Is Having Multiple Bank Accounts a Good Idea?

When it comes to bank accounts, is too much of a good thing too much?

Should you have more than one or two bank accounts? And should they be at different banks?

The more bank accounts you have, the more time it takes to track and manage them. But there are advantages to having multiple accounts. Read on to decide if having more than one bank account can be useful for you.

Is it a good idea to own multiple bank accounts?

It’s an excellent idea for most people to have at least two bank accounts: a checking and savings account. And when you link your savings account to your checking account, transfers are a piece of cake.

To keep things simple, you might want checking and savings accounts at the same bank.

Linked accounts with one routing number make managing your money easier. And some banks offer overdraft protection and cover a checking shortage with funds from your connected savings account.

Yet, there are some reasons you might want multiple accounts (perhaps at different institutions).

Below are a few of those reasons:

• You want a checking or savings account separate from the joint account with your partner.