PLEASE HELP INEXPERIENCED COLLEGE STUDENT WITH BANKING. HAVING MULTlPLE BANK ACCOUNTS = GOOD IDEA OR BAD IDEA?

Question

im new to banking... im 18 and in a college out of state...

im currently banking with Washington Mutal... there great and all but i never see a branch or atm when i need it

so my question is would it be wise to have 3 or 4 bank accounts... maybe theres a perk one bank offers that another doesnt... as long as there is free checking... i could always withdraw from atms without getting charged...

pros and cons? your thoughts...

im young and inexperienced with banking and finances...

Answer 1

If you have more then two I think is no a very good idea unles you can poor in money or at leas keap $500 or more in every account, do Saivings only in one. And whach for the sevices fees.

Answer 2

Sounds like you probably don't have a significant amount of money. Don't close your Washington Mutual account. You should probably open an account with one of the large banks near where you go to school. If you put that down here, I could tell you a good bank to use, as I am sure many others could as well. Without a significant amount of money, I don't see a reason why you should get an account at multiple institutions. Especially since you are new to banking and finances.

I personally have accounts at multiple institutions, but for different purposes, and some are investing based, some are because I have credit cards with them, and I want to be able to do immediate transfers, etc...

If you are new to this, get used to it, as if you open accounts at too many institutions, you will feel overwhelmed.

By the way, WAMU may be bought out soon, so you may end up getting lucky, and have the account you open at school be with the same bank that buys WAMU out, but don't worry about that.

I recommend just use two banks now. I would recommend also opening up a savings account at one of the institutions if you have not already done so. Make sure it is free though, otherwise you will be losing money, not earning from interest.

If you have any more questions, just email me.

Answer 3

Never keep all your money in one bank.  That's what my Nana always told me.  She's an old sage, so I listened to her, and I've found it more convenient to keep my monies in separate accounts,(both checking, AND savings accounts), in separate financial institutions.   Good luck with your studies.  Enjoy your weekend, Jen

Answer 4

you can have any number of accounts. Virtually there would not be a problem with multiple accounts. But you have to keep and maintain a minimum amount in each account, which will be troublesome to many. If you are able to keep such amount go on, no problem