Above is an example of a flowchart of my various accounts, not including retirement and investments. Basically, this shows where our paychecks go. Since we have stopped our Roth IRAs until we are out of debt, do not fund any other investments, and our 401ks are taken out pre-tax, this is a distribution chart of our net take-home pay.
We have a brick and mortar bank that we use for our everyday spending, for cash withdrawals and debit purchases. A percentage of our income goes into our long term savings (the whole 6 months of income thing), or it goes into short term savings (but that account is already sufficiently funded so it gets nothing at the moment). Why have 2 savings accounts? The FNBO has a great high interest rate, but transferring money can take a few days. With the Wells Fargo savings, which earns barely any interest, I can transfer the money instantly. A credit card is fine for emergencies only assuming the emergency will take plastic! I like having cash available, and the Wells Fargo account beats keeping it under my mattress.
Our bills, weekly readjusted costs (readjustment pool money) and debt repayments goes to ING. From there it sits until needed and a bill is paid and earns 4% interest in the meantime. A savings account wouldn't do for this obviously because it restricts the number of withdrawals per month. Why even have an ING savings? Good question. I opened it with them intending to move my money there until I discovered FNBO, and I just left it open. Maybe ING will come out with a promotional rate, so there's no harm in keeping it.
Seeing it as a chart, it's not as complicated as it sounds when I try to explain it!