<prompt> Human: I recently got a new job that pays a good deal more than my previous ones, and Im finally in a position where I can stop living paycheck to paycheck with a few dimes margin. Now, I understand the wisdom of having money set aside as savings for an emergency fund, etc.What Im curious about is this: Should I open an actual savings account? I already have a checking account. I know that keeping all the money in my checking account can lead to blowing it all on impulse a real problem with me, especially since its tied to a debitcredit card. But what are the benefits of opening a savings account as opposed to simply a separate checking account?  <response>: If you open one at a bank like Ally, you can get a better interest rate on the money you have in there 1 is better than nothing. Also, having a savings account at a separate bank means that you actually have to think about the process of getting money out of that account so you might have a chance to think through any impulses before you actually spend the money. 