Seven reasons to have multiple savings accounts SaturdayMotivation
The best way to ensure that you build wealth and avoid debt is to diligently plan and save as much money as possible for both future needs and desires, according to www.moneycrashers.comSome financial experts recommend setting up a simple savings account tied to your current account, while others advocate opening multiple accounts to be used for various savings targets.
Money market accounts and savings accounts are typically limited to certain number of withdrawals per month. However, if you open three of such accounts, you can withdraw money up to several times per month. Just be sure that the money you withdraw is being used for further investments or for applying to your specific savings goals – otherwise, you’re just depleting your accounts.
You could lose interest: While the interest paid on most savings accounts is pretty low, some accounts pay a higher interest rate on a larger balance. Spreading your funds into many accounts may keep you from earning the highest rate.
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