Why Should you have Multiple Bank Accounts?

Can you have multiple bank accounts? If yes, then how many bank accounts can you have? Let’s check in detail why should you have multiple bank accounts or the benefits of having multiple bank accounts. Planning your finances is a must and in order to make sure you do it the right way, you need to save money for any kind of emergency, and to avoid debts/ borrowing money etc.

There are multiple options that many people will suggest, and out of the suggestions taken from expert, the most fit among them is to open multiple banking accounts. As surprising or as difficult as it may sound, it actually is one of the easiest ways to keep your finances sound, as well as to ensure that you make savings through the process. Here is why it is better to have multiple bank accounts rather than a single concrete one.

Benefits of having multiple bank accounts

Still now, if you are thinking “can I have two bank accounts with different banks” or is it bad to have multiple checking accounts, then go through the below points to understand the benefits.

  1. It offers individualistic saving goals

The idea behind this individualist kind of approach is the fact that, with this you can separately save money in a different account and dedicate each account to a particular cause. By doing this, you are putting money in different accounts and when you distribute money separately, you know how much more you need to save for each of the goals. It could be for emergency funds while other could be for a loan you must clear, or any similar cause.

  1. Some money has to be kept totally aside

There has to be money which isn’t only properly segregated but also money which is easily accessible and at the same time invested in a wise manner. There has to be a separate account with fund for emergency, while other savings amount is kept within different kind of time targets.

  1. To maintain the limit

You might as well have separate bank accounts in order to ensure a particular account of yours doesn’t cross the maximum banking limit and therefore, spreading your money would be of greater interest.

  1. If you have to make multiple withdrawals

When you open a savings account, the banks often restrict you to only 5 or maximum 6 withdrawals per month. But, if you have multiple accounts, you get double or triple the number of  transactions to make without being charged any extra fee. However, this must be done keeping in mind the aim behind opening the savings account!

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  1. Additional list of advantages

Different banks have different policies and various benefits to offer. Therefore, as per your convenience, you can have multiple accounts in multiple banks. This will entitle you to the perks from all the institutions.

And that is about it! Hope now you know why should you have multiple bank accounts and understand the benefits. Multiple bank accounts have a number of advantages and at some point of time all of them will benefit you in various ways!

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