Is is bad to have more than one savings account?

Question

I just wanted to know before I go ahead and open another one. I'm afraid it might affect credit scores, and such so let me know if there's negative things about having more than one please.

Answer 1

No, it isn't bad - a lot of people have several savings accounts.  Some are "pure" savings (meaning you can withdraw money at any time and it is labeled savings) while others have a savings account, along with money market accounts, IRA's, CD's, etc. (which are all a form of a savings account.)  Opening multiple savings accounts does not impact your credit score at all.  Opening credit accounts (credit card, mortgage, etc.) impacts your credit score and whether you pay your bills or not affects your score, but not opening savings accounts.

Answer 2

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Answer 3

If you have savings of over $100,000 you may wish to spread it amongst a few banks so it will all be FDIC insured. Otherwise the fewer the savings accounts the better. I currently have 2 and may soon need to have 3.

Answer 4

unless the interest rate is higher (and then just transfer it all to one acct) just put it in one. You'll earn no more money having the same amount of cash in 1 or 100 accounts if the interest is the same.

Answer 5

If you can afford the luxury of being able to save money in more than one account, why not? I'd have ten of those if I could.