Is it a good idea to have multiple bank accounts?

[glitch]

Be it for business or just a private bank account, do you think it is a good idea to have more than one?

With all the bank panic in America, I am going to be opening up a second account. In the event one bank fails and I can't access my money, I want to be able to have a way to at least access some of it. I figured this is a good protective measure for if things go wrong.

 

[Nomad]

If banks do not levy you, I mean if your banks do not charge fees on your account, it is not a problem to have multiple bank accounts. I have about 8 bank accounts and none of my bank accounts charge fees.

 

[Trey]

In my country, the bank charges on those accounts would so drag your finances. I have been loyal to one bank for the past 12 years. It is just this year that I had to operate an e wallet with Opera's Opay.

 

[Mayorla]

Having more than one account is great. If you rely on only one account, It might fail you on a day you need it the most. In my country, Banks are not reliable as their service can fail you at anytime without prior notice

 

[Ernestnari]

Having more than one account is great. If you rely on only one account, It might fail you on a day you need it the most. In my country, Banks are not reliable as their service can fail you at anytime without prior notice

You just took the words out off my mouth. Having one bank account no matter the cost of it is tantamount to suicide in my country. Bank network failures are a common issue. Not to talk of lack of cash.

 

[eLdavis]

It is actually your choice though. You should have a reason for having multiple accounts. Like myself i have multiple accounts, i use one for saving the earnings i make from my business, while the other is used for my spending, then i have another one where i save and another account i use for emergency Saving as well.

 

[Mayorla]

You just took the words out off my mouth. Having one bank account no matter the cost of it is tantamount to suicide in my country. Bank network failures are a common issue. Not to talk of lack of cash.

Exactly, Even Individuals with Two bank account still complain of lack of service with the two banks. This is to show how bad it is in my country. So, If you know you don't intend to get disgraced while trying to make payment for a goods or services. Ensure you have more than one account then.

 

[AruneBend]

Some banks charge fees but if it doesn't I don't think it's bad to have multiple bank account it helps you to manage your finances and more

 

[Syldan]

Well I think it depends on your choice and to some extent I sees it as a waste of time.

I my country, even if you have more than 10 banks account, they are all link to the same bank verification number that can be monitored easily.

 

[HK World]

It depends on your financial goals. If you have different financial goals, having multiple accounts can help you track and allocate funds towards each objective.

For example, you might have one account for an emergency fund, another for house savings, and a third for retirement savings.

 

[Grant]

To my understanding some banks have limits for how much you can hold, so if you happen to be rich, then you may need to use more than one bank. Or so I've heard.

I don't know if it's needed if you're making a stable income. But, if you feel like splitting your money up in multiple accounts, I'm sure that's fine. I personally put my money in credit unions instead of banks. There you at least have more control of your funds and you're not borrowing the money out to my understanding.

 

[Pattertwig21]

I have always hear people in my country to diversify funds, don't put all your eggs in one basket. Put it in government secured banks and deposit only to the amount secured by the insurance company. This way if one bank fails, you will not be left with nothing while you wait for the insurance to return your money. Also, diversifying to banks with higher interest is recommended by most in my country.

 

[Good-Person]

If banks do not levy you, I mean if your banks do not charge fees on your account, it is not a problem to have multiple bank accounts. I have about 8 bank accounts and none of my bank accounts charge fees.

I do not like to have bank accounts. I have a few bank accounts, but I do not use them and I shall close them sooner. This is because I may not be able to use them in case if i travel outside the country. I prefer to use payment processors.

 

[Nomad]

I do not like to have bank accounts. I have a few bank accounts, but I do not use them and I shall close them sooner. This is because I may not be able to use them in case if i travel outside the country. I prefer to use payment processors.

Contrarily, I trust banks more than payment processors. Payment processors are notorious for locking your accounts. I don't travel, so I do not have the necessity to use payment processors in other countries. I also earn interest in my deposits from the banks.

 

[Good-Person]

Contrarily, I trust banks more than payment processors. Payment processors are notorious for locking your accounts. I don't travel, so I do not have the necessity to use payment processors in other countries. I also earn interest in my deposits from the banks.

Well, there are some disadvantages of using bank accounts as well. You may not be able to use your bank account in case if a bank does not exist in a different country. Using a payment processor allows you to use your money anywhere. Make sure that you use a trustworthy payment system.

 

[Mostee501]

I personally feel it's a good idea to have multiple bank accounts as you can use some for different purposes. In term of network and technical issues, one can switch to make use of the other bank to complete their various transactions.

 

[Good-Person]

I personally feel it's a good idea to have multiple bank accounts as you can use some for different purposes. In term of network and technical issues, one can switch to make use of the other bank to complete their various transactions.

When it comes to opening a bank account, it is crucial to open an account with a bank that allows you to make payments around the world. This may help you a lot while you are travelling to a different country while on vacations.

 

[Heatman]

Be it for business or just a private bank account, do you think it is a good idea to have more than one?

With all the bank panic in America, I am going to be opening up a second account. In the event one bank fails and I can't access my money, I want to be able to have a way to at least access some of it. I figured this is a good protective measure for if things go wrong.

As far as I'm concerned, it is a very good idea for you to have more than one bank account because banks in my country can never be reliable when it comes to giving you top-notch services all the time which is why you have to have an alternative.