Are multiple Banks a bad or good idea?

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As long as it doesn’t cost you any money for the extra accounts, why not?

Johnny09876

I work for a bank and keep accounts at multiple banks. Not only does it help with savings but it provides back up options if for example one of my banks is suddenly unavailable to me because, I lost a card, their service is down, or they decided to unexpectedly freeze my funds for an undetermined period of time with no warning. 🤷🏽‍♀️

theonevi

lots of people do this. it isn’t a dumb idea. 50/30/20 rule using this method is good for basic expense/savings setup. IMO there are better ways to budget (see YNAB), but it is certainly better than nothing. If I were to use this method, I’d have one bank local with access to lots of atms/branches. The other one or two banks could be online banks. For the online banks, I’d go with Capital One 360, Charles Schwab, or Fidelity.

Constant_List_6407

You might want to check into a credit union, instead of a bank. My mom did 2 different banks, and was constantly moving money around from one to the other, because one would always be short. She was horrible with managing money though, so you probably wont’ have those same issues. For what you want, I’d suggest you just have 3 different accounts at your favorite bank, or better, 3 sub accounts (I’ve got a savings, checking, money market & premium money market under 1 account. ING let me have multiple pots of money, but they were bought out by capital one I think).

Planning4tomorrow

Absolutely necessary Never put all your eggs in one basket Especially travelling, 4-5 backups

blaze1234