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Will Multiple Savings Accounts Hurt Me?

Posted By Jim On 08/28/2012 @ 7:15 am In Banking | 4 Comments


As a former high yield savings [3] 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 [4] 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!

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[3] high yield savings: http://www.bargaineering.com/articles/high-yield-savings-accounts-rates.html

[4] drawing a financial network map: http://www.bargaineering.com/articles/financial-network-map.html

Thank you for reading!