<prompt> Human: I want to open a capital one savings account and steadily put away some money for emergency, but my friends and family members are telling me no, I can get away with just checkings. Mom is telling me that savings account is taxed so its not even worth it and I wont be saving any money. Is that true? Assistant: All interest earnings from non-retirement bank accounts are taxable. Would you rather get paid and taxed, than not get paid at all?Human: great point, I think my friends and family members dont find the hassle of tax forms worth it, I guess  <response>: Its extremely easy to do taxes with the 1099 int form the bank sends, its not challenging or scary at all. 