Skip to content
Digital News Alerts

Digital News Alerts

Finger on the pulse

  • Home
  • Games & Gadgets
  • Social Media Sauce
  • Biz & Tech Topics
  • Contact Us
  • Home
  • Latest
  • Why You Should Have Multiple Savings Accounts

Why You Should Have Multiple Savings Accounts

Sarah Jacobson 3 min read

In the world of personal finance, there is a lot of talk about savings accounts. Some people think that having multiple savings accounts is a waste of time and money, while others think it’s essential for building wealth. So who’s right? How many bank accounts should I have? Well, it depends on your goals and how much effort you’re willing to put into them.

You’re More Likely to Meet Your Goals

When you have multiple accounts, you can set up separate savings goals. You can save for a vacation, a car, or even your child’s college education. If any items on your wish list fall outside of these categories (like saving for retirement), having an additional account will make it much easier to get there. SoFi experts state, “There may be pros to having many savings accounts.”

You Won’t Miss Out on Interest Payments

One of the most compelling reasons for having multiple savings accounts is that you can easily move money between them. For example, if one account offers a higher interest rate than another, you can simply transfer money from your low-interest-paying account to your high-interest-paying one.

Untitled design(643)

In addition to earning more interest on your savings, this will help keep the amount of cash flowing through each account more consistent so that both ends up with a manageable amount of money in it at any given time.

You’ll Have a Better Sense of How Much You Have

No matter how you slice it, you should better understand how much money you have and where it’s going. And if that requires an Excel spreadsheet and a couple of pens, then so be it!

If your finances are as complex as a Super Mario level (and if not, what are you doing playing Mario with your life?), there’s no shame in using an app like Mint or Personal Capital to help keep track of everything. But the goal here isn’t necessarily efficiency—it’s peace of mind.

Having Multiple Accounts Means You Can Compare What Different Banks Offer

Having multiple accounts means you can compare what different banks offer. For example, if one bank offers a better interest rate, it’s easy to move your money from one bank to another so that you get the best deal.

If you want to start saving money for something special, such as your daughter’s wedding or a new car, then you should open a separate savings account. A separate savings account will help ensure that those savings are kept safe and secure from any unexpected expenditure in other areas of your finances.

Untitled design(644)

Hopefully, they’ve convinced you that multiple savings accounts are a good idea for your financial future. If not, all is not lost—they still have some tips for getting started with a second account, such as setting up automatic transfers from one account to another. But if you’re ready to roll up your sleeves and start building up those savings, they think that opening up an additional account can be one of the best things you do this year.

Sarah Jacobson

See author's posts

Continue Reading

Previous: What Triggers Panic Attacks?
Next: How to Identify Warning Signs of an Addiction

Related Stories

To Play for Money in Online Casinos
4 min read

To Play for Money in Online Casinos

Twitter Hacking: How this incident could impact Twitter’s business hacker argentinian messi twittercimpanu therecord
7 min read

Twitter Hacking: How this incident could impact Twitter’s business

Common misconceptions about ‘Super Duper Secure Mode’ of Microsoft microsoft guardcimpanu therecord duper secure mode
8 min read

Common misconceptions about ‘Super Duper Secure Mode’ of Microsoft

Trending News

How to Integrate Your IT Department With Other Departments 1

How to Integrate Your IT Department With Other Departments

Sam Altman’s Thoughts on Technology 50m series altman lachy groomloizostechcrunch 2

Sam Altman’s Thoughts on Technology

OpenAI plans to invest in a wide range of AI technologies altman 100m microsoft aicoldeweytechcrunch 3

OpenAI plans to invest in a wide range of AI technologies

Apple’s incredible growth apple 1.8b 1.65b january 1.5b januaryclovermacrumors 4

Apple’s incredible growth

  • Privacy Policy
  • Terms & Conditions
  • About us
© 2022 Digital News Alerts
We use cookies on our website to give you the most relevant experience by remembering your preferences and repeat visits. By clicking “Accept”, you consent to the use of ALL the cookies.
Do not sell my personal information.
Cookie SettingsAccept
Manage consent

Privacy Overview

This website uses cookies to improve your experience while you navigate through the website. Out of these, 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 affect your browsing experience.
Necessary
Always Enabled
Necessary cookies are absolutely essential for the website to function properly. These cookies ensure basic functionalities and security features of the website, anonymously.
CookieDurationDescription
cookielawinfo-checkbox-analytics11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Analytics".
cookielawinfo-checkbox-functional11 monthsThe cookie is set by GDPR cookie consent to record the user consent for the cookies in the category "Functional".
cookielawinfo-checkbox-necessary11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookies is used to store the user consent for the cookies in the category "Necessary".
cookielawinfo-checkbox-others11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Other.
cookielawinfo-checkbox-performance11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Performance".
viewed_cookie_policy11 monthsThe cookie is set by the GDPR Cookie Consent plugin and is used to store whether or not user has consented to the use of cookies. It does not store any personal data.
Functional
Functional cookies help to perform certain functionalities like sharing the content of the website on social media platforms, collect feedbacks, and other third-party features.
Performance
Performance cookies are used to understand and analyze the key performance indexes of the website which helps in delivering a better user experience for the visitors.
Analytics
Analytical cookies are used to understand how visitors interact with the website. These cookies help provide information on metrics the number of visitors, bounce rate, traffic source, etc.
Advertisement
Advertisement cookies are used to provide visitors with relevant ads and marketing campaigns. These cookies track visitors across websites and collect information to provide customized ads.
Others
Other uncategorized cookies are those that are being analyzed and have not been classified into a category as yet.
SAVE & ACCEPT