Many banks offer attractive savings accounts. The services and facilities available can vary. This is why many people open more than one account.
Although having multiple bank accounts may sound appealing, there are some things you should keep in mind.
1. Minimum Balance:
A minimum balance must be kept in an account. The minimum balance is determined by the bank, taking into account the cost of maintaining and servicing the account.
Banks can also impose additional charges if the minimum balance has not been maintained.
While it is easy to keep a minimum balance of one or two savings accounts, managing multiple accounts at once can be difficult.
2. There is a limit on withdrawals:
There is a daily limit on the amount of money that can be withdrawn from debit cards that are linked to savings accounts.
Multiple accounts are helpful in such situations. A large amount can be withdrawn from multiple accounts.
There is no limit to the number of savings accounts that you can open. However, the bank can mark your account dormant if there is no activity for a period of time.
Additionally, if the account is not used, it can attract other charges that will eventually result in a lower bank balance.
3. Bank charges:
Many services are offered by banks for no cost, but some require a fee. You should be aware of the fees and charges that banks charge customers.
Many charges are not known to customers. When opening an account, or purchasing products from them, it is important to collect all information.