![]() ![]() Having multiple checking accounts can test your organization skills, since you’ll have more to keep track of. A checking account at a traditional bank can be a good backup if you primarily bank online.Having individual and joint checking accounts could make sense if you’re married.Separate accounts can keep business and personal finances from being commingled. ![]() It’s easier to manage FDIC coverage limits.You could earn hundreds of dollars in new checking account bonuses.It may be easier to keep your finances organized.But there are some potential downsides to consider as well. Having multiple checking accounts can help manage your finances in several ways. Pros and Cons of Having Multiple Checking Accounts In some cases, depositing cash is possible but may be inconvenient. Having a checking account at a traditional bank allows you to deposit cash that you could then transfer to your online checking account. While many online banks offer mobile check deposit to add money to checking, there’s often no way to deposit cash. Multiple checking accounts can also be useful if you bank at both online and brick-and-mortar banks. Or, you may get a slightly higher APY on a savings or money market account if you also have a checking account at a particular bank. For example, you may be able to get an interest rate discount if you apply for a loan or credit card. Some banks offer additional incentives to attract new customers that could entice you to open a checking account. While the odds of your bank’s failing are likely low, knowing that your money is protected can be reassuring. If you normally keep large amounts of money in checking, then having multiple accounts at different banks may be necessary to stay within the FDIC coverage limits. But opening a new checking account to qualify for a bonus can be an easy way to get extra money. You typically have to meet certain requirements, such as maintaining a minimum balance or making recurring direct deposits. These promotions offer you cash in exchange for opening a new account. One way banks attract new customers is with checking account bonus promotions. Qualifying for New Checking Account Bonuses For instance, you may set up a checking account solely for paying medical bills, childcare expenses or college expenses if you’re paying tuition and fees for yourself or your child. Separate accounts could also make sense for tracking specific expenses. Keeping business income and expenses separate can make filing taxes easier. ![]() Having multiple checking accounts could be a good fit if you have certain transactions you need to keep track of separately.įor example, you may want to have one personal checking account and another business checking account if you’re self-employed, do gig work or run a small business.
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