off-topic Bank accounts

[Oshawott]

How many bank accounts do you own and for what purpose?

I own 4 banks accounts

1. One as a salary account from which I manage all the incomes
1. One for my investments including mutual funds
3. One for managing my loans, EMI and others and other expenditure
4. One for my household expenditure which I share with my wife.

 

[ActionAce]

Each of the two bank accounts I maintain focuses on meeting distinct needs. My main bank account handles expenses and covers the payments for bills while the other one serves savings purposes.

 

[Ashake]

I limit myself to two bank accounts since my finances stay simple that way. The main financial purpose of my bank account is income management and expense tracking.

 

[Cpvr]

I have two bank accounts. One checking account and one cd(savings account) that’s locked in for a year.

I’ve had the cd for about three years now.

 

[Oshawott]

I have authorised an automatic mandate to my accounts. The next day of my salary date, the amount I am suposed to invest automatically moves into one, the amount I am to save moves to my savings account, my common expenses moves into the joint account and rest stays in my income account.

Any money at the end of the month is 'SWEEPED' to my saving account.

This is how I manage my monthly expenses.

 

[Harsh World]

I bank with 3 different institutions and have 2 investment accounts with another institution, and that's just for personal finances.

It would bore you to death if I listed the number of accounts and for what.

But, let's just call it more than 10 accounts in total spread across checking, savings, and investment accounts. I also have multiple credit cards that I use to my advantage with 2-5% cash back to "earn" an additional hundred+ per month with as I pay everything at once to not get charged interest.

one cd(savings account) that’s locked in for a year.

With interest rates the way they are, please tell me you're getting above 3%.

You could be making 7-13% with ETFs or mutual funds. Not financial advice, but I'd look into JEP's and YLD's (JEPI, JEPQ, QYLD, RYLD, XYLD)... even SCHD pays more than most CDs.

 

[Alamson]

I have up to 7 different accounts. They are a mixture of savings and current accounts. One is a salary account. I have two for making purchases with my debit cards at specific locations where I get discounts. The other accounts are for receiving money I make from other sources apart from my salary.

 

[Kross]

I have just two bank accounts. And the two are all savings accounts. I use one to receive all my earnings from my hustle. And the other one is where I push the money that I want to save into. I don't think I can manage more than two bank avvv

 

[Shortie]

At the moment, I own 3 bank accounts, and I have one savings account that I use.

I have one bank account for all my ingoings and outgoings
I have another bank account that is used for payments from my ex. I made that account so that he can't use the details to pay for things in my name, as nothing really gets kept in there
I have another bank account for my work earnings to keep them separate.

 

[Reelz]

Having a multiple account can help you organize your finances effectively. At least, you can earmark each account for different expenses and make spendings clearer. That's what I do too and it really helps me in tracking my expenses.

 

[Zani]

Having a multiple account can help you organize your finances effectively. At least, you can earmark each account for different expenses and make spendings clearer. That's what I do too and it really helps me in tracking my expenses.

I make use of one account for saving money. I use another for buying food items and the other for getting clothes and other house hold items. Having multiple bank accounts have helped me to plan my life in a good way.

 

[Cpvr]

Having a multiple account can help you organize your finances effectively. At least, you can earmark each account for different expenses and make spendings clearer. That's what I do too and it really helps me in tracking my expenses.

I think it’s a lot easier to have a credit card instead of using two bank accounts. I use just one bank account and it’s easier for me
To track my spending & expenses. I just keeps logs of everything.

 

[Yama]

Currently, I have 7 bank accounts. Two accounts are my kids account, I only deposit money, I don't withdraw from these accounts. I have one account for paying my bills, one account for emergency savings, one for normal savings or saving for bigger purchases, one for investment, and one fixed deposit account.