What are the advantages of having multiple bank accounts?

[Stardom22]

For me l have really never found the benefits of having multiple bank accounts. In stead l do have one bank account that l am active on. I really find it convenient to connect my single Bank account with the phone.

 

[Springtime]

I have two bank accounts, just to diversify. One account is for personal use, another is for my freelance work.

 

[Augusta]

If you are not into business I don't think there's nerr for a multiple accounts where you would be paying multiple fees.

 

[eLdavis]

I have multiple bank accounts, and so far one of the advantages I have is that it helps me save. I can share my earnings into this accounts and save with it.

 

[Augusta]

Well, we can as well save in only one bank account if we are serious. it must not be in different bank accounts

 

[Trush Jodie]

With multiple bank accounts, you can easily segment your income to savings and emergency funds. The main account can just be for running expenses.

 

[Augusta]

You would have your money in multiple accounts instead of one incase of fraud you don't lose all your money

 

[Suba]

For some people having multiple bank accounts will also be confusing to control or manage their finances, so I think someone should not have more than 5 bank accounts. The main benefit of having multiple bank accounts is to separate financial goals such as emergency funds, retirement funds, etc.

 

[Augusta]

The main benefit of having multiple bank accounts is to separate bank account for like emergency funds, retirement funds, etc.