When you start earning money, you first open a bank account. You deposit your earnings in this account and withdraw money from it when needed. Many people also open multiple accounts in the same bank. Do you want to know what are the benefits of having multiple accounts in the same bank? Is it right to keep two or more accounts in the same bank? What are its advantages and disadvantages? Let’s know…
You can open multiple accounts in the same bank
You can keep multiple savings accounts in the same bank. Most banks do not have any limit on how many accounts you can open. You can open different accounts according to your different needs. Let us tell you what are its benefits.
Benefits of having two or more bank accounts
Proper use of money: You can divide your money for different purposes. For example, keep money for daily expenses in one account and deposit money in the other for something special, like a holiday or buying a house.
Higher interest: Sometimes banks give different interest rates on different accounts. In such a case, you can get more interest.
Money will be safe: If there is a problem in one account, then your money will be safe in the other account.
Drawbacks of Holding Multiple Accounts
You will have to pay more charges: Banks can charge maintenance fees if the minimum balance is not maintained. If you are unable to maintain the minimum balance in every account, then you may have to pay a higher fee.
Difficult to manage: Having more than one account can make it difficult to manage them. Managing the balance, transactions and statements of each account becomes a bit complicated. You will have to look at two different statements and ensure that there is no mistake or deficiency in both the accounts.
Pay attention to these things before opening two accounts
There are some advantages of keeping two accounts in the same bank, but there can be some disadvantages as well. Therefore, before opening a bank account, think about what you need and what you don’t. If you think that you can handle both the accounts well and they will be beneficial for you, then you can open two accounts.
