Benefit of Multiple Bank accounts( different banks)

[Barlow]

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]

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]

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]

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.

[gqmw]

Also having more than one account/banking at more than one bank is good for accessibility.

[jensv]

Banks sometimes offer freebies for opening/transferring a new account. I have a EEEPC from RBC.

[ExtraSlow]

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.