The Benefits of Having More Than One Bank Account

The existence of technology today has many positive impacts on our lives, including in the financial sector.

Currently, we can use various facilities from non-banks and banks in all our activities related to finance: from making transactions, saving, and doing business, to investing.

In addition, increasingly advanced technology has made us feel comfortable using various financial technologies.

With advances in financial technology, there are currently many financial institutions from both the bank and non-bank sectors competing to make various products and innovations that can pamper their customers.

With the presence of various banks and the products, facilities, and innovations they offer, people have many choices, especially in using their services.

Everyone is also not limited to only using certain bank products. For example, in account ownership, each person may have saving accounts from two different banks or even more.

Then, is it important to have more than one bank account? Let's discuss it together!

Is it necessary to have more than one account?

As we discussed earlier, nowadays everyone can have more than one account from different banks.

It can be customized based on the needs of the user. However, the main function of an account is a place to store money. Good for daily needs, or to save for the long term though.

Then what is the reason someone has many accounts? Everyone usually has their reasons. But in general, a person has many accounts because each account is intended for a different function.

For example account A accommodates monthly salary and daily living expenses, account B for business finance, and account C for savings.

So what are the benefits of having multiple accounts?

Having multiple accounts can provide several benefits that you can enjoy, including:

Easy to monitor finances

By having several accounts that have their respective functions, of course, monitoring finances becomes easier. For example, by separating money between business accounts and savings accounts, it will be much easier for us to monitor business finances, because, from the start, business finances are not mixed with personal money, savings, or other money.

Help manage expenses

When we only have one account, sometimes we have a little difficulty when it comes to calculating how much we spend, because all types of expenses are mixed into one. By having an account for a certain category, you will find it easier to manage expenses.

For example, you have a special account for money for daily needs. When the balance in the account is running low, you will realize that you have to start holding yourself back from spending your money.

Differentiating accounts will also make you no longer forget to save, or even miss various payments that are mandatory.

Easier to discipline

Having problems with discipline in managing finances? Maybe having multiple accounts could be one solution. Usually, when you want to save for certain things, you need to be consistent in collecting a certain amount of money. Having a special account, can make us more enthusiastic about collecting money. If necessary, don't make an ATM card for a savings account like this so you won't be tempted to withdraw money from there.

As a backup if one of the accounts is problematic

Have you ever felt panicked because your account suddenly got an error? This usually happens because the system does require periodic development and supervision.

The problem is, the system often crashes at the wrong time. For example, when we have to pay for a transaction on the spot, suddenly the account we normally use has an error.

Well, if you have more than 1 account, things like that can be anticipated. When account A is in error, you can use account B first.

However, having too many accounts is also less effective. This is because:

1. Difficulty in carrying out financial records. Where the more accounts we have, the more accounts we have to monitor.

2. Administration fee. Many accounts apply administrative fees every month. And if you have many accounts, then you will also be asked for a lot of administrative fees every month.

3. Less effective. Having too many accounts can make us less effective in managing our income and expenses. Because when we have many accounts, we are even too concerned about which account to put this money in and so on.

Therefore, of course, there is no problem having more than one account. Adjust it to your needs, and hopefully, that way you can manage your finances more efficiently.

Open an account at a bank that offers attractive facilities. Also, pay attention to various other factors before you open an account at the bank. Good luck!