• doablefinance

    Actually, only one savings account would be sufficient if and only if you are not a big spender. I don’t see any reason for starting multiple savings accounts but that’s what I do in my family finances.

  • Jane Savers

    I have 3 savings accounts. I need to keep my money separate. It is for different purposes and I find it easier to track in the 3 accounts.

    The first account is a tax free savings account for my emergency fund.

    The second account is an account for yearly expenses such as house insurance, car registration, vet bills and house maintenance. I deposit money from every pay in to the account so it is ready when needed.

    The third account is new this year. I drive a 2005 car and it will need to be replaced in the next 2 years so I have started saving. My dream is to pay cash for the next car but a more realistic goal would be to have half of the cash saved up.

  • Greg

    A word to the wise. Pop-ups suck.

    • Andrew

      A word to the wise, Firefox isn’t showing any…

  • http://debtblag.com/ Debt Blag

    Oh hi. I have multiple for a few reasons.

    1) One main, internet-only one.
    2) One local one, to make in-person deposits
    3) One national one, for when I have to travel around
    4) One high-interest account
    5) Another high-interest account (because the first one is capped)

  • Andrew

    Multiple accounts, because they are different things:

    CD Ladder
    US Treasury Account
    Money Market (for a special credit card)
    Savings & Checking (for best customer service)
    High Yield Savings 1st online
    High Yield Savings 2nd online
    Checking & Brokerage
    Roth IRA & 401k’s

  • http://moneystreetsmart.com/ MoneyStreetSmart

    I currently have two accounts. Michele makes a great point about comparing interest rates and account fees. This is something I look VERY closely at. I can’t stand paying account services charges when I carry more than the minimum balance and my CC is paid of in FULL. I have one account for rent, bill payments, and spending and the other is a personal savings account. I may in the future even open a third to expand my investment portfolio but for now its just the two. One piece of advice I can give is to ask your bank to waive the account fees for the first 3 months if you will not be carrying the minimum balance. They want your business so make them earn it! Don’t be afraid to ask.

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