Week 2 · 40 minutes
Beat the Banks
Build a no-fee, high-interest banking setup you never think about again.
The big idea
Most people donate money to their bank through fees and near-zero interest. The fix is a two-account structure you set up once.
Understand high-yield savings accounts — and which banks to avoid.
The two-account setup
Use a no-fee checking account as your inbox for money, and a separate high-interest savings account as your storage. Separation creates friction that protects savings.
- Checking: no monthly fees, no minimums, no overdraft traps
- Savings: highest available rate, at a different institution if possible
- Sub-savings goals: emergency fund, travel, gifts, big purchases
Fees are a choice
Overdraft, maintenance, and ATM fees are negotiable and usually reversible. Ask once, politely, and be willing to leave.
- Script: "I noticed a fee — I've been a customer for X years and I'd like it waived."
- If refused twice, switch banks; the whole move takes about an hour
Your emergency fund
Aim for three to six months of essential expenses in savings. This is insurance, not investment — the point is boredom and instant access.
1-3-6 method for building your emergency fund.
Active learning check
Name your current checking and savings institutions and the exact interest rate on your savings.
If the rate is below ~3–4% in a normal-rate environment, you're leaving money on the table.
Lesson quiz
3 of 4 to pass1. What's the main job of your savings account?
2. Why keep savings at a different bank from checking?
3. Your bank charges a surprise maintenance fee. First move?
4. How large should an emergency fund typically be?
Practice tasks for this week
Do these after the lesson, before you start Week 3.