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While that might have provided some convenience, it might not have been the best financial move.
A recent GoBankingRates Best Banks 2023 survey found that 56% of Americans have accounts at more than onebank.
Here are the fivebiggest reasons you should consider having accounts at multiple banks.
you could Leverage Different Features and Perks
Not all banks offer customers the same account features.
Understanding what features mean the most to you and finding banks that fit your needs is important.
Multiple Bank Accounts Can Make Money Management Easier
Money management can be a time-consuming and stressful job.
However, its something that everyone needs to do to keep their finances in order.
Luckily, many large banks today offer budgeting tools to simplify your job.
One key reason is the ability to separate your money based on specific financial goals or needs.
However, before signing up for an account because they have a bonus, read the terms and conditions.
Often, banks require you to make a minimum deposit or set up direct deposits totaling a certain amount.
They might also require your account to stay active for a minimum number of days.
Understanding these conditions will ensure youre able to receive the bonus.
Think of banks like grocery stores, said Bundrick.
While many people used to have accounts at a single bank, thats no longer true.
Today, theyre looking for banks that meet all of their needs.
That could mean a different bank for each banking product they use.
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