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.
As with most things in the world of finance, the number of bank accounts you should have will vary based on your unique circumstance, needs and preferences.
A checking account is a type of account held with a bank or other financial institution which accepts demand deposits, or accounts which allow for withdrawals and deposits on demand.
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.