Putting All Money In One Bank?

Question

I'm thinking of opening another bank account, Reasons are not because of the current bank's customer service, location, accessiblitly etc.

Just that I don't wanna put all my money in one bank (which to me seems like putting all eggs in one basket).

But it seems seldom open another bank account for this reason.

Answer 1

Check out this book:

Money Mastery: 10 Principles That Will Change Your Financial Life Forever

You can look for this book at your local library, bookstore, Amazon.com, Ebay, etc.

This book is great at explaining financial principles in Lay Man's terms and has turned my life around.

Answer 2

Dont trust banks. Buy a gunsafe and convert it all into one dollar bills. It will look cool and you wont have to worry bout the bank crash.Better yet, still buy a gunsafe but stack gold into it instead since the dollar is losing value. If we go into a depression you can sell the gold to another country,buy land and businesses at very cheap prices and when we leave the depression you will be well off.

Answer 3

Really depends on what your trying to do. Most banks are FDIC insured so if your paranoid something is going to happen to your cash then you are safe up to a 100k. Now, if you have more than 100k you have less problems than me.

Answer 4

Your money is safe enough in one bank unless you are very rich.

I have 3 checking accounts because the three banks offer me different services at different fees. I have several savings and investment accounts with other banks too. Just because I like to make a lot of money at the lowest possible fees :)

Answer 5

You might just be creating more headaches, complications and fees for yourself.  At one time I had 4 bank accounts open and $300 in extra yearly fees for nothing.  It was stupid on my part.  Check out the bank's bond rating, their fees and the potential interest rates before opening the account.  I've seen a lot of people tout ING's interest rate.

Good luck.

Answer 6

do you have over 100k there?