HOW MANY BANK ACCOUNTS SHOULD l OPEN... ?????

Question

there is only a 300 minimum balance requirement for savings... some banks i dont even need to open a savings...

and im eligable for a college checking so its really FREE checking...

im thinking why keep all my money at one place? there is little to no interest... and if i open more accounts... ill have more free atms

and i can have only e-statements so i dont get overwhelmed and only use 1 checking account to pay big bills....

what do you think?

should i only open one or many? if many whats a good number? 5? 4?

Answer 1

If you are a student, and will not always have a lot of funds, it may be beneficial for you to only open a checking.  However, if you plan to rent an apartment or purchase a house, it is advisable to have a checking and savings.  

There really isn't a need for multiple bank accounts if only for the free atm's because you should get a checkcard with your checking and savings account that will work at 99% of places unless they are cash only.  Some may charge you to use the card as a debit card, but if that is the case, just use it as a credit card.

Answer 2

I guess it also depends how much money you have, but I generally don't think you should open many checking accounts.  I don't think it is necessary.  I do think it makes sense for you to diversify, but on the interest bearing accounts.

You should get a checking account and then if you are looking for an interest bearing account you should consider opening a separate money market account to accrue interest or open one with the same bank if the rates are good. You can transfer money from the money market to you checking and visa versa.

Money market accounts do have fees, but usually only if you go below a certain minimum balance, it sounds like you have some money to work with so I doubt it would be a problem for you.

By law you are limited to 6 transfers on your money market account per month.  3 transfers, 3 check, but a money market is a decent opportunity to make money with your money, and the interest is compounded so you end up making money on the interest.  Interest is accrued monthly also and not annually.  You could check out bankrate.com for the best rates.

Interest rates are usually higher in CD's or money markets, etc. than with a traditional savings account.  If you are looking for a long term savings account you can go for a CD and lock your money in for a set amount of time and just accrue interest on it.  Those rates are generally better than a savings account also, however you can't touch the money in a cd until the amount of time on the cd is up.  So I suppose that choice is yours to make.  

You can open accounts in several banks, but it might make sense to choose the highest interest rates and throw a lot of your money in there so you end up making more and have one checking  and then you can transfer amongst your other accounts.

Answer 3

I would recommend opening an ING checking account (everything is free, you get your money from ATMs without any fees, and theres even overdraft protection: if you overdraft ING will provide credit at a competitive rate to cover the expense) linking that to one of their 3.+ APR savings account and youre really set.

If you cant get the checking account because of your credit score then i would recommend Washington Mutual since their accounts have virtually no minimums or fees. (except for OD ones)

Answer 4

In my opinion one for the necessities of life and one for savings remember the more accounts you have the more monthly fees you have.

Answer 5

1 savings 1 checking. You must have over 10000 to get any kind of profit in interest. You as a student couldn't keep that amount in to draw the interest every quarter. If you want some interest payments that are more than pennies invest in CD's at your bank. Go for the one year ones and you can make some profit. More accounts aren't the answer smart saving is