Five Benefits of Multiple Banking Accounts

Monday, September 23, 2013, 1:00 AM | Leave Comment

When you’re young, having one bank account is usually sufficient. As you age, opening more bank accounts is in your best interest. If you’ve been working with a single bank account for years, it’s time to learn about the benefits of having multiple active bank accounts at one time.

Five Benefits of Multiple Banking Accounts

Here are five of the benefits that you may have never considered so that you can make the right decision on your own.

  1. Dedicating Accounts to Different Expenses

    If you receive direct deposit, you can easily assign a preset dollar amount to be deposited directly into each of your bank accounts on a monthly or bi-weekly basis. One of the your accounts can be dedicated to paying for rent or mortgage, another can go towards entertainment, and another should be a savings account. When there’s an account earmarked for specific purposes, you can manage your money more efficiently.

  2. Taking Advantage of Each Perk

    Every bank offers their own perks and incentives. When you have multiple bank accounts, you can be the best consumer possible by taking advantage of favorable policies and perks. If one bank has a high daily withdrawal limit, use this account when you’re making luxury purchases. If one bank offers free cashier’s checks or no monthly maintenance fee, use this account whenever you need a cashiers check. You can take advantage of the new policies at some banks and still benefit from the policies of the bank you’ve been loyal to for years with grandfathered policies.

  3. Track Spending

    If you pay some of your expenses by check, you can easily order cheap checks for your accounts with any reputable bank by choosing a good third-party vendor. When you have multiple accounts, you can easily track your spending without all of the mental budgeting. You’ll know what bills are paid out of specific accounts, and how much you have to spend on entertainment and luxuries. This is an efficient way to dedicate an account to check payments and another to automatic drafts.

  4. Keeping Your Accounts Insured

    If you’re lucky enough to have the problem of having more than $250,000 in one checking account, you’ll need to have multiple accounts so that all of your money is insured. FDIC insurance only covers accounts with $250,000 or less, so separating your money benefits those with high balances.

  5. Protecting Yourself When Filing a Claim

    If someone steals your debt card or the checks that you ordered from checks-superstore, all of your funds will be frozen and tied up when you file a fraud claim. When you have multiple accounts, you don’t have to worry about experiencing a financial hardship as the fraud is being investigated.

With the online tools that are available, managing your finances with multiple accounts has never been easier. Keep track of balances, choose the best accounts, and experience why so many people are carrying online and traditional accounts.

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