How Many Bank Accounts Do You Have

Some experts say less is more and in some cases that is correct but what about bank accounts. Determining how many bank accounts you should have depends on your financial goals: do you want to create an emergency fund, plan for retirement, etc.

You should have at least two bank accounts. If one bank goes out of business or has some type of glitch that prevents you from accessing your money, you will have the other account available. If you have your money in a FDIC insured bank for now you money is insured up to $250,000 temporarily and then the limit will go bank down to $100,000.

Another reason to have more than one account is when traveling, your local bank may not allow you to access money outside of your state so a second account would come in handy. The key is to make sure both accounts operate on separate networks or make sure that at least one account can be accessed nationwide or internationally if you frequently travel overseas.

You can have multiple accounts as long as they remain active and you are disciplined enough to keep track of them. Read your statements each month and verify your balances. If you decide to have a joint bank account verify the balance daily or weekly especially if you spouse does not balance the checkbook or keep receipts. Here are some options you can use to determine how many bank accounts you should have.

How Many Accounts Should You Have
1. Consider location
2. Consider fees
3. What does the bank offers - 24/7 access, after hours customer service, online options, multiple products and services, low or no fees, security protections, multiple locations
4. Watch how they treat their customers
5. Check the bank rating
6. Check the bank's stability
7. Look at future plans (upgrades to service, conversions, future mergers, layoffs, etc.)

You Should Closing Accounts If:
1. You don't know your balance
2. Your account is negative
3. Your balance doesn't grow because of fees you are being charged to keep the account open
4. The interest rate is low or you don't earn any interest
5. You cringe at the thought of going to the bank to make a deposit
6. You forgot you had the account
7. Your original reason for opening the account is no longer valid