Do I need a checking and savings account?

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Right now, my bank account has both a checking and savings account in it. Naturally, my paychecks go into my checking account, and using my debit card takes money out of it. My savings account is just... there. It has to have at least $100 in it or else they take what I do have in it as a fee, and I never have enough money in my checking account to be worth transferring over to savings. My parents swear up and down that it's completely necessary because savings is where you'll get the money if you have to go to the hospital or something like that. But what's the point if I have hardly any money to begin with?

Thing is, a lot of crap has been going on over the last couple months that have practically got me bleeding money. Because of this, I'm constantly having to empty the $100 I have in savings to my checking account to keep from overdrafting, and then put $100 back as soon as I get my next paycheck to keep that from overdrafting, which I then have to put back into checking again. Wouldn't it be easier and simpler just to close my savings account and have nothing but a checking account? Or are my parents right, and I'll end up living in a cardboard box if I don't have both?

The thing about savings accounts-----is that they accrue interest. Interest is so minimal these days that it really isn't worth it from that standpoint.

What is the minimum you can keep in your savings account without attracting fees?

$100

I was thinking this. That said some banks have fees if you only have a checking account. The local banks are more likely not have the fees. I only have a checking account with a local bank that doesn't charge me any fees unless I need to order more checks or something. I try to keep a minimum in my checking thou but dip into it if I need to. I had to have a savings when I got my 1st credit card because it was a secured card cuz I had no credit history & my parents refused to cosign with me & I wasn't working & only on SSI. I was able to get an unsecured card shortly after I started working & then I canceled the secured one. I always paid the balance off every mouth so there would of been no problems for my parents if they had cosigned.

Which bank do you have your accounts with? If you are not satisfied with the bank that you have your accounts with, go to other banks, get all the information you can, and compare with your bank.