The financial habits you have are linked to your saving capacity, that is clear. However, it is also possible to improve these capabilities through the opening of multiple savings accounts, which will generate an infinite number of advantages, of which this time, we will inform you. So get comfortable and read the whole article in order to know the key reasons why you should have several savings bank accounts.
But before continuing, you must first have a couple of requirements. Having multiple accounts is not the only thing that will give you greater financial comfort; as mentioned, we need certain types of habits. Or answer these questions: do you have a good savings budget? Are you happy with your current bank accounts?
Take note of all these reasons and apply them. Keep in mind that to open savings accounts, it will be necessary to have a minimum amount in them. Can you cover it in its entirety? It is another question that you must solve before continuing. If everything is ready, then let’s proceed.
1. More accounts, more goals
Separating your finances into multiple savings accounts can help you better organize different types of goals. Keeping track of two or three different accounts to contemplate different objectives is much simpler. For example, you could deposit in one of them thinking about debts and things for the home, and in the others for more ambitious purposes such as the creation of startups or small businesses. Additionally, one of them could be destined to fulfill those dream vacations that you had always wanted.
2. Having multiple accounts helps you cope better with emergencies
Separating money is a wise decision when taking care of certain types of emergencies. Either medical expenses or sudden large amounts, with an account totally away from the rest of the funds, will be very simple. You can deposit whenever possible and not worry about “mixing funds.” In fact, if you lead a life as a couple, it is recommended that you both have emergency accounts.
3. Divide the money when you have very high amounts
There is a fixed limit for debit and savings accounts that goes up to $ 250,000 in most cases. Therefore, having multiple accounts of this type will relieve headaches if you have reached the limit in any of them. If you have made the sale of one or more properties, dividing the profit between your accounts will give you the advantage of greater financial organization.
4. You will not be a victim of bank failures
A single account is not enough for a good entrepreneur and is that capital management must always allow its flow. When you are tied to a single bank and a single account, you tend to run the risk that in any situation of bank failure, you will remain tied. The failures exist; there may be problems with your account or in crisis situations where these institutions do not allow money to be moved for a certain period, the period that will harm you.
In 1990 there was one of the biggest banking catastrophes in the United States, where thousands of accounts lost their funds without prior notice. All due to security vulnerabilities. What do you think? Sure, there are insurance policies that cover these types of situations, but you should contact your provider.
You can also initiate a legal claim in these situations. The first step is to fill out a form that should go directly to bank management. In any case, when you have multiple savings accounts, this type of mishaps will not stop your financial growth.
5. Goodbye to the withdrawal limit
Most banks and financial institutions have a monthly withdrawal limit, all given to security issues (and it is the most logical). The number of times you can withdraw varies between 5 to 6 times per month, and the maximum amount is also a matter that could limit you. However, if you have multiple savings bank accounts, this will not stop you at any time.
This limit can be multiplied according to the number of accounts you manage. For example, with only 4 of them, you can make 24 withdrawals per month, which could help you make faster investments that need cash.
It may be confusing at first to have several accounts, but you will get used to it in time. Consider that you should keep financial control of all interests (however low) they are generated. In addition, before opening it, consult the required amounts and fees charged in each of the financial institutions; Choose which major benefit you grant.
Do not limit yourself to just one account, if the financial growth of your startup or company already goes beyond what you thought, consult your financial advisor, and start the opening processes.