How Many Savings Accounts Should I Have? Having a service account is one of the best ways to save money. Whether you are building an emergency fund or you are saving your money for that vacation you have always wanted to go one of the best ways to save money is by having a savings account.
But if you already have a service account and you also want to say for multiple purposes the question now arises how many savings accounts should I have?
Also is it even possible to have more than one savings account? If you also find yourself asking this question then you are on the right at go today. Today we are going to answer that question to know if it is possible to have more than one saving account and if it is a good thing to do so. Careful with that being said let us go ahead and jump in.
How Many Savings Account Should I Have?
It is very easy to save for a particular purpose when you have one savings account. Because he said his account is designed to help people save for a particular purpose which is why you bear the name savings account. There are so many pimples that a person would want to save money however if you cannot save money for various purposes with one savings account then you should have more than one.
That brings us to the answer to the question which is whether you should have as many savings account as possible if you are trying to save money for business purposes. You should not be restricted to having only one service account if you are looking to save money for different things because it will help you save for different purposes at once.
Is It Possible To Have More Than One Savings Account?
The answer to this question is also another yes it is very much possible to have more than one savings account. You can either have more than one savings account in the same bank or have it in different Banks. The only thing I need to make sure of is that you find a savings account that offers fewer fees and more interest. So that you will be able to save your money easily without having to think of paying any bank fees.
Is It A Good Idea To Have Multiple Savings Accounts?
Now that you have known that it is very much possible to have more than one service account and that you should have more than one savings account now let’s see if it is a good idea. And the answer is yes it is a pretty good idea to have multiple savings accounts. Because if you are saving for multiple purposes at once you should have multiple savings accounts.
Having multiple service accounts is a good idea because it helps you keep your goals separate thereby helping you to save for them without having to stress yourself. If you want to save for an emergency fund, a down payment for a mortgage, and also for buying a car in multiple service accounts is a good thing to have. You can set up each service account to save for each one of these goals without getting yourself confused.
Reasons Why People Have Multiple Savings Accounts
They are basically unlimited reasons for a person to have multiple savings accounts. Because having a savings account helps to save for a goal so if you want to say for more goals then you should have multiple savings accounts. As a result of that below are some of the reasons why people have more than one savings account:
- To go to your vacation
- Saving towards a down payment
- Saving money to buy a car
- Paying for home repairs and renovation
- Getting an emergency fund
- Saving money for college expenses
- Planning a wedding
- Saving for retirement
- For car maintenance and repair
- Buying furniture and others
These are some of the most common and basic reasons people often have more than one savings account.
Pros of Having Multiple Savings Accounts
Having a service account has both its advantage and its disadvantages and we are going to talk about the advantage or pros of having a service account now. Some of the pros of having a savings account at listed below:
- Makes it easier to monitor your saving progress – because you are not saving your money in the same place for various purposes it makes it easy to monitor how much should have been said for the difference. If all your money were to be in the same place it becomes difficult to know how much you have seen for a particular purpose. Which is a very good reason to have multiple savings accounts.
- Gives you new bank account bonuses – because you would be opening your service account and various banks it will give you the opportunity to access new bank account bonuses. Which is the reason why you should not have all your multiple savings account in the same bank. Research a new bank that offers sign-up bonuses and a high-interest saving account for your next savings account.
Cons of Having Multiple Savings Accounts
As I have mentioned above everything has its disadvantage and advantages. That is why I have listed some of the disadvantages of having multiple savings accounts alone;
- Having multiple savings accounts makes it difficult to keep track of all your savings account because they are in various Banks.
- It may also trigger a bank fee if you do not keep track and contact Lee money to your various savings account because banks usually charge bank fees for accounts such as minimum account balance fees.
- Because you are saving with multiple Banks they are mad in one of your service accounts will not be up to the amount it should be when combined so you might lose out on high-interest rates. This is because some banks offer higher interest rates for having up to a particular amount.
These are some of the advantages and disadvantages of having a savings account.
Should you have 2 savings accounts?
It is very much possible to have more than one savings account and it totally depends on you and if you are going to be saving for more than one purpose. So yes you should have to say this account if you are saving for two separate purposes you did not want to mix together. Having more than one savings account is a very good way to easily save money without getting confused.