- Diversifying your money for budgeting and spending needs- Better banking options pending your needs
- Higher interest rates in some savings accounts
- Testing out other banks services and perks
A normal amount of bank accounts is 3 to 4 accounts, however it does depend on individual situations. Most people are happy with two bank accounts, and then open extra accounts if needed.
One advantage of opening a new bank account is you’ll be able to take advantage of promotions or rewards that a bank may be offering to new customers.
What are some pros of having several bank accounts?
You could also open a new account in order to have access to a higher interest rate in a separate bank, therefore keeping up with or beating inflation and slowly increasing your savings.
The cons of having several bank accounts is that it can get pretty confusing. Having all your details in one place makes it faster to do transfers as well as track every transaction.
What are some cons of having several bank accounts?
You could also miss overdraft fees by accident or even fraud charges that are costing you. And If you choose a bank with different account fees, it ends up costing you more money!