Owning different bank accounts with different institutions can be another daunting task. You have to know what amount you hold on each of those accounts and also how to manage all those funds. Personally, I can't manage more than two bank accounts. Unless I have many sources of income and each account with it's source of payment, I would rather stick to one. Many bank accounts is associated with high fees when you put together. With one account, you can manage your finances and experience less fees. Can you manage more than one bank account?