Can I Have Two Checking Accounts at the Same Bank
Ii is sometimes ameliorate than one, and although that may exist truthful for some things in life, what about your checking account?
Can having two checking accounts make life easier? Or will information technology only make it harder to manage your money?
Another checking can either help you budget money more easily, or it can prove to be a nuisance that is not worth the extra try.
View the pros and cons for yourself to effigy out if a second checking account can benefit your lifestyle.
Pros
Managing funds is easier
Managing funds between two different accounts tin help you to organize your expenses into categories.
Using one account for bills and another for leisure can be a strategic budgeting method to forestall yourself from overspending.
With two accounts, trying to figure out if y'all tin do afford to do something may have less endeavor on your part.
All you have to exercise is cheque the residue of the account you utilize for leisure spending and you'll know what you lot tin can and cannot afford.
Say you have a total of $2,000 for the calendar month. Hire is $800, utilities are $200, food is $300, and other expenses (such every bit gas or transportation) costs $200.
That totals of $1,500.
That means you accept $500 to left over later you lot pay your bills, just that $2,000 balance in your account tin can be misleading.
With ii accounts, you can gear up aside money for non-essential spending.
A smart way to divide the $2,000 would be to put $1,700 into your account to pay bills (that way you take a absorber), and the other $300 into your leisure spending business relationship.
By managing funds in this manner you'll take a clear idea of how much money is at your disposal.
Access to funds if ane bank account is unavailable
Routine maintenance, a computer glitch, or fraud suspicion could leave a bank account unavailable for a brusque menstruum of fourth dimension.
This tin can be easier to avoid when y'all take checking accounts from two split up banks.
Multiple bank and ATM options
Opening two checking accounts from different banks can provide multiple banking locations and ATM options.
Near ATM machines accuse a fee to withdraw money if the bank is not in its network. Certain banks such as Ally and Capital letter Ane 360 (*must be within the Allpoint network) let customers to access ATMs anywhere, for costless.
Opening a second account at an online-simply bank that offers this characteristic might help yous save money on ATM fees.
Cons
Vulnerable to overdraft
Someone that substantially lives paycheck to paycheck may not benefit greatly from a second checking account.
Money located in multiple accounts can leave you lot vulnerable to being charged overdraft fees, which tin cost every bit much as $35 each time.
In addition to these expensive charges, two accounts that are consistently on the cusp of going negative would probably stress you out
More to manage
A second checking account from a different bank means you also accept to review two accounts to ensure no fraudulent action or faulty charges are present.
You will also take separate debit cards, two checkbooks, and online cyberbanking data to as well continue track of.
Having multiple checking accounts requires some organization on your office, and if you take a difficult fourth dimension with this, it probably isn't right for you.
Source: https://www.mybanktracker.com/checking/faq/pros-cons-opening-second-checking-account-132661
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