View Full Version : Benefit of Multiple Bank accounts( different banks)
Barlow
12-30-2010, 11:17 AM
Hey,
is there any real benefit?
I know I have 2 already, one being ING.
But not sure if another big bank would be a good idea, what are your thoughts?
I'm thinking one bank would be set upfor emergencies and such and have a monthly contributions automatically depositied.
Thoughts?
Barlow
Tik-Tok
12-30-2010, 11:29 AM
I don't see the benefits, unless the second account is free, or you have more than the insured amount just sitting in a normal account ($100g I think).
Barlow
12-30-2010, 11:32 AM
Originally posted by Tik-Tok
I don't see the benefits, unless the second account is free, or you have more than the insured amount just sitting in a normal account ($100g I think).
You dont?
I thought this was Beyond, where everyone is a millionaire!!!!
Kinda what I was thinking, I get "free" banking at Royal, due to multiple typesof accounts and visa and what not.
Thanks for the clear up.
Barlow
jjmac
12-30-2010, 11:37 AM
I have 2 accounts.
One with TD, my main account
Where my pay comes in and my bills comes out. I think its better to have TD for these activities just in case I need to come in and see a rep if there were any deficiencies.
One with PC Financial
It's free, and I use it for daily purchases.
Having these 2 accounts allows me to manage my money better.
Also having more than one account/banking at more than one bank is good for accessibility.
jensv
12-30-2010, 02:12 PM
Banks sometimes offer freebies for opening/transferring a new account. I have a EEEPC from RBC.
ExtraSlow
12-31-2010, 08:05 AM
For budgeting purposes, it can be handy to have more than one account, but usually you can have both of those at the same financial institution. I have two at RBC.
I also have one at ING, which I use to keep large sums of money away from my debit card. When I get my annual bonus, that's where it'll go until I figure out what I want to do with it.
I doubt anyone on beyond really needs to worry about the CDIC limit per institution, so that's probably not a factor.
So, if it helps you manage your money, and there are no additional fees, go for it. Otherwise, there is no benefit.
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