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For example, a payment account or checking and savings.
Later in life, Miller said finding the rightnumber of savings accountsis a balancing act.
Essentially, theres no general number of savings accounts thats right or wrong.
Instead, its finding the right number for you that matters.
Heres a look at three reasons why you shouldnt open more savings accounts than necessary.
Also take a look at the best savings accounts for this month.
Maintaining more than three to four accounts can lead to unnecessary complexity.
Your savings accounts are supposed to help you save money, not hinder your efforts.
Many accounts have maintenance fees that accumulate if not closely monitored across multiple accounts, he said.
Ease of Use
Some savings accounts are opened to put aside money for long-term savings.
However, some are intended to save for short-term purposes.
If you have money spread across several accounts, accessing the amount you need can be a headache.
Ultimately, the idea of having many savings accounts can be a great idea on the surface.
Overall, this isnt a bad strategy, as it can allow you to increase your interest earnings.
This will ensure you dont get in a situation where you have too many accounts to reasonably handle.
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