Owning different bank accounts with different institutions can be another daunting task. You have to know what amount you hold on each of those accounts and also how to manage all those funds. Personally, I can't manage more than two bank accounts. Unless I have many sources of income and each account with it's source of payment, I would rather stick to one. Many bank accounts is associated with high fees when you put together. With one account, you can manage your finances and experience less fees. Can you manage more than one bank account?
I have three bank acounts. One is a salary account, my employer sends salary to this account. Another is a saving account, what ever I save will be deposited on this account, my third acount is for managing expenses. When I need money to pay bills or buy supplies, I use this account. I have been able to manage these three bank acconts however, I don't think I can manage another bank acount.
I feel you have grouped your accounts well and each has a special purpose. Currently, I have only one bank account which I use for savings purposes. If I get a second one, I will treat it as a salary account just like you Apart from that, I feel online accounts like PayPal can be considered as another "bank account " because we can choose to save our money there.
I have only two bank accounts, one on a physical bank and another on a digital wallet (PayPal). They are more than enough for my needs. Simple like that.
I personally think that only having two bank account would be a more ideal option. It is easier to keep track of in my honest opinion. Having more could prove to be a bit of a hassle and make you put money at risk, I have a physical bank account and a PayPal one, so I really don't feel the need to get another one.
@mildredtabitha Currently I have two bank accounts. A fixed deposit account where I deposit money occassionary without frequent withdrawals this help me to ensure my savings increase without drawing from it unnecessarily. I also have a savings account where my employer deposits my salary monthly. It is not costly to have many accounts because you don't incur much money to maintain them.
I had two bank accounts in the past and for this, I had to pay a fee for every account I had so, I decided to use only one account, in this way I save a fee and commissions from one account. My advice is to use only one account or if you need two accounts, it should be at the same bank.
I have two bank accounts, one is my current account where all my day to day transactions take place and the other is my savings account. I like having them separate as as I can see how much I have for emergencies and don't find them hard to manage at all as they are both with the same bank.
I used to work in a bank so it is imperative that I have a bank account. But I admit that I only have 1 bank account since it is not easy to maintain several. However, if you have a large amount deposited in a bank, it is advisable to scatter your eggs in several baskets, so to speak. Bank closure can happen and it would be a disaster if that will happen to your bank account.
I have 5 in my home country and one here at my present location. I have four accounts back home for various reasons. One is my old account that I opened during my early school days and still active. The other one is my salary account and then I have one joint account with my wife and the fourth is in a bank which had lockers available only if I opened a saving cum fixed deposit account. In fact I have 2 active accounts. I think I should close one of these on my next visit to home.
I have two accounts. A Cheque account and a savings account. Both accounts are with the same bank. These two accounts I have been managing for years without any form of hassles. But I agree having more than 2 bank accounts can prove to be tricky and can also be expensive to maintain.
Currently I have 4 bank accounts. One is an old account which I have it since I was really young, and though I don't really deposit much inside the account anymore, I still keep it. Another one is a joint account with my husband as we applied mortgage loan from that bank, it's for us to bank in money for monthly repayment. I mostly use the other two accounts, one is my personal account and another is my business account which I receive money when people pay me for my freelance work. As there are all for different usages, I am fine with them.
I have more than six accounts and I've been managing them well. Three of them were opened for purposes of receiving earnings from different sources - payroll, Paypal, and freelance writing income. It's not possible to merge them into a single account. To simplify matters, I usually withdraw all Paypal and freelance writing earnings once a month and use them for their intended purposes. My payroll ATM, on the other hand, gets split up to different accounts - savings account for me and my son and an emergency fund. The balance is left for other household expenses. It's not that difficult because only the payroll ATM gets withdrawn from frequently in a month.
I have one for online transactions and that is the only account I use my debit card. I have one for my demat shares account and one for managing my daily expenses. I write cheques from this account.
I like both your ideas of having two bank accounts but in the same bank. I learned in school that banks always consider customers with more than one bank account with them. They always lower fees for such customers and the customers always get interest for the funds in their bank account. But as @Alexandoy mentioned about bank closure, I am starting to think having two accounts in the same bank is not a good idea. I still know bank closure is a rare case. If I was to ever open a second bank account, I would do it with a different bank so I can have experience with them and compare the services.
I can very well manage all my active accounts as it's no more necessary to go to bank's branch but you can handle all your transactions sitting in your home. I am thousands of kilometers away from my bank branches but I can manage everything from here barring operating my locker.
Currently, I had two bank accounts, about to open the third one. I saw nothing in there managements. I only encountered stress when am opening them.
I have tow bank accounts, one is for personal use and another is for saving which I don;t take money only in case of extreme emergency. The one with the personal use can be accessed by my family members but only I can access the savings account. So monthly I deposit some amount of my salary in the savings account which makes me feel more responsible.
I have two bank accounts currently and two PayPal accounts. I used to have 3 bank accounts but one was closed due to inactivity. I may get another online bank account because some of them pay deposits for opening an account with them.
I have four bank accounts. I can manage them just fine. I am going to close one bank account though. It seems like there does not seem to be much use of the additional accounts. I am only using the three active bank accounts. And for this reason it'd be reasonable to say that one bank account can do most of the work. And for this reason I think I am going to keep the three. It's kind of hard to manage those bank accounts, it's not always going to be easy.
