Do You Have More Than One Account?

Discussion in Bank Accounts started by Jessika • Mar 29, 2017.

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Do you have more than one bank account?

  1. Yes

    6 vote(s)
    85.7%
  2. No

    1 vote(s)
    14.3%
  1. Jessika

    JessikaActive Member

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    Do you have more than one bank account? I was reading the papers about a woman who lost everything because her account was hacked, and her insurance only covers up to a certain amount per account. Some of the advice given was that if you have savings over the insurance level, they should be in multiple accounts to ensure you don't lose the money.

    I have a few accounts, my main one, savings accounts, and a secondary current account I don't use anymore. What about you?
     
  2. explorerx7

    explorerx7Active Member

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    I utilize a bank account for storing funds that I may need to use on a short-term basis. Any funds that I plan to keep for a prolonged period is placed in a deposit account where I may earn higher interest. The rate of interest that banks in my country pay-out on ordinary savings is very minuscule, therefore, I deem it foolhardy to have any huge a large sum of money in that type of account. This method of keeping money will also offer me more protection from losses through hacking activities because.
     
  3. Krissttina Isobe

    Krissttina IsobeWell-Known Member

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    Wow, that poor woman, who lost money. It's good to know that it's safer to have a few accounts if you have a large amount of money in your savings that the bank won't cover. It's good to speak with your financial adviser about it, but you wouldn't think anyone would steal your money from a bank!!!
     
  4. Decentlady

    DecentladyActive Member

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    I find it wiser to have multiple bank accounts for safety reasons. I do keep one account for daily transactions and try and fix other amount for a better interest.

    Incase one account gets into problem then other account atleast gives you urgent cash as pet your need.
     
  5. moondebi

    moondebiActive Member

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    I've multiple accounts. Some are in govt banks while others are in private sector banks. Different account has different purpose though.
    You never know about government's financial policies. Those keep on changing, and depending upon terms and conditions of a particular time, you need to make accounts to avail the best interest rates of that moment.
     
  6. Nakitakona

    NakitakonaActive Member

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    One bank account is the usual practice of an ordinary earning individual. His salary or monthly compensation he received is enough to support his family. It is not necessarily for him to have a multiple bank accounts.

    But for a business man, it is advisable for him to have a multiple account to accommodate his various income from such business. This situation requires a practical point of view. Why? It is very subjective.

    So it depends for a person to have one or multiple bank accounts corresponding to his sources of income.
     
  7. Jamille

    JamilleActive Member

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    I keep multiple accounts for different purposes. My salary account is my temporary account, the one I use for daily expenses. But before I can spend anything off my salary, I regularly deposit a fixed percentage to my savings account and that of my child and they're with another bank. I also keep a separate bank account for my business so it won't mixed up with my salary funds. I only use this account for maintenance and for payment of the loan I incurred to buy the vehicle, I leave the rest to earn a little interest and probably to buy another public utility vehicle in the future or start a new business.

    I find it simpler to open multiple accounts than to keep all in one account and maintain a listing of what the funds are for. Besides that, this also gives me security that should one account be compromised, I'll have other funds to fall back on. My balances for each account has not reached the maximum insured amount in my country but if put together in a single account, they will exceed the threshold and will not be covered.
     
  8. tonyb

    tonybActive Member

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    I have more than one account but the thing is I operate one far more than the others. The issue is not just having more than one account but being able to operate them all to reasonable extent, not keeping virtually all funds on one. In addition to having more than one account locally, I'm looking at payoneer account too which is advisable for international freelancers.
     
  9. Alexandoy

    AlexandoyWell-Known Member

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    I think I had already posted in another thread that I have only one bank account but I have forgotten another atm account with another bank that is solely used for my government pension. My regular atm is my life line for emergency cash so I always check that it has sufficient balance.
     
  10. Trixen

    TrixenMember

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    Yes, I have different accounts. One for my savings, one for my day to day expenses, and the last one is for my investments. I applied for a credit card, just recently, for my online purchases. Everything is set. The only thing lacking is money. :D
     
  11. Zero

    ZeroActive Member

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    Even though i don't have a large Somme of money, i have a couple of accounts in which i spread my savings in case something happened, because i believe it's far better and more safer to have multiple accounts rather than one.
     
  12. luri

    luriActive Member

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    I have three bank accounts and I use all of these accounts. I did not have these accounts by choice, I created these accounts under compulsion. Two of my accounts are my salary account. When I joined a certain company, I had to open a bank account in a certain bank. Couple of years later, I joined another company and had to open another salary account for company.
     
  13. littlewitch66

    littlewitch66Active Member

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    I have two accounts, my current account which is use for day to day expenses and my ISA savings account which I use for emergencies. I don't know if it counts but I also have a Paypal account which I keep a small amount of money in for things like Christmas presents or birthday gifts.