Bank Account(s)

Discussion in Bank Accounts started by tonyb • Nov 13, 2016.

  1. tonyb

    tonybActive Member

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    I am thinking is it not safer to have more than one bank account. In my view it's okay to keep at least two different accounts and preferably form different banks for more security purposes. I don't think it's wise enough to keep just one account for all transactions.
     
  2. Belovedad

    BelovedadActive Member

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    Currently, I have two. I am considering getting another to access a debit card but I haven't gotten down to it yet. I think it's safer to have more than one actually. If something happens to the one bank that all your savings are in, it can be really troubling so I find it safer to split up your funds.
     
  3. biege

    biegeActive Member

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    I agree but if you own a business it's recommended that you own many accounts for diversification and security. I own two accounts and I have 5 online wallets where I store my virtual money. So far, having a diversified number of accounts are good for me because for some reason, I'm saving more than having just one or two accounts.
     
  4. Nakitakona

    NakitakonaActive Member

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    Having two or more bank accounts has advantages and disadvantages. First, it is too bulky too troublesome to have one bank account for a huge money deposits. In case there is a bank run, you won't suffer much. Another one, there are banks which may sometime go off line. Therefore, you business transaction would be affected. But if you have another bank account to a different bank, you could proceed with your business dealings.
     
  5. Alexandoy

    AlexandoyWell-Known Member

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    There is a saying not to put all your eggs in one basket to mean that it is wise to scatter your money in several banks. But we're speaking of big amounts only particularly the money you are saving for your future. The best for your savings is to invest so it will earn. However, there are so many scam investments nowadays so it is scary to do that for now.
     
  6. tonyb

    tonybActive Member

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    I think there are people out there who seem contended with a single bank account. Many are just being reluctant going for a second account due to the bureaucratic procedures. I guess someone with only a national identity card or a legal means of identification should be okay to open a bank account.
     
  7. Jasmin Cottontail

    Jasmin CottontailActive Member

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    I as well would like to put my money in different bank accounts with different banks. I have 2 personal bank accounts for my savings and emergency fund and 1 joint account for daily expenses. And I think it is safer that way :)
     
  8. Vinaya

    VinayaActive Member

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    I have half a dozen bank accounts for various purpose. I use one account for every day transaction, pay for utilities, groceries etc. Another account is my saving account. My third account is my business account which i use to pay clients or receive money from sales. One of my bank account is a joint account (my wiife and mine).
     
  9. luckycharm

    luckycharmActive Member

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    I have two accounts in two different banks. I think it is not a good idea to have all your money in one bank account because as mentioned above if one of your banks is facing some issues you can at least take care of your basic needs using the money saved in the other bank account.

    In our country there is also a restriction on withdrawing money after a certain limit from a particular bank account. If you have more than one account you can withdraw adequate amount of money from different accounts. But we have to take good care of our ATMs and other sensitive details of all our bank accounts. It's better to keep a record of the same.
     
  10. tonyb

    tonybActive Member

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    That looks to me as owning too many number of bank accounts. In some countrie banks would expect you to leave a minimum deposit in your account which you cannot withdraw unless you are closing the account. In such a case six bank account may cost a lot to maintain.
     
  11. Decentlady

    DecentladyActive Member

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    I think it I good to have multiple accounts with both government and private banks.

    Some banks go dowm suddenly while other offer better interest rates. Depending on such factors one may play with the investment and utilize wisely.
     
  12. Binu

    BinuActive Member

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    I have three bank accounts. One is my salary account (I work in a school), second is my saving account and third is my business account. On this business account I deposit money that I make by selling insurance products (I am also an insurance agent).
     
  13. ptahm22

    ptahm22Active Member

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    Different banks have different offers. Each bank trys to attract customers to their services through various incentives. Paying attention to these incentives can be helpful. Others don't have incentives but they offer better services at some sectors. Each has their stronghold. To get the most out of your banking life you have to try many accounts. Don't worry about bulk, the benefits you get are worth it. However, too many accounts aren't necessary. I have at least five accounts.
     
  14. Jamille

    JamilleActive Member

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    I have 4 accounts at the moment. Three are savings account and one is a checking account. One account is a dollar account to which I deposited my share in my father's 401k proceeds. It was the only bank I know that accepts dollar check deposit. Another is my major account in which I keep my savings. It has an attached checking account which I use for business. The fourth account is where my salary is credited. In my country, deposits are ensured up to a certain amount.
     
  15. efrain silva

    efrain silvaMember

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    I have always agreed with this thought as well. In general, it appears to be a safer move. I still believe it is. For example, if you lose money in one bank or more, you always have the other (s). I never like to keep all of my eggs in one nest, personally. Where is the fun in that, anyways? There is none.
     
  16. luckycharm

    luckycharmActive Member

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    I don't think we may lose money in any of the banks here. In our country all banking institutions (private and public) are controlled by a central monitoring authority. For every bank it is mandatory to keep a cash reserve with this authority. So I think in case a bank goes down, this authority will interfere to ensure security of deposits.

    But lately it has come light that a number of private banks indulge in illegal money transactions which is quiet disturbing. Anyway our money is safe in all the banks.
     
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