How many banks account should one have and how to manage?

POSTED BY Sarav ON April 30, 2014 1:46 pm COMMENTS (5)

Hi Manish,

might a silly question, but tell me

How many bank accounts should one have? Parking money on different bank has any benefit?

If we have more than 2 bank accounts, how do we manage it properly. Like one for spending, one for investing, one for online shopping etc.,

regards, sarav

5 replies on this article “How many banks account should one have and how to manage?”

  1. Hemanth Chandra says:

    Gr8 🙂

  2. vijay says:

    I find two bank accounts ideal (for me!). Used to have about 5, but they were just a hassle for many reasons…including unnecessary debit card fees and some random account statement fees (HSBC in particular). Closed them all except two – one salary and other for everything else….works perfect.

  3. ashalanshu says:

    Dear Sarav, there is nothing called the BEST. Please open no. of accounts as per your own requirement. Of course if you can manage all the things with less no. of accounts, it ‘ll be good. Why? Less balance maintain requirement in each account, less user ids and passwords for netbanking, less pain in maintaining account statements, less pain to calculate income from each account, easy to track your money.

    Thanks

    Ashal

  4. Sarav says:

    Is there any benefits keeping multiple accounts monetery wise. What is the best practice to manage the accounts

    1. Savings (salary)
    2. For all expense, online transaction…
    3. For Investment payment like LIC, mutual funds, home loan etc.,
    4. PPF account

  5. Hemanth Chandra says:

    It depends from person to person.

    Some want to use one bank account only for investments, one bank account for regular expenses etc.

    I have seen people who are having 5 bank accounts and 1 bank account.

    It all depends on the requirements of the person and the way he likes to manage.

    Regards,
    Hemanth.

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