How many bank accounts should you have? This is a question that often brings up a lot of debate. Some people are adamant that you shouldn’t have more than one while others believe in having many for different purposes.
You should open a savings account when you want to save money for the long-term without worrying about accessing your savings often. Savings accounts are great when you don’t need that immediate access and can afford to have more of a wait time in order to grow savings without having any penalties or fees attached.