Do You Have Multiple Bank Accounts? Expert Tips To Effectively Manage Them All

You can open a savings bank account as per your requirement. Savings accounts enable us to store our money safely and access it as and when required. Due to the presence of different types of banks, customers are often confused as to which bank account is ideal for them. One should do a well detailed research and compare the banks with zero. One can also open more than one savings account to get more benefits.

in people India According to Amit Gupta, MD, SAG Infotech, one can open and maintain multiple savings accounts with different banks. There is no restriction on the number of savings accounts you can have, but it is recommended that you keep no more than three accounts as managing more than one account can be challenging. But there cannot be any specified number of bank accounts as it totally depends on the financial goals of an individual.

Let’s take a look at the key points to consider when having multiple accounts.

effective money management: Whether it is saving for your child’s education, emergency fund or regular expenses, it will be easier for you to manage and track your savings for different purposes if you have separate accounts for each. This will also reduce the chances of wasting your money.

Automatic saving for goals: After creating separate accounts for each goal, you can also schedule automatic transfers of money from your primary account to other accounts to ensure that you never spend before saving for it. This will make it easier to manage, monitor and track your finances as you save money for various purposes.

emergency evacuation: Debit cards have a fixed withdrawal limit, so you may not be able to withdraw a large amount during an emergency. Debit cards may be available to you from various savings accounts that you can use in these circumstances.

read all latest business news here