Having money in a checking account does not make you rich. Unlike savings accounts and CDs, which currently pay a lot of interest, or brokerage accounts, which let you invest in the stock market, a checking account is mostly a place to park some cash that you might need at any minute.

But it’s important to have an account balance that meets your needs. And if you’re wondering if $5,000 is enough to cut it, the answer is that it depends.

What do your monthly bills look like?

If you’re wondering if $5,000 is enough for your checking account, you need to know what your monthly bills look like.

It’s usually best to have enough money in your checking account to cover one month’s expenses. An even better bet is to have enough money in there for two months’ worth of bills, just in case your paycheck is delayed for any reason.

Our picks for the best high-yield savings accounts of 2024

American Express® High Yield Savings APY 4.00% Rate info 4.00% annual percentage rate of return as of November 22, 2024 Member FDIC.	APY 4.00% Rate info 4.00% annual percentage rate of return as of November 22, 2024	My. to serve $0
Capital One 360 ​​Performance Savings APY 3.90% Rate info See the Capital One website for the latest rates. Advertised annual percentage rate (APY) is variable and accurate as of November 21, 2024. Rates may change at any time before or after account opening. Member FDIC.	APY 3.90% Rate info See the Capital One website for the latest rates. Advertised annual percentage rate (APY) is variable and accurate as of November 21, 2024. Rates may change at any time before or after account opening.	My. to serve $0
Western Alliance Bank High-Yield Savings Premier APY 4.46% Rate info The annual percentage rate (APY) is accurate as of November 7, 2024 and is subject to change at the bank’s discretion. See product website for latest APY rate. The minimum deposit required to open an account is $500 and a minimum balance of $0.01 is required to earn the advertised APY. My. to serve $500 to open, $0.01 for max APY Member FDIC.	APY 4.46% Rate info The annual percentage rate (APY) is accurate as of November 7, 2024 and is subject to change at the bank’s discretion. See product website for latest APY rate. The minimum deposit required to open an account is $500 and a minimum balance of $0.01 is required to earn the advertised APY.	My. to serve $500 to open, $0.01 for max APY

You don’t want to end up in a situation where you’ve overdrawn your checking account — and been hit with a fee — because of a late paycheck that was out of your control. Likewise, you don’t want to pay a bill late because your paycheck got late and got stuck with a late fee (or, worse, a cramp in your credit score). So two months bills protect you from these unwanted scenarios.

Meanwhile, let’s say your monthly expenses are $2,500. In that case, $5,000 is certainly enough to keep in a checking account.

But if your monthly expenses are $6,000, a $5,000 balance isn’t enough to cover a full month of bills.

How to increase your account balance

If you have a decent amount of money in a savings account linked to your checking account, you may not need to take action, even if your checking account can’t cover a month’s bills on its own.

Most banks allow you to instantly transfer money from one account to another in that situation. So if you have three months of bills in savings and barely a month of bills in your checking account, you’re technically covered.

If your checking account could use a boost and you don’t have money to transfer to it, try working a little to come up with the extra cash. Now is a good time of year to land a side gig, as many businesses need extra help during the holiday season.

That said, some checking accounts give you a bonus for signing up. Some also pay a decent interest rate. It pays to look for a new checking account if your current one isn’t giving you many benefits. Click here for a list of our favorite accounts.

When it comes to funding your checking account, you need to find a balance. You don’t want to have too much money in there, but having too little isn’t good either. As a general rule, aim for one to two months’ worth of bills — whether it’s $5,000 or some other number entirely.