15 Replies to “Is there any problem if some one have 4-5 Savings bank Account at different banks?”

  1. No problem at all, sometimes its actually good. If a bank goes under, at least some of your money is ok in other banks. It also helps to control your money, you could perhaps have a designated bills bank, recreation, savings etc etc. In terms of savings, this could be “holiday”, “retirement” or even just to play the interest rates (most have a high rate for balances under £2000, so 5 banks with £2000 will get more interest than one bank with £10,000

  2. No.Its a good idea to help yourself.
    When one bank has some problem say strike. go to next.
    If banks are not available in locality.

    Keep minimum balance in all banks. Keep information like password of all…

  3. There’s no legal reason why you can’t, but you’d want to have enough money in each account for the interest to cover the account keeping and transaction fees. If you have 5 accounts, you’re burning 5 times more money in bank fees!

  4. What’s the use… In saving a/cs you earn a nominal rate @ around 3.5%, where as interest rates are around 9-10%.. you can invest them in shares, mfs, etc… you can earn even upto 200-300%, As the risk is low, interest rates in saving a/cs is less.

  5. There is nothing wrong with having multi accounts at the same or a different bank. You are most likely losing buying power ( the ability to buy things) but thats your choice. The government will take of the people who do this for their entire life time with social sercuity, but they will only pay out the bare min. for survirial. I would say one checking acct., one money market acct., 401K or IRA (roth or traditional) would be all I need

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