Are we to open a checking or a savings non interest bearing account?

I've been reading that we should open a non interest bearing account (usually never specifies what type) which I did - it is a checking account and then I read something I saved awhile back and it says to open a secure non interest bearing savings account. I am now confused which type of account is everyone recommending and if you have a few minutes to explain why and the advantage of one over the other or should I have one of each checking and savings??? Thank you soooooo much for your time!!!

Openfreer- IMHO, you should have a non-interest bearing checking accounts,And as far as an interest bearing savings account[s] will be entirely up to you- Talk to your C.P.A. and private banker to see which of these accounts you can,or cannot benefit from in the long run,and which of these may be right for you-

Thank you very much!!! Warmest Regards!!!

Openfreer- Thankyou for the regards- If I can help you further, let me know- Terbo:cheers:

In all honesty, I would not be overly concerned. I know, I know the "experts" are all saying to do it, but let's think about this for a second. First of all, as it stands now, the unlimited protection goes away December 31st. Secondly, do you really want to put your money in a non-interest bearing account? The latest data shows inflation YTD of almost 3%. Inflation for 2010 was a little over 3%. So what does that mean in practical terms? If you put your money into a non-interest bearing account, you are effectively losing 3% a year. Is that really what you want to do? I didn't think so.

So then what is the answer? Diversify, some in the market (think blue chip for the most part), some in precious metals, some in CDs, some in annuities, some in land ... how much? Well that depends on your goals, and for that you need to sit down with an experienced and knowledgeable financial adviser.

Thank you also KevinD53! Great smiley face Terbo - over and out!