Friends, nowadays most people have more than one bank account. Some people have this need and some people open another bank account only for saving. But do you know what are the disadvantages and advantages of having more than one account? This is what we will know in today’s post.
Disadvantages of having two bank accounts
We open an account in the bank for savings, but if you do not maintain the minimum balance, then, on the contrary, the bank imposes a penalty on you and deducts your money, in some banks the minimum balance limit is very high, which if you do not maintain it. If found, instead of getting benefits, there can be a reverse loss.
Banks charge a debit card or credit card facility fee, if you have more than one debit or credit card unnecessarily, then you will have to pay the cost of maintaining them.
If you have more bank accounts, then you will need more paperwork in filing e-return and will have to give information about all the accounts, which can be a very difficult task.
Due to money stuck in different accounts, you cannot invest your money in the right place like – the share market, mutual fund, fixed deposit etc. You could have earned higher returns by investing in these places.
Benefits of having more bank accounts
After the loss of more bank accounts, now let’s talk about its advantages-
With one account, you can do free transactions up to a maximum of five times, but with two bank accounts, you can do free transactions more often.
If you are getting less interest in one bank then you can keep your money in another bank.
Having two bank accounts, if there is any problem in one bank like network failure, server down, the bank is closed, then your work will be done by the other.
Having more accounts increases the number of checkbooks you have.
Having more than one bank account, you always have two options so that you can choose different services of the bank according to your advantage.
Advantages and disadvantages of having two bank accounts Advantages and disadvantages of having more than one account. Multiple bank account profits and losses.