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Published On: Tue, Jun 7th, 2022

5 Reasons Why You Need Multiple Bank Accounts

The best way to manage your money, build wealth and avoid debts is by planning and saving for the future. However, how much money you save depends on your financial habits. Traditionally, most people have a check and savings account. However, if you have several sources of income and investments, it can be a good idea to set up multiple bank accounts. In an event where you have several bank accounts, it is crucial to get a personal finance app to link all your investment and bank accounts together and help you know your net worth. Tracking your wealth is easy with a money management app like the Prillionaires, which has an incomparably accurate wealth tracker built-in. Net worth is not just for billionaires. Sign up for Prillionaires’ early access program on their website. Here are some major reasons why you require multiple banking accounts. 

photo/ Gerd Altmann

Use Accounts for Different Purposes

There is no one size for all when it comes to banking accounts. Each account is unique and comes with additional requirements and perks. The secret to keeping your finances in order is opening the accounts you require. Some bank accounts you can open include:

  • Checking account for expenses and purchases you make every month
  • Money market account for saving
  • Business account if you have a business
  • Savings account for maximum saving
  • Foreign currency account for businesses overseas

The good thing is that you can manage multiple bank accounts even from different countries by using a good money management app.

Easy to Organize your Finances

Another great thing about having several bank accounts is that it becomes easy to organize your money. Say you want to save for a trip or buy new equipment for your business. Instead of mixing these two, you can easily separate them with a personal savings account and a business account. Having an account designed for each purpose helps separate your finances and track how much you have saved and spent.

You can Take Advantage of Bank Perks

The main reason why most banks offer bonuses and promotions is to encourage registrations from new customers. You may enjoy a promotion interest in your savings account, reduced fees when you open a business account, or a cash bonus with a foreign account. You can enjoy multiple offers, promotions, and rewards with various bank accounts.

Minimize Risks

Some insurance companies only protect a specific limit of money. If your money exceeds the limit, the extra is left unprotected. The best way to maximize your coverage is by separating your wealth among several banks. This way, you can guarantee that your money is safe. If you have FDIC insurance, your money will be reimbursed should the bank fail. This is safer than keeping all your money in one bank account without proper coverage.

Withdraw Regularly

Some accounts like money market and savings accounts allow you to withdraw only six times a month. If you need funds after the six withdrawals, you cannot access them from these accounts. The secret to ensuring you can frequently withdraw is by having several accounts.

Conclusion

If you wish to achieve financial freedom, the most important thing you need is to manage your finances. The best way to do this and keep your finances organized is to open multiple bank accounts.

Author: Leena Martha

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