, 6, 7, 8 M’s in my bank account.

Any millennial that listens to hip hop in the past year has heard this popular song by hip hop artist 21 Savage. Not only is this song catchy, it is also a great way to open up a discussion about bank accounts, oddly enough.

Ok, before I start, this blog post is going to a little heavy on the information. There are a few things you have to consider when looking for a bank account that suits your needs as a savvy spender and saver. Luckily, I am here to help you maneuver what those questions and concerns should look like. Here is where the real work begins.



The first thing to consider when selecting a bank account is to understand what are your goals for this account? Are you looking for good returns on your savings? Do you want a method to separate your money while you spend? How often do you take out cash? All of these are questions you should have as part of selecting a bank account.


For those that are looking for savings that gain better returns on their money, choosing bank accounts that have higher yields annually would be the better solution. Choose a bank that will give you a higher interest rate on your bag. Banks such as Goldman Sachs, Barclays and Synchrony are boasting returns of up to 1.55% annual percentage yields. I know what you’re thinking 1.55%? What the hell can I do with less than 2 percent?



Well, let me explain. If you select a bank account that pays you a percentage of 1.55% a year, your return, if you deposit $1000 will be $15.5 a year (1000 x .0155). This doesn’t seem like a lot of money but when compared to a traditional savings account, the average percentage is roughly .7% a year. Using the same numbers would bring you about $7 a year ($1000 x .007).



These numbers are still looking on the low side, but, consider the fact that a savings is just supposed to have money sitting in it. You could be making money while you sleep. These accounts usually offer what’s called compounding interest.


For the sake of learning, I won’t introduce compounding interest in the example above, however, what you will need to know about compounding interest is that it will get you a greater return, the more times your interest compounds. The term compounding interest means earning interest on top of interest. That $15.5 earned a year will be more if you choose a bank that will pay you a percentage on a daily basis. The more often the interest is paid out, the more money you will make.


The way the math works on compounding interest is way too complicated for the point of this blog. Instead of me butchering up how the numbers work, let me drop a quick link and you can have the math done for you. Listen, I’m all for less is more. has a calculator that you can use to figure if and how the numbers would work for you.



Going back to my original post, Mo’ Money Mo’ Problems it is a good idea and a good financial habit to have multiple bank accounts. Having a bank account that is dedicated just to paying bills and having an account dedicated to spending or traveling. The objective is to keep these different accounts separate. You can also maintain accountability of what is going in and out of your accounts, apart from one another.


I personally have two bank accounts. One with Chase and one with PNC. The PNC account that I have has a feature called VirtualWallet. I absolutely love VirtualWallet! It gives me an everyday spending checking account, a reserved account for temporary savings and a savings account. I use the checking account for bills (boring), the reserved account to save for trips or costly events that I have coming up. This reserved account has allowed me to live my best life, let me tell you. I’ve banked with a few different banks and this is the only bank that provides this type of account and it’s the best. What can I say? I’m biased. LOL



I keep my Chase account as more so of an emergency account. I typically only have about $300 in there at a time and because Chase is a popular bank, finding an ATM is quite easy. One of the reasons why I separate my money is because, it forces me to pay attention to how I’m spending. I know some people that have to hide money from themselves. If they see it, they spend it. If you are that person, this blog is specifically for you lbs (laughing but serious).


I do have an option with PNC with 6 ATM withdrawals a month. I can use any ATM up to 6 times a month and the fees will be reimbursed by PNC. This is very clutch in a dire situation. ATM fees add up quick as hell. I don’t have time to give other banks my hard earned coins.



That was a lot of information but we are finally at the end of the post. The good news is, all of the steps that I’ve given you prior to this post has prepared you to start saving. I’ve given you the keys.  You now understand how you spend and how to budget effectively. The assignment that comes with this post is to do some research on which type of bank account is suitable for your savings goals or banking needs.

Once you have identified which one would be best for you, I encourage you to open an account and flourish.

With Love,


Welcome to my world!

Ismae here, coming to you live and in color. I have always been passionate about money, finances and in general just not being broke. Growing up I didn't have much so now that I have means, I try to make the best of it.

Come take this journey with me. We will explore finances in a way your financial planners and accounts can't. I'm actually going to tell you things you care about, because well, you care. Paper chasing is the activity, financial freedom is the goal, generational wealth is the long game. Suit up, let's flex those budgets.
Ismae on InstagramIsmae on Twitter
Posted in Back on Track, Get Organized!, Inspiration & Motivation, Money and tagged , , , , , , , .