How To Benefit From Having Multiple Savings Accounts

by Pam on November 3, 2013

use multiple bank accounts to save for your goalsDo you know anyone who has two savings accounts? Do you know why they have two savings accounts? Did you know that many financially savvy people do this in order to stash their money away in places where they don’t have quick access to it?

So, why is having more than one savings account beneficial? The reason this is beneficial to you is because you can save money in different places in order to meet different goals. For example, if you want to save for a vacation sometime in the future, then you can use one of these accounts as your vacation savings account.  Let’s say you want to save for college as well, this is where the other account will come in handy. What you need to understand is that by putting money into a separate account for a certain purpose is a really great way to save, and in fact, it makes saving easier as you will be able to see your progress more easily.

The problem that many people have is they put all their extra money into one account and all this does is makes it look like they have more money than they really do. Trust me; you need more than one account if you are devoted to saving money. You don’t have to stop at having two savings accounts either – open up a savings account for each goal you have.  Just be sure that you are not paying fees in order to have these accounts.

Another way to benefit from having more than one savings account is by getting the bank to give you money back. The way this works is to find a bank that will give you a higher interest rate on your money just by doing a transfer at least once a month. The reason this works great is because you can transfer money from one savings account into another and vice versa to get that small bump in the interest rate.

Do you want even more money saved up? If so, then there is one great way to go about doing that. The best thing for you to do is to create multiple savings accounts and checking accounts. Many people assume that having two of each is more than enough but sometimes that is not the case. My advice to you is to open up as many free accounts as you can.  Notice how I said, “Free”.  Open one for each savings goal that you have.

If you are serious about saving money, then you will do just about anything to make it happen. Just know that it all falls on your shoulders when it comes to your finances, so do whatever you can to make saving money a priority. Trust me, with a little bit of effort and you will be on your way to meeting all your savings goals.

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Major N. Sandoval November 11, 2013 at 11:36 pm

What makes a savings account suited to these uses is that it can pay higher interest than a checking account because you won’t be drawing from it as regularly, but at the same time, it will allow you ready access to the money when needed. Remembering the role of a savings account is important when evaluating options such as high interest savings accounts or savings accounts with debit cards.

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