Its a fair question.
Do you even need more than one?
How Many Bank Accounts Should I Have?
The Bare Minimum
OK, lets start with the basics.
The absolute bare minimum for accounts that you should have is two.
You need achecking account and a savings account.
Each of these accounts will serve a separate purpose.
Checking Account
This serves as your primary money account.
You put money in yourchecking accountto handle your bills and other spending.
You may (or may not) actually use checks, but youll probably use a debit card.
If you want to have your bills automatically paid, this is the account to do it.
Savings Account
Even if youre living paycheck to paycheck, youll want asavings account.
This is where you stash money for emergencies.
Its essential to have an emergency savings account to avoid financial disaster when life happens.
No Interest Til Almost 2027?
This account is your safety net.
take a stab at add whatever you could into it and leave it alone until you really need it.
Even short-term savings like money youve budgeted for Christmas or your vacation fund can have their own accounts.
This is called the bucket method.
Each savings goal has its own account or bucket.
On the flip side, you want to be careful about the accounts you open up.
If you have too many accounts with small balances, you could get hit with maintenance fees.
You may want to start with just a few.
you’re able to alwaysopen new accountsif you realize it will be beneficial.
While having them all in one place may be convenient, it also comes with some risks.
So overall, your money is safe.
But if your account gets hacked, you may have trouble getting your money back immediately.
Having money in another bank works as a sort of safety net.
Also, you get to test drive multiple banks and maybe youll find a new favorite.
Here are some common savings account features to consider.
Its just not that simple.
The answer depends on your needs and even your personality.
Do what works best for you.
you gotta be able to pay your bills first.
Set goals, choose accounts wisely, and enjoy watching your savings stack up.
Tyler Omothis a freelance writer covering topics from personal finance to career advice and even lawn care.
His work has been featured on TopResume.com, Writersweekly.com and more.
He is also the author of over 70 educational books for children and a proud parent of twin toddlers.
Probably not as good as youd like.
It always seems like an uphill battle to build (and keep) a decent amount in savings.
But what if your car breaks down, or you have a sudden medical bill?
Ask one of these companies to help…
