Sign in
  • Home
  • Contact
  • About Me
  • Hire Me
  • Submit Guest Post
Sign in
Welcome!Log into your account
Forgot your password?
Privacy Policy
Password recovery
Recover your password
Search
BASIC FINANCE Basic Finance Care
BASIC FINANCE BASIC FINANCE
  • Home
  • Contact
  • About Me
  • Hire Me
  • Submit Guest Post
Home Banking Savings Accounts Multiple Bank Savings Accounts – Yay Or Nay
  • Banking
  • Savings Accounts

Multiple Bank Savings Accounts – Yay Or Nay

By
James Paul
-
December 13, 2014
Facebook
Twitter
Pinterest
WhatsApp
Linkedin
ReddIt
Tumblr
Mix
Digg

    Savings is an important part of our lives to make our finances strong, trouble-free and long term. Though there are several choices available, a savings account in a bank is one of the most preferable ways. To get the benefits of such a method one must understand the ethics behind the savings account. We must understand the difference between the different types of accounts to avoid the confusion.

    Savings Accounts

    Savings account – Definitely a big YAY

    Savings accounts are for those who want to save money without making a lot of transactions from it. If you want an account to make transactions for things like paying your bills, then you can always create a checking account. Tax free accounts are available and each of these accounts offers the customer with a high charge per unit, permitting the customer to maximize the potential from the interest that’s earned. One of the most standard benefits you get from a savings account is the power to branch the variations between your financial gain and expenses.

    You get interest on your money!

    Savings accounts have the potential to earn interest, and have a limit on the number of transactions that can be made. You can really save some money in form of deposits and not disturb it until a real emergency. Tax free accounts enables people like us to deposit money whenever there is a financial gain or you are in position to make the deposit into these accounts. You don’t have to pay taxes and earn interest on your money.

    But often we are confused about our savings habit and turn for professional help. Financial experts always advise us to diligently plan and avoid debt as far as possible. Some even advise us to have multiple bank savings accounts based on our saving and spending habits. This is a very ideal solution for those who have different financial goals and savings targets.

    Multiple bank savings accounts implies multiple perks

    As mentioned earlier, savings accounts are always beneficial but dabbling in more than one account is even more beneficial contrary to the belief. Ever individual needs and habits differ. No plan works same for two different persons. So it all comes down to your saving habits and goals you have set in your life. The multiple savings account is a major benefit when:

    • You have different savings goals,
    • You don’t know which bank may be right for you,
    • Your situation demands regular withdrawals,
    • You are afraid your only account won’t succeed for much long,
    • You want to get the different types of benefits available at different banks.

    But even with all its perks, multiple savings accounts can also have its cons

    Like all good things, having multiple bank savings accounts may also have its disadvantages. Some people just don’t want to distribute their money and rather prefer to keep it all at one place. People find it a disadvantage because:

    • It is rather very confusing to have so many accounts,
    • You may lose the perks of getting the highest interest rate doe to division in your funds,
    • It can complicate transactions and result in loss of your money,
    • It may become difficult to maintain multiple accounts.

    Finally, it all comes down to your needs and situation to decide between opening and avoiding multiple savings accounts.

    To avail best finance guest post service, visit: https://www.financeguestpost.com/.

    Facebook
    Twitter
    Pinterest
    WhatsApp
    Linkedin
    ReddIt
    Tumblr
    Mix
    Digg
      Previous articleWhy Personal Finance Management Should Be Taught at School
      Next articleUnderstanding Forex Pricing
      James Paul

      james paul

      Hey, I’m James, your host here..

      I’ve managed to graduate college free of student loans. My mission is to make people understand importance of money management and take sound financial decisions.

      This blog is my attempt to help to be prudent while dealing with saving, debt, credit, investment, insurance, spending or any financial issue. I am here to make your financial life to be sound and secure.

      If you like the articles posted here and interested to hire me for your content writing projects, feel free to contact me.

      If you’re fascinated in our mission, we’re always looking for guest authors to submit guest posts, who has expertise on writing solutions for any financial difficulties that people face in their day-to-day life

      Stay connected

      1,200FansLike
      0FollowersFollow
      1,000FollowersFollow

      Latest article

      Driving Business Growth

      Driving Business Growth Through Mergers & Acquisitions

      James Paul - November 1, 2022
        In the third quarter of 2021, the US accounted for over 43% of global Mergers & Acquisitions (M&A) activity. The two terms, which are...
      Invest $100K

      5 Realistic and Effective Ways to Invest $100K Right Now

      James Paul - July 13, 2022
      So, you got $100k right now and got an itch to spend them? But you don't know where? Here are the best options for...
      Credit Card Tips

      10 Credit Card Tips for Beginners

      Brody Covino - June 29, 2022
      If you recently transitioned to adulthood, applying for a credit card is probably among the top five things you look forward to. In most...
      Employee Compensations

      What Should You Know About Employee Compensations in the US?

      James Paul - June 22, 2022
      Worker compensation in America refers to cash and benefits in exchange for their services. It will typically include disability insurance, on-site child care, free...
      Credit Score

      3 Ways a Credit Union Helps Rebuild Tarnished Credit Scores

      James Paul - June 3, 2022
      A high CIBIL score has a plethora of advantages. This is a 3-digit figure that reflects your creditworthiness, that is, your ability to repay...
      Bankruptcy

      What are Chapter 7 Bankruptcy Exemptions?

      James Paul - April 29, 2022
      Once you file for bankruptcy, your assets come under the control of a trustee. They can sell these assets to collect money for unsecured...
      Stock Trading

      A Starter Guide to Stock Trading

      James Paul - April 21, 2022
      Investing may seem like a hassle at first, but understanding the basics of the stock market for dummies can help you get around it....
      Expand your Business

      Approaches to Expand your Business

      James Paul - March 29, 2022
      Establishing a business may seem like a hefty task, but it is the maintenance of the company that requires the most effort. If a...

      EDITOR PICKS

      Driving Business Growth

      Driving Business Growth Through Mergers & Acquisitions

      November 1, 2022
      Invest $100K

      5 Realistic and Effective Ways to Invest $100K Right Now

      July 13, 2022
      Credit Card Tips

      10 Credit Card Tips for Beginners

      June 29, 2022

      POPULAR POSTS

      Save Money

      How to Do Your Taxes Yourself and Save Money

      October 25, 2012
      Secure Your Financial Future

      Tools to Help You Secure Your Financial Future

      October 31, 2017
      ebay-seller

      How To Become A Successful Ebay Seller

      January 1, 2014

      POPULAR CATEGORY

      • Personal Finance112
      • Business66
      • Money Saving Tips29
      • Investment Planning22
      • Loan Tips20
      • Forex Trading19
      • Insurance Guide16
      • Credit Guide13
      • Life Insurance12
      BASIC FINANCE
      ABOUT US
      We are a personal finance blog dedicated to personal finance & money management. We provide financial advice on loans, credit management, debt management, tax, frugality and other financial matters. Tips shared here are for helping you building a better financial future, as well as stock-market investing.
      FOLLOW US
      • Home
      • Contact
      • About Me
      • Hire Me
      • Submit Guest Post
      ©
      This website uses cookies to improve your experience. We'll assume you're ok with this, but you can opt-out if you wish.Accept Reject Read More
      Privacy & Cookies Policy

      Privacy Overview

      This website uses cookies to improve your experience while you navigate through the website. Out of these cookies, the cookies that are categorized as necessary are stored on your browser as they are essential for the working of basic functionalities of the website. We also use third-party cookies that help us analyze and understand how you use this website. These cookies will be stored in your browser only with your consent. You also have the option to opt-out of these cookies. But opting out of some of these cookies may have an effect on your browsing experience.
      Necessary
      Always Enabled
      Necessary cookies are absolutely essential for the website to function properly. This category only includes cookies that ensures basic functionalities and security features of the website. These cookies do not store any personal information.
      Non-necessary
      Any cookies that may not be particularly necessary for the website to function and is used specifically to collect user personal data via analytics, ads, other embedded contents are termed as non-necessary cookies. It is mandatory to procure user consent prior to running these cookies on your website.
      SAVE & ACCEPT