When you start earning money, the first thing you do is open a bank account (Savings 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 advantages of keeping 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…
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You can open multiple accounts in the same bank
You can have 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.
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Benefits of having two or more bank accounts (Benefits of Multiple Savings Accounts)
- Use your money wisely: You can divide your money for different purposes. For example, keep money for everyday expenses in one account and save money in another for something special, like a vacation or buying a house.
- Higher interest: Many times the bank gives different interest on different accounts. In such a case, you can get higher interest.
- Money will be safe: If there is any problem in one account, the money in your other account will be safe.
Drawbacks of Holding Multiple Accounts
- You will have to pay more charges: If you do not maintain the minimum balance, the bank can charge maintenance fees. If you are unable to maintain the minimum balance in every account, you may have to pay more fees.
- Difficult to manage: Having multiple accounts can make them difficult to manage. 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 are no errors or omissions in both accounts.
Pay attention to these things before opening two accounts
There are some advantages of having two accounts in the same bank, but there can be some disadvantages too. 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.
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