Why Should You Have Multiple Bank Accounts

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Bank in the modern world is acting as a great boon to mankind. Humans have a very bad tendency of spending their wealth and resources on many useless things. This is where the banks come into the play if you are really willing to save your money and use it wisely later or stay away from debts then opening a bank account is the best thing you could do in this case. A bank not only saves your money but also provides you with some decent interest and helps you save some of your valuable money and thus a bank helps a modern man meet all of his present and future worldly desires if used wisely.

Some people believe that it is a waste having multiple bank accounts, this notion is completely wrong.

Advantages

Some of the major advantages of having multiple bank accounts are given below:

First and foremost having multiple bank accounts widens the range of your investment, in turn, maximizing your savings. If all the accounts have unique and different balances, anyone the accounts can utilized accordingly after assessing the conditions during a crisis. That means having a multiple bank accounts helps you in widening the range of your savings and helping you meat all your desires and making you successful in your life and thus giving filling your life with all the success and happiness you desire. Thus it could be very easily concluded that a person having multiple bank accounts can aim for a higher amount of savings as compared to a person with a single savings bank account.

One of the major advantage of having multiple savings bank account is that this also helps in providing compartmentalization of your funds. Compartmentalization of funds refers to having different savings for different purposes.Having various multiple bank accounts helps you in segregating all your funds into easily categorized titles on the basis of your requirements. This means that you can easily have a certain amount of money in one of your bank accounts untouched saved only for some emergency purposes making it easy to save, store and access in the case of emergency. Having multiple bank accounts not only helps you to access money under different categories when needed and have better savings but it also helps you to save different funds for different times period without any discomfort being caused to you of any kind.

If you are a citizen in the United States of America or have a account in any one of the authorized banks in the United States of America you would be a person very familiar to the term FDIC which is the abbreviation for Federal Deposit Insurance Corporation. According to the FDIC act, each depositor is scaled for a sum of money amounting to $250,000. So having multiple bank accounts can help you in not exceeding the limit of the insurance by distributing your money into your different bank accounts evenly or in a random order.

The FDIC which is an abbreviation for Federal Deposit Insurance Corporation undoubtedly provides you with certain insurance claims if the bank you are having an account fails due to any reason responsible. But it may take some time for you to get the amount. So if you are a person with a single bank account you have to suffer for the days until you get your money but if you have multiple savings account in different bank accounts you could easily manage those days by taking money from different accounts of yours.

One of other great importance of having multiple bank accounts is that all the banks nowadays have a specified amount of card transactions which for almost every bank is approximately 6 card transactions per month, so according to this criteria if you are having a single bank account you are stuck to a maximum of 6 card transactions which could sometimes be very less. This is where you get the advantage of having multiple bank accounts, if you suppose that you have four different bank accounts then you get a total of 24 card transaction (if considered that you are allowed six card transactions per account) which is enough for a month.

Conclusion

So it could quite easily be concluded that having multiple bank accounts have great advantages and can easily be considered a better option over having a single bank account.