Should you have more than one bank account?

financialexpress.com:

For most people, it is essential to have a bank account today because it comes with so many benefits and facilities. However, how many bank accounts should you have? Is one bank account enough or should you have more than one? While there is no fixed rule, the number of bank accounts a person should have depends on various factors, including one’s financial goals, convenience, and personal preferences.

According to financial experts, every individual should have at least one bank account. This account serves as the foundation for your financial transactions. It is typically linked to your salary, and you use it for regular banking activities such as salary deposits, bill payments, and daily expenses. The primary bank account should be easily accessible and provide services like online banking, debit cards, and mobile banking apps to facilitate seamless transactions.

Let’s understand how to determine the ideal number of bank accounts for your needs.

Apart from the primary account, having a separate savings account can be beneficial. A savings account is ideal for managing your personal finances and accumulating funds for future needs. It offers features like interest on deposits, ATM access, and the ability to set up automatic transfers.

Adhil Shetty, CEO, Bankbazaar.com, says, “A savings account provides a clear demarcation between your everyday expenses and long-term savings goals, helping you manage your money more effectively.”

Also Read: How to Grow Your Savings: A guide to financial stability

If you have a spouse or a family member with whom you share financial responsibilities, a joint account can be advantageous. It allows both account holders to manage finances collaboratively, making it easier to track shared