I was wondering if the're are advantages/ disadvantages to having multiple bank accounts.
More then one bank accounts?
- Thread starter GoldenBacon
- Start date
Depends how you see this. I used to have 2 bank accounts in different banks. It was useful if one of the ATM didn't work (rarely), I had the other card. Then, it became useless as I wasn't using my second bank much when I got a credit card.
I normally have a main account and a saving account. The way I work is that I move what I need for the rent, electricity, utilities, etc and a bit of savings in the savings account when I get paid. I then use what I have left for grocery, fun money, etc. I rarely need to move some money from the savings unless there's an emergency or I bought some shaving gear off ebay...
I think the saving account is good as you have that money out right away so it's easier not to spend it.
I normally have a main account and a saving account. The way I work is that I move what I need for the rent, electricity, utilities, etc and a bit of savings in the savings account when I get paid. I then use what I have left for grocery, fun money, etc. I rarely need to move some money from the savings unless there's an emergency or I bought some shaving gear off ebay...
I think the saving account is good as you have that money out right away so it's easier not to spend it.
I have one bank account for my personal life. All personal issues (paycheck, expense checks, rent, utilities etc) go into and out of this checking account. I have a savings account with the same bank.
I also have another account in a separate bank that I use exclusively for Paypal and Antique shop purchases.
It's nice to keep the two separate, and if there was ever an issue with Paypal, it is limited to what they can sieze.
I also have another account in a separate bank that I use exclusively for Paypal and Antique shop purchases.
It's nice to keep the two separate, and if there was ever an issue with Paypal, it is limited to what they can sieze.
I have USAA (Military banking) which is my primary bank account which includes my auto and home insurance. They as well provide my life insurance and my investments.
I have a local bank, that used to serve one purpose. local check cashing
However now that I have "deposit at home" and deposit at mobile" I do not need to cash checks as I scan them into the computer, or take a photo of them with my phone and they are deposited. This bank more or less just sits dormant
I have a local bank, that used to serve one purpose. local check cashing
However now that I have "deposit at home" and deposit at mobile" I do not need to cash checks as I scan them into the computer, or take a photo of them with my phone and they are deposited. This bank more or less just sits dormant
I've got one account for myself, which is where my paychecks go and my money stays, and I've got a joint savings with my girl which is where our auto withdrawals come from for things like insurance. The joint account is a different bank then my personal account, and my girl has her own account as well.
It is a little cumbersome having to add money to the account every month for the bills rather then just not worry about it, but it forces me to pay attention every month as well as makes it easier to keep track of money.
It is a little cumbersome having to add money to the account every month for the bills rather then just not worry about it, but it forces me to pay attention every month as well as makes it easier to keep track of money.
I have 8 bank accounts.
1. A Bill paying account. All my bills are paid automatically from this account
2. A spending account. I leave all my money for 2 weeks to spend in this account.
3. A US dollar savings account.
4. Tithing account. Church related business.
5. Long Term savings. For big projects in the future.
6. Short Term Savings/get out of jail free card. I put a bit of extra cash in here just in case I need it one day.
7. Baby fund. Money for our little one.
8. Holding tank. Money is put here temporarily until it is needed. I'm talking about maybe a weekend turnaround or sooner.
Really, the short term savings and holding tank accounts can go, but they don't cost anything to have, so they stay for now.
Oh, and my wife has all her own accounts.
1. A Bill paying account. All my bills are paid automatically from this account
2. A spending account. I leave all my money for 2 weeks to spend in this account.
3. A US dollar savings account.
4. Tithing account. Church related business.
5. Long Term savings. For big projects in the future.
6. Short Term Savings/get out of jail free card. I put a bit of extra cash in here just in case I need it one day.
7. Baby fund. Money for our little one.
8. Holding tank. Money is put here temporarily until it is needed. I'm talking about maybe a weekend turnaround or sooner.
Really, the short term savings and holding tank accounts can go, but they don't cost anything to have, so they stay for now.
Oh, and my wife has all her own accounts.
Multiples here. One: checking account at brick-and-mortar traditional bank with local ATMs. Two: savings account at an Internet-based bank, with decent interest. Three: checking account at an Internet bank, with decent interest. I think my brick-and-mortar bank is about to fee me to death, so I may just drop that account entirely.
The wife has her own accounts. No access to mine.
The wife has her own accounts. No access to mine.
Yes, multiples here, too. Personal checking, a spare checking that I sort of use as a reserve, savings I don't touch, and some business stuff.
If you have PayPal or anything with automatic withdrawals, it's smart to sandbox that in a separate account at a different bank. If something goes screwy, it won't touch your other accounts while it gets sorted.
Also, it's wise to put money into a savings account that you have to jump through a couple of hoops to access. That cuts way back on impulsiveness.
If you have PayPal or anything with automatic withdrawals, it's smart to sandbox that in a separate account at a different bank. If something goes screwy, it won't touch your other accounts while it gets sorted.
Also, it's wise to put money into a savings account that you have to jump through a couple of hoops to access. That cuts way back on impulsiveness.
Home and business.
Ball and chain has her own.
Ball and chain has her own.
Personal, shared with swmbo, and business. I try to minimize service charges. RRSP and pensions spread all over God's green earth.
I have multiple at one bank. My wife and I used to have separate accounts at different bank but then we combined them.
Besides the above, it's really nice to have a 2nd account at a separate bank in case a deal comes up at one of the banks. Usually if you want to open a new money market or some other account with a great rate, you have to bring in new money. This way you can just get it from your other account.
Besides the above, it's really nice to have a 2nd account at a separate bank in case a deal comes up at one of the banks. Usually if you want to open a new money market or some other account with a great rate, you have to bring in new money. This way you can just get it from your other account.
Joint with SWMBO, Savings, Business, Personal Spendings, Paypal and C/C
Easier for me this way to keep track of all monies. All can be managed online and from my phone, I can't imagine having to do over the counter stuff... in fact I can't remember the last time I walked inside a bank.
Easier for me this way to keep track of all monies. All can be managed online and from my phone, I can't imagine having to do over the counter stuff... in fact I can't remember the last time I walked inside a bank.
We have a couple...I use our Credit Union as the main one. PayPal is usually cc limited (specific) and it's controlled and watched. If I have to draw on a bank account (for payPal), I have a specific account for that that I transfer into
Also, multiple banks maybe good in case another bank failure becomes imminent
...spread the risk
Also, multiple banks maybe good in case another bank failure becomes imminent
...spread the risk
Sometimes it's easier if someone can't manage an account with cash-flow going out for different things.
I have a joint savings with my wife, personal checking, paypal (shaving, guns) and another small checking at a credit union to use of personal loans, car loans and mortgage.
I have a joint savings with my wife, personal checking, paypal (shaving, guns) and another small checking at a credit union to use of personal loans, car loans and mortgage.
Using USAA and ING we have money socked away in different accounts for different purposes (emergency cushion, car payoff savings, long term saving, etc.), but those are really just 'sub-accounts' that we created to help keep track of our different savings goals. Funds get moved around within them with a couple clicks, so it's not really different accounts.
Me and the wife each have an account to our selves that is a "spend how ever you like" account, not a lot of money there but a little each month. Then we have a shared account for the bills and what ever normal spending we have. Then a savings account that we share.
CD rates vary hugely and it's definitely worth moving those around; the best rates nationally are usually in the Sunday paper. Quality of service on the phone is critical with out-of-town banking but having the money out of the reach of impulse is good! One thing to look for: my primary bank has ATM machines which will scan your deposited check and give you the image on your receipt; you don't have to fill out a deposit slip. I feel a lot more secure making deposits that way; doing the same by cell phone sounds even cooler but I would have security concerns. If you want to use multiple banks make sure you don't get fee-scalped on transfers.
I have too many
my company has business checking account
I have checking and savings and a CD here in the states, I have a checking account in the UK and two accounts that I use for trading one for stocks and one for currency (as its basically gambling this way i never bet more then I can lose).
my company has business checking account
I have checking and savings and a CD here in the states, I have a checking account in the UK and two accounts that I use for trading one for stocks and one for currency (as its basically gambling this way i never bet more then I can lose).
We've got one main traditional big-name-bank account withe checking and savings sub-accounts. Then we've each got our own credit union accounts that we hold for rainy day funds, play money, and low-cost online purchases; another savings-sub account for the kiddo.
We split between a few because:
- the big name bank offered us the most attractive mortgage, and their pre-approval letter was golden in the local housing market.
-Credit union accounts provide more attractive interest rates, and (once upon a time) were less stingy with granting loans.
-Having separate spending accounts also keeps us from ruining our own surprises at Christmas and Birthdays when we would otherwise risk accidentally seeing what's been purchased in checking the online balance of a shared account.
-an entirely separate bank with a low balance for online purchases keeps the internet bad guys out of our real savings, in the event that a retailer or card company's records are compromised.
I also have $5 sitting in my home town community credit union from a 8-10 years ago when I went away for college. Parents have since moved away as well, so I don't meet the membership criteria for the "community" part of the CU's name. I've left it that way just to see what happens to my 500 pennies.
We split between a few because:
- the big name bank offered us the most attractive mortgage, and their pre-approval letter was golden in the local housing market.
-Credit union accounts provide more attractive interest rates, and (once upon a time) were less stingy with granting loans.
-Having separate spending accounts also keeps us from ruining our own surprises at Christmas and Birthdays when we would otherwise risk accidentally seeing what's been purchased in checking the online balance of a shared account.
-an entirely separate bank with a low balance for online purchases keeps the internet bad guys out of our real savings, in the event that a retailer or card company's records are compromised.
I also have $5 sitting in my home town community credit union from a 8-10 years ago when I went away for college. Parents have since moved away as well, so I don't meet the membership criteria for the "community" part of the CU's name. I've left it that way just to see what happens to my 500 pennies.
