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We asked Margaret, a bank teller from Massachusetts, about the benefits of havingmultiple bank accounts.
Heres what she had to say.
Have your paycheck direct deposited into two separate accounts, Margaret recommended.
This puts your savings on autopilot.
You dont see that money, so you dont miss it.
Maintain Two Checking Accounts
Having two checking accounts can be even better, according to Margaret.
Deposit the money needed to pay your monthly bills in one and set up auto pay from that account.
This account should have a debit card that you use for these purchases.
Theres a psychological advantage to setting up a separate account for a specific goal, Margaret said.
Better Deposit Interest Rates
Interest rates are all over the place, said Margaret.
Watch the rates to verify youre getting the best available.
Margaret also recommended being aware of your interest rate.
Banks will offer introductory rates to make a run at get new deposits.
Read the fine print and check your statement.
In most cases, your rate can change at any time so be sure you know what it is.
You definitely want to take advantage of that.
Account types include individual and joint, and retirement (IRA) and non-retirement.
If that IRA has $400,000 in it, however, only $250,000 is insured.
Having multiple bank accounts, even at multiple banks, can help you achieve your financial goals more easily.
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