Author Topic: Checking/Savings Accounts. How many and why  (Read 3685 times)


  • Stubble
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Checking/Savings Accounts. How many and why
« on: March 07, 2014, 07:17:51 PM »
I currently have a few 3 different checking and savings account at 3 different institutions, each opened at different periods in my life
and for different reasons. I also have 3+ different brokerage accounts for stocks/retirement etc..
I have not yet had any trouble keeping all of these accounts organized and really don't mind checking in on all of them a few times a week.

I have been considering opening an additional checking account, ( at chase to go along with my chase freedom card+my amazon rewards card) and am wondering if there may be any potential downsides to this that I haven't yet thought of.
Besides just for organizational reasons ( as said, not an issue for me) do you see any strong reasons to not?
Is it frowned upon upon by financial institutions to have a higher quantity of accounts/ are there any legal or tax implications?
Im wondering how many other folks have and what their reasons might be for their different accounts.

the fixer

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Re: Checking/Savings Accounts. How many and why
« Reply #1 on: March 07, 2014, 07:32:06 PM »
My experience with this is that I tend to mess up eventually if I add enough accounts. Each one has its own rules about minimum balance you have to maintain and other fees (especially inactivity fees which have nailed me before). I've also had accounts with banks that required notice in writing to get them closed. So it's kind of like creating a mess; it's more work for you to deal with, you're more likely to lose something if you're not paying attention, and it will take a bunch of work to clean up later.

Nowadays I only open new accounts if there's a definite reward to doing so, like a sign-up bonus, high interest, or some kind of cash back reward.


  • 5 O'Clock Shadow
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Re: Checking/Savings Accounts. How many and why
« Reply #2 on: March 09, 2014, 01:54:39 AM »
I've been reading that its important to have your emergency fund in a separate bank to your mortgage/cc/OD etc. I've also heard people talk about having two accounts at one bank to split up the management of the money.  I haven't done either of these yet, but they sound good.

The one thing I would watch out for is the extra banking annual fees, transfer fees, internet fees etc etc. they can really catch you by surprise and add up.


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Re: Checking/Savings Accounts. How many and why
« Reply #3 on: March 09, 2014, 06:54:33 AM »
I have one checking account that all deposits and bills go through. Surplus at the end of month gets swept into other accounts. I'd hate having more than one checking account unless it was a business account (and even then, my very small side business still runs through our personal stuff for now)

Capital One 360
-Travel fund
-Kids' savings (combined between my 3 and god-son, almost have enough to open a Vanguard)

Will open a Vanguard for myself and DW soon, first Roths, then taxable, but our debt APR is high enough that we're taking the guaranteed 6.5% returns by prepaying that first.


  • Stubble
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Re: Checking/Savings Accounts. How many and why
« Reply #4 on: March 09, 2014, 11:48:14 AM »
Certainly agree with the simplicity of having less accounts. I imagine at some point I will want to consolidate but
for the added promotions and benefits of each of the accounts I have opened, its so far worked out well.

I haven't yet used anything like mint 360 view that allows you to see all linked accounts in one place.
This seems like it would be extremely helpful but I don't yet know enough about the security measures in place to fully
trust anything like this.


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Re: Checking/Savings Accounts. How many and why
« Reply #5 on: March 09, 2014, 11:51:13 AM »
Similar discussion here:

Anyone interested in the topic may want to read that thread.
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