Bank Accounts - How Many Do You Have?

[Alan]

USA
1 checking account
1 brokerage account for IRAs and after tax funds

UK
1 checking account
3 savings accounts

 

[jazz4cash]

Well, we have quite a few that we never use and have $0-5 dollars in. These are accounts that we had to open for various reasons, such as opening a CD.



On a day-to-day basis, we have 2: Ally savings and local CU checking.

I presume these are credit union accounts. I just learned recently that you can buy a CD at many banks without having a checking or savings account. I’m sure you’d have to be a member at any credit union to buy their CD products. I have several credit union accounts just for access to CDs or credit cards with favorable terms.

 

[badatmath]

3 locations, 5 accounts. One will be closed soon and 1 has only $5 (required to join) so maybe you could say 3.25?

 

[lampshade]

Two checking, two savings, and one HELOC = 5

 

[Doribe]

1. B&M checking & savings (savings is required)
2. CU checking & savings (backup in case I get mad at B&M or I get locked out while traveling)
3. FIDO taxable, IRA & Roth
We have a few CDs scattered about, but I am systematically consolidating into FIDO.

 

[RobLJ]

Too many. We're using Wells, but set up Schwab as an alternative, back when we were with WaMu (before Chase took them over). Chase wasn't here in Reno, though.
It's the IRAs, however, that are out of control. I'm consolidating DW's this year and next and next and next, before she hits 59.5. I'll do mine (fewer) before I hit the magic age of 70.5.

Just curious, how many different bank or S&L accounts do you have? My daughter mentioned in passing that my wife and I seem to have a lot of bank accounts. Am I out of the norm?

3 checking, 3 CD's and 1 Money Market for a total of 7.

 

[Montecfo]

1 B&M checking
1 Online checking
2 Online savings
2 CD accounts

My 401k
My IRA
My Roth
Her 403b
Her IRA
Her Roth
Taxable brokerage
HSA

 

[happy2bretired]

I have a checking and savings account at my credit union. I also have an account at Wells Fargo, but, that account only holds my credit card. I used to have more at Wells Fargo but I became a little irritated when they kept increasing their charges. I use that lonely WF credit card mostly for my on line purchases plus I want 2 cards, one VISA and one MC so I keep it. I actually might just cancel that WF card at some point. It bothers me because I have had that card for probably 20+ years.

 

[2177V]

I have 3 checking accounts with 3 different major banks for the simple reason that I can find an ATM a lot easier especially when I travel. All 3 checking accounts are free with no minimum balance if you direct deposit. I direct deposit 2 pension checks and 1 SS check each month. Some banks allows bank transfer on line to different banks with no fee.

Savings accounts are a little complicated since they want a minimum balance and the interest earned is nearly nothing. I have Vanguard for my IRA and taxible investments. Vanguard is connected to one of my major bank account.

I also go to China often so I do have Canton bank which services both China and USA. There is no right answer and it depends on your situation. In my case, convenience and no fees are my determining factors.

 

[segfault]

I can’t answer off the top of my head. 30+ accounts in Quicken, many with low balances (e.g., I have a checking account that I don’t use with $1,000 in it because I wanted a safe deposit box at a bank near me, and the bank required me to keep a checking account with them). Part of my financial plan is reducing the number of open accounts, but also, if there’s an account opening bonus I can collect or something, I’ll still do it.

 

[Sirka]

3 checking, 2 CD's and 3 Money Market for a total of 8.
I need Quicken to keep track of funds, but I feel it is needed for diversification. I ran into different complication while traveling; like dropping the ATM card on a magnet (tag removing) at the register in the store and basically killing it. It would have been a big problem if we only had one card or account.

 

[Rustic23]

2 checking
One with low balance and I use it's debit card for a universal gas card
the other is our everything checking
2 IRAs
1 Money market account
2 debit and 2 credit cards

 

[morriss003]

Just curious, how many different bank or S&L accounts do you have? My daughter mentioned in passing that my wife and I seem to have a lot of bank accounts. Am I out of the norm?

3 checking, 3 CD's and 1 Money Market for a total of 7.

We have a joint checking account at a bank and a savings account at an S&L, but we will open another checking account at the S&L which will hold just enough money to tap into while we are out of the country.

 

[Sirka]

List of Program Banks

How cool is that; they spread your money across several banks (from the list), depending on your balance.

We have TD Ameritrade investment checking - it shows Payable trough: TD Bank USA

 

[audreyh1]

How cool is that; they spread your money across several banks (from the list), depending on your balance.

We have TD Ameritrade investment checking - it shows Payable trough: TD Bank USA

Right - it's very cool in that they take care of keeping under FDIC limits for you. However, the interest currently paid at the program banks is so paltry, 0.37% or 0.79% for above $100K, that you might as well manage it yourself and spread it among high yield savings accounts at several banks many of which are yielding at least 2%, or buy short-term treasuries which can yield you a bit more, or short-term CDs.

 

[dtbach]

2 different banks. One is just for some property I own. The other is my main saving and checking.

 

[MarieIG]

I closed one since this thread started. Closed one last year and once since this thread started, both with my oldest son. So X-2.

 

[goodcookie]

1 Checking and Savings at local credit union (For cash emergency)

1 Checking and Savings at local Brick and Mortar (Just because)Not much!

Ally Bank:
1 Checking
Regular Savings (For emergency fund)
Savings- Vacation Fund
Savings- Taxes Fund
Savings- Kids wedding Fund
Savings- Home Improvement Fund
Savings- New Car Fund
Savings- Doctors/Medical Fund
Savings- Christmas Fund
Savings- Wife splurging Fund

Raymond James: (IRA, Roth, Mutual Funds)
Wife- 2 accounts
Me- 3 accounts
___________________________________________________

Living it the way I want!
Retired at 56(Couldn't have made it 1 more day)

 

[indiajust]

roth and taxable acct, both at schwab. Last bank acct in 1984, last S&L acct in 1998.


Considering Bank of Internet based acct for better access to crypto. Considering gold-based checking account with Utah gold depository, to pay bills in gold and convert cash exposure to gold, small protection from hyperinflation and the Fed.

 

[Bir48die]

I have four with the bank that continues to have nothing but problems. It’s my way of keeping separate personal buckets and for my own disciple. Then I have a MM at Fidelity that I use to park my money to use for the year

 

[Taxman59]

1 B&M checking and 1 money market account. Just opened an online account (Fidelity) to get the CC points added to it (2% on all purchases if you put the $ into a Fidelity account).

 

[Rex]

Zero bank checking accounts....

Use CMA money market to pay the bills.

No brick and mortar checking or savings accounts for many years.

One savings account......."high rate" online savings w/Marcus (GoldmanSachs)

 

[rk911]

1 Checking and Savings at local credit union (For cash emergency)

1 Checking and Savings at local Brick and Mortar (Just because)Not much!

Ally Bank:
1 Checking
Regular Savings (For emergency fund)
Savings- Vacation Fund
Savings- Taxes Fund
Savings- Kids wedding Fund
Savings- Home Improvement Fund
Savings- New Car Fund
Savings- Doctors/Medical Fund
Savings- Christmas Fund
Savings- Wife splurging Fund

Raymond James: (IRA, Roth, Mutual Funds)
Wife- 2 accounts
Me- 3 accounts
___________________________________________________

Living it the way I want!
Retired at 56(Couldn't have made it 1 more day)

yup, we used to have multiple accounts for specialized reasons. too complicated. now 1 checking for day-to-day living, bill paying (vurtually all bills auto-debited). one MM account for cash “savings”. we keep track of our sinking funds (new car, vacation, out-of-pocket medical and others) using Quicken software.

 

[meleana]

Our checking is at one bank that also has a physical location where my husband works- but not where we live.


Then we have 2 on line banks with Savings and CD's.

 

[AnneG]

One checking, one savings at the credit union. A HYSA at American Express and of course our investments at Fidelity. That's it. The simpler, the better and it works for me.