Is there an advantage in having more than one bank account?

Question

I have two bank accounts, a Credit Union account and a Post Office account. Should I put all of my money into one account or is it good practice to have more than one?

Answer 1

A lot of people would say one is better, and choose one that is earning interest for you, otherwise you are losing value at the rate of inflation.  I have more than one account, but that is just a personal preference.

Answer 2

My mother would say, "Don't put all your eggs in one basket."  I have one savings account with automatic deposit that is attached to the debit card and one other savings acct. that I keep more serious money because if my debit card was ever stolen I don't want everything wiped out of my bigger saving acct.

Answer 3

Not really. If you feel you need two, say for different incomes then why not? Most people have a deposit account and a current (or cheque) account. If you have a lot of money, above any compensation scheme then also yes (make sure different parent bank). Otherwise its not worth the extra hassle.

Answer 4

It can be a savings technique. You open one account where you pay all your bills from. Then you may open an emergency fund somewhere else. And then if you want to save for something...house/car/vacation you open a different account for specifically that reason...and you make sure to keep your mints off your emergency and special events funds. The key is to monitor all your accounts regulary.