Hi everyone! If you have enough money at your bank account and you know more or less how much you will need each month, it is always better to have two bank accounts. Get an amount of money to a different bank account and negotiate a higher rate with the bank. This way you will ensure higher profit and you will know that you can always count on that money. Banks today offer higher rates because they also need to have money that they can use.
It never would have occurred to me to do this! Thanks for the information. I do currently have two bank accounts, but it never occured to me to use them to negotiate a higher return rate.
I don't know about this one. It would probably depend where you are. Banks are a huge cost, so doubling up that cost does not make much sense to me. Perhaps I am too dense and misunderstanding you. Now, having a Swiss bank account I could understand...
Having a swiss bank account, you would probably not need this tip! I m just saying that you can use one to get by and the other one for profit. But you are right, it depends on the amount of money and the bank. Do ask though, you ll be surprised
Banks are only a huge cost if you're paying for it. I would avoid paying fees to my bank like the plague. I don't understand why I should pay the bank when they're the one who needs my money to hold on to.
I have only one bank account and I keep all my money there,because the interest they pay is better than all other banks. Also I split up the money within the same account.. keep majority into fixed deposit and the rest into savings, where I can withdraw, without disrupting the interest paid on the amount in fixed.
Where I live though, banks don't really give much, especially interest and all that. I only do have one account, and it's been alive for a while.
I have two bank accounts in two different banks. Sometimes if I am negotiating something I tell them but in the other bank they give me this rate, why is that? Even if they don't give you a better interest rate they tell you the differences their bank services have from other banks like lower interest rates for certain kinds of loans etc which can come in handy next time.
I have two bank accounts but that's because I'm trying to keep the money separate on purpose. One account is the one I can use to pay bills and buy things with. The other account is money that I'm saving for a deposit on an apartment. That account doesn't get touched.
This is a great tip. Thank you so much for that. I have two bank accounts also and two paypal accounts. I've never thought of using one for my personal everyday expenses, and the other one for profit. I probably can't negotiate higher rates in my country, but I can probably open an account that can provide a higher rate. Thanks again for the tip!
I can't move my money between banks because the contract stipulates I must stay with that particular bank for a certain period of time. Opening multiple banks is more hassle and stress and I don't think it is worth it to be honest.
I do have two different accounts but I didn't know about this thing. Another thing is that I don't have a lot of money in my account. I think, it's a bit weird if I will ask them about this kind of thing. But good thing to know that this thing is possible.
I'm not so sure about this one....I'd have to look into it more. I can see how it would be beneficial in some cases, but I'm not sure it's true across the board.
I have the same problem and I live in the United States. The interest rate for the money that I have in the bank is really low, almost nothing. I am only getting a few dollars per month. I was not aware that you can negotiate to get higher interest rates. What I normally will do, if I don't need the money is put it in a CD. This pays a much higher interest rate. The only downside is that the money is pretty much gone until the time is up to get the higher interest.
I have my own bank account that I just put money in and we use my husband's bank account for utility and personal financial. Our bank interest is super low as well and living in a small town,there's not much choice. We were in a bank that actually charge you if you don't have a certain money in the bank so we closed our account in the bank and stick to this one. I will have to look into this. Thanks for sharing.
But wouldn't the cost of managing two accounts be too much for such a simple problem? One bank already gives me so much trouble, i don't think i can manage the trouble for another.
I actually have two different bank accounts but I didn't know we can negotiate higher rates with the bank. Is there a specific procedure for it? For me one is just a savings account where I just keep the money, the other is an active account used for transactions and what not.
Thank you of the wonderful tip! This just demonstrates how in life if we don't take action someone else probably took that action and it benefitted them in the best way possible. Therefore in my case I will probably be very hesitant to negotiate with something like the bank but it is a try worth giving.
This is an excellent idea. Generally banks combine the deposits from both accounts to meet minimum balances and reduce fees. The biggest advantage is that you are saving. It is so easy to spend whatever is in the account. When you separate your money then you can build up a savings account. That way when you have unexpected expenses like car repairs, something breaks, Christmas, birthdays, and vacations. With the savings account you can pay cash for these items and not put the costs on a high interest credit card.
