What are the pros and cons of having 2 different checking and savings account at 2 different banks?

Question

for example i already have a checking and savings account at bank of america and im thinking about opening them up at suntrust but if i do im plaining on keeping my accounts at bank of america 2

Answer 1

there is really no pro or cons, i have two checking and savings accounts, one that are paychecks are direct deposited and the other (i only opened because when we received our income tax check) the bank was offering $125.00 deposited into your account if you open a checking and savings. so we did just for the $125.00.  The bank sent me checks gave me a saving book and since March the money is sitting there because I forgot i have it and forget to put the check book in my purse.  Great way to save for a rainy day, they even sent me debit cards which we immediate cut up.

Answer 2

If you are in the United States and have allot of money, you will double the amount of FDIC insurance coverage you have if both banks fail.  Aside from that I do not see any pros.

The cons are less convenience, because you now have to deal with two banks, and more bank statements.

If I were you, determine what you want from a bank and choose one.  You may get higher interest rates, free online banking, more ATM machines, more convenient branch hours, etc. at one bank compared to another.  Whichever has more of what you need, go with that bank.  I really do not see the need for most people to deal with more than one bank.

Answer 3

I don't see why anyone would need more than one checking and one savings account, at one bank.  Why can't you pay all bills out of one checking account?  Adding another bank just adds complexity for no good reason.

Answer 4

lots of people have 2 banks for various reasons.  as for me, i use one to pay bills and the other for gas and grocery.  i don't think there's a con to have both so long as they're free.

Answer 5

The only real pro I can imagine would be the FDIC insurance, but that only applies if you have more than $100K per account -- and it's per bank not per account (assuming in the same name)  You're already covered against a catastrophic bank failure (assuming < 100K), so I can't imagine why you'd want another account.

It could be worth it if the bank is offering $100 after 6 months or something.  I'm considering the same at Bank of America, but the plan would be to close it ASAP (as soon as I get the bonus).