Here's How Often You Should Be Checking In on These 10 Types of Bank Accounts

BANKING - SAVINGS & MONEY MARKET ACCOUNTS
Tailor your financial bank account check-ups based on the types of accounts you have.
Updated Dec. 5, 2023
woman working at home in the kitchen

We receive compensation from the products and services mentioned in this story, but the opinions are the author's own. Compensation may impact where offers appear. We have not included all available products or offers. Learn more about how we make money and our editorial policies.

The average American has a slew of bank accounts to keep track of: savings, checking, retirement, and more. 

While the number of accounts can seem overwhelming, not all of these financial buckets deserve an equal amount of attention. Some accounts you can set and forget while others you should check on several times per week.

If you’re wondering how often you need to look in on each type of bank or investment account, we’ve come up with a suggested schedule for you. Your financial needs and goals may require you to check on your cash more or less often, but these are good rules of thumb for how often your accounts need your attention.

Resolve $10,000 or more of your debt

Credit card debt is suffocating. It constantly weighs on your mind and controls every choice you make. You can end up emotionally and even physically drained from it. And even though you make regular payments, it feels like you can never make any progress because of the interest.

National Debt Relief could help you resolve your credit card debt with an affordable plan that works for you. Just tell them your situation, then find out your debt relief options.

How to get National Debt Relief to help you resolve your debt: Sign up for a free debt assessment here. (Do not skip this step!) By signing up for a free assessment, National Debt Relief can assist you in settling your debt, but only if you schedule the assessment.

Try it

Checking account

Andrey Popov/Adobe business woman signing bank cheque

For most people, their checking account is the hub of their financial activities. With paychecks going in and bills going out, it’s crucial to keep on top of your checking account more than your other accounts.

Accessing your checking account a few times per week will help you avoid overdrafts, ensure your bills are paid on time, and help you monitor your transactions for fraudulent activity. 

The more you know about your money, the easier it is to eliminate financial stress.

Emergency fund savings account

maew/Adobe banknotes with emergency funds note

Financially savvy individuals have a savings account for when life goes south. 

Experts recommend keeping three to six months’ worth of expenses in this account in the event of a medical emergency, job loss, or other catastrophic event.

Once you’ve stockpiled enough emergency savings, you only need to check on it once a quarter or so to pat yourself on the back for amassing a savings cushion and make sure the interest rate you’re earning is competitive.

Designated savings account for a specific goal

Malik/peopleimages.com/Adobe woman with laptop in home office

If you’re planning a lavish vacation or saving for a new car, you likely have a separate savings account dedicated to this purpose (so it doesn’t get mixed up with your emergency savings). 

Watching these funds grow as you add to them can be very motivating, so check on this savings account as often as you need to maintain your enthusiasm to reach your goal.

Earn $200 cash rewards bonus with this incredible card

There's a credit card that's making waves with its amazing bonus and benefits. The Wells Fargo Active Cash® Card(Rates and fees) has no annual fee and you can earn $200 after spending $500 in purchases in the first 3 months.

The Active Cash Card puts cash back into your wallet. Cardholders can earn unlimited 2% cash rewards on purchases — easy! That's one of the best cash rewards options available.

This card also offers an intro APR of 0% for 15 months from account opening on purchases and qualifying balance transfers (then 20.24%, 25.24%, or 29.99% Variable). Which is great for someone who wants a break from high interest rates, while still earning rewards.

The best part? There's no annual fee.

Click here to apply now.

401(k) balance

Vitalii Vodolazskyi/Adobe Document with title 401k plan on a table

Checking on your retirement accounts too frequently can be counterproductive. If you see the value of your portfolio go down too often, you may get nervous and consider pulling your dollars out of your investments.

To avoid this temptation, only check your 401(k) once a quarter. This is often enough to tip you off when you need to switch out of a losing investment, but not so often that you’ll want to jump ship on saving for retirement. 

When you look at your 401(k) balance, make sure you’re receiving the accurate amount of matching dollars from your employer.

IRA

karagrubis/Adobe IRA retirement saving

Like your 401(k), you can stand to keep IRA check-ins to once a quarter or so. Take this opportunity to rebalance your investments (if need be) and calculate whether you’re on track to meet your retirement goals and timeline.

Regular brokerage account

Daenin/Adobe business people meeting for business plan

If you have investments outside of your retirement accounts, you likely hold them in a brokerage account. If you’re actively trading, you’ll likely be in this account every day. 

If not, checking on the performance of your investments once a month or even once a quarter is enough to keep you on top of things.

College 529 plan

Andrii/Adobe 529 college savings plan

If you’re putting money away for your child’s education in a 529 savings plan, you can set up automatic contributions to investments so you don’t have to constantly monitor the account.

Checking up on the account’s performance once a year is usually enough. At your yearly check-in, you can move more of your funds to low-risk securities (like bonds) and away from higher-risk ones (like stocks) to ensure your child will have enough money when college approaches.

Joint checking account

Charnchai saeheng/Adobe investors working on desk office

Many married couples combine their finances via joint checking accounts. While research shows that this may be a good idea for your relationship, having two people dipping into the same pot of money can complicate things.

If you have a joint checking account with your spouse, check the transactions for the account as often as needed to ensure the bills are paid. 

Maintain clear, open, and regular communication with your partner so that neither of you gets blindsided by an empty bank account because you didn’t account for the spending of the other.

Certificate of deposit (CD) accounts

Andrii/Adobe certificate of deposit

If you have a certificate of deposit (CD), your money is locked in at a specific rate of return, so there’s no need to check on it while it’s maturing. 

However, it’s a good idea to look at your account a few weeks before the maturation date so you can decide whether to roll it over into a new CD. 

Be aware that your bank or credit union may do this automatically unless you advise it not to.

Money market account

Pravit/Adobe businessman investor working on laptop

If you want to earn a better interest rate than a savings account but you’re not ready to put your cash in cold storage via a CD, a money market account is a good alternative. 

Interest rates on these accounts can fluctuate daily, so check your account somewhere between once a month and once a quarter to ensure you’re earning a competitive rate.

Bottom line

bnenin/Adobe woman securing her bank account

Money going into your accounts doesn’t need much monitoring, as in the case of retirement accounts. However, if you’re pulling money out frequently, it’s important to check regularly to ensure you don’t overdraft or that you maintain any required account minimum balance.

In the case of money markets and CDs, the terms of the account can change. The performance of your brokerage and retirement accounts can also change over time. 

So while you don’t need to check up on these quite as often, put a reminder on your calendar when you need it to ensure these once-in-a-while tasks aren’t forgotten and that you are growing wealth over time.

National Debt Relief Benefits

  • No upfront fees
  • One-on-one evaluation with a debt counseling expert
  • For people with $7,500 in unsecured debts and up

Author Details

Jenni Sisson Jenni Sisson is a freelance writer and editor who focuses on personal finance, real estate, and entrepreneurship. She has been published in Business Insider and The Ways to Wealth. In addition to writing, Jenni hosts the Mama's Money Map podcast to help fellow stay-at-home moms on their journey to financial freedom.

Want to learn how to make an extra $200?

Get proven ways to earn extra cash from your phone, computer, & more with Extra.

You will receive emails from FinanceBuzz.com. Unsubscribe at any time. Privacy Policy

  • Vetted side hustles
  • Exclusive offers to save money daily
  • Expert tips to help manage and escape debt