Will Multiple Savings Accounts Hurt Me?

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As a former high yield savings account addict, with over a dozen online bank accounts (my excuse was that I wanted to review them for Bargaineering!), I can confidently say that there is just one downside to having so many savings accounts – you had to keep track of them all.

I did it by drawing a financial network map to help me remember the various connections but after a couple years I decided that simplifying my finances was going to be better than constantly updating that map. So over the course of several months, I transferred out the funds and closed the accounts.

One of the factors that enabled me to have so many savings accounts were the favorable terms. Most online savings accounts have no account minimum or a minimum of $1. They don’t charge you for anything and so there’s really no downside to keeping it open. In fact, several of those accounts had $10 in it and closing them was as simple as transferring out the cash and calling the bank to let them know I was leaving.

Unlike applying for a lot of credit cards, there is no tangible impact to opening multiple bank accounts so open away!

{ 4 comments, please add your thoughts now! }

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4 Responses to “Will Multiple Savings Accounts Hurt Me?”

  1. Jim M says:

    Glad to know there is no downside to opening multiple accounts – makes me more willing to chase rates.

  2. I’ve seen some promos for opening new checking accounts that give you $50 bucks or something like that but they always ask for your social, so I’ve never done them. I’m not sure if they need your social to verify your identity or for a credit pull.

    Haven’t seen any for savings accounts though.

  3. John L says:

    I used to think so, too, until I was recently rejected while opening a account because I’d opened too many checking and savings accounts over the past 12 months. Apparently, their banking parter (Bancorp) has a strict limit of 4.

  4. Sadie says:

    Having checking accounts at multiple banks/credit unions will sometimes enable one to obtain a better CD rate just by already being a customer.

    Though one must inquire to obtain the better rate!

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