How many bank accounts do you have?

[daledale]

I'm just curious how many different bank accounts people on this forum have. I currently have 5 which I sometimes think is too many as it can get confusing what is in each of them. I would love to simply to a single one, but I don't think it's wise to have everything in one account. So I guess my question is, how many bank accounts do you have and what do you use each of them for?

[rennigade]

4

High yield savings account
Checking account with local bank
vanguard - investing
Fidelity - investing

[Thrif-t]

I have 2; a credit union and an online bank. I opened the online bank when interest rates where a lot higher than now. I like the online bank because I can have sub-savings accounts under the one account. It makes it easy to save for things like a new roof, vacation, etc.

As long as your savings are under the FDIC insurance limit there is really no reason to have multiple banks. Of course if your savings are more than the limit(which I forget what it is 250k?) then you should have multiple banks.

** that in no way is my reason for 2 banks, I wish

[kork13]

My wife & I technically have 9 bank accounts, but those are only at 3 institutions, and we manage them all through our primary bank's website.
- Primary bank's joint checking & savings (savings only has $500 for overdraft protection)
- My wife's credit union checking & savings from before (she's more comfortable keeping these small accounts, which I'm fine with)
- 5 defined-purpose joint savings accounts at an online bank (general, EF, car, vacation, home maintenance)

[cooliemae]

My wife and I have a similar situation kork13, with a few more accounts.

We currently have 12 accounts at five different banks with similar reasons. One of the accounts is an oddball in that it's only used to provide automatic car payments and will go away once the car is paid off.

Of course, we've had upwards of 15-16 accounts as we've taken advantage of various bank offers, but of course we close those accounts once the bonus offer's requirements have been met.

[LizfromtheBronx]

I currently have 4, but only 3 are active.

Primary Bank - 2 checking
New Bank - 1 checking
Online Bank - 1 savings

From the primary bank, I like having 2 accounts so I can move money back and forth and keep it slightly separated for different purposes. I just opened the new bank for a bonus, as soon as I've met the time period requirement (180 days), I will close it. The online savings account is unfortunately not being used at the moment, but I hope to start utilizing it again within a few weeks.

I'm a fan of chasing bank bonuses, and it's easy to switch my direct deposit around (I can just do it myself online). I haven't been doing it as much lately, but plan to start again in semi-earnest. I'm not able to take advantage of credit card bonuses at this point in my financial journey, but can do with bank account bonuses, so why not?

[corn18]

37

That seems excessive. I don't use more than 7 of them. Left a bank 7 years ago that I had used for 24 years. That is 9 of those. Have several that I opened to get the bennies and then left.

[MonkeyMama]

We have a single credit union checking account that we run all of our deposits and expenses through. In addition we have a high yield savings account. Sometimes two savings account, as we chase interest rates over time. I suppose we also have some Trust savings accounts at both institutions. The Trust thing makes it extra complicated. (Most the time you have to have a regular account and then a Trust account. We keep a few dollars in the non-trust accounts just to keep them open).

[Leo]

1 Primary Checking for myself
1 Primary Checking for my wife
1 Joint Account Checking
1 Online Savings Account that holds our EF

Does other accounts such as IRA counts? If so, then addition to above list

1 IRA for myself (old 401k sits)
1 IRA for my wife (current)
1 ROTH IRA for myself (current)
1 Investing (Stocks)

[halimo]

I currently have 4

[richard johnson]

I have 18 bank accounts (2 checking, 16 savings) and 5 investment accounts. All used for different purposes. It isn't that difficult to maintain. The bank accounts are all linked, so I get the highest interest rate on all of them and no fees.

[LizfromtheBronx]

I am now up to 5 checking and 1 savings. Once this current cycle of bank bonuses is over, I'll close the 3 I just opened, and give it a rest for a little bit before trying for another cycle.

[GeorgeEastman]

2. Based entirely off the accessibility (location wise) and support that I can get with two different ones.

[LittleMissSplendid]

I have 3. At a credit union I have a checking account for routine purchases and a savings account where I'm putting my 52 week challenge money. At an online bank I have a savings account where I'm establishing my EF.

[Tabs]

I like to keep mine simple: Checking, Savings (taxable investment actually), Roth IRA, Rollover IRA, and 401(k).