{"id":134737,"date":"2022-10-18T00:00:00","date_gmt":"2022-10-18T00:00:00","guid":{"rendered":"https:\/\/trybeem.com\/blog\/multiple-savings-accounts-do-you-need-them\/"},"modified":"2024-08-12T10:38:05","modified_gmt":"2024-08-12T10:38:05","slug":"multiple-savings-accounts-do-you-need-them","status":"publish","type":"post","link":"https:\/\/trybeem.com\/blog\/multiple-savings-accounts-do-you-need-them\/","title":{"rendered":"Multiple Savings Accounts -How Many Can I Have?"},"content":{"rendered":"\n<p>If you need more than one standard savings account, you must check your bank\u2019s fees, rates and limits. Today, most online banks give higher <a href=\"https:\/\/trybeem.com\/blog\/savings-account-how-much-should-you-really-save\/\" target=\"_blank\" rel=\"noreferrer noopener\">savings<\/a> rates and lower fees than traditional banks. It is, therefore, advisable to have multiple savings <a href=\"https:\/\/trybeem.com\/blog\/savings-vs-checking-account-what-to-pick\/\" target=\"_blank\" rel=\"noreferrer noopener\">accounts<\/a> in online banks. But how much is too much? Here is why you should or shouldn&#8217;t have multiple savings accounts.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Fees<\/h2>\n\n\n\n<p>Having multiple savings accounts would become a bad choice if you start to incur monthly maintenance fees on all the accounts. Many have a restriction on the number of savings accounts a person can have. These policies are different in each bank.<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Some banks limit customers to six withdrawals each month per account. However, this does not include ATM or branch withdrawals.<\/li>\n<\/ul>\n\n\n\n<ul class=\"wp-block-list\">\n<li>No matter how many savings accounts you have, make sure to avoid fees for too many withdrawals.&nbsp;<\/li>\n<\/ul>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Regulation D rule is used to limit <a href=\"https:\/\/trybeem.com\/blog\/why-you-need-a-savings-account\/\">savings account<\/a> customers to six transactions a month per savings account, excluding ATM or withdrawals at a branch. This rule was revoked because of the covid-19 pandemic; however, some banks might still charge for numerous transactions. It\u2019s advisable to read the bank\u2019s policy before you open the account or make a transaction.<\/li>\n<\/ul>\n\n\n\n<h2 class=\"wp-block-heading\">Personalize&nbsp;<\/h2>\n\n\n\n<p>Some banks and credit unions have the option of changing the name of the accounts based on the <a href=\"https:\/\/trybeem.com\/blog\/why-you-need-a-savings-account\/\" target=\"_blank\" rel=\"noreferrer noopener\">savings goal<\/a>. Though you can name the accounts with any random name, it is advisable to call them \u201cemergency fund,\u201d \u201ccar fund,\u201d or \u201chousing fund.\u201d This would not only save you time but would also be helpful if someone else has to access your account during an emergency.<\/p>\n\n\n\n<p>These six financial institutions offer the highest annual percentage yields (APYs). Moreover, they don\u2019t charge any monthly fees and you can also personalize your account by changing the account names.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Ally Bank<\/h3>\n\n\n\n<p>The account you should look for is: Ally Online <a href=\"https:\/\/trybeem.com\/blog\/savings-account-all-you-need-to-know-about-their-interest-rates\/\">Savings Account<\/a><\/p>\n\n\n\n<p>Features: They have customer service 24 hours every day. You get savings <a href=\"https:\/\/trybeem.com\/blog\/apy\/\">APY<\/a> of 0.50%.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Discover Bank<\/h3>\n\n\n\n<p>Account to look for: Discover Online Savings<\/p>\n\n\n\n<p>Features: No exorbitant fees on withdrawals. You get a savings APY of 0.40%<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Barclays<\/h3>\n\n\n\n<p>The account you should look for is: Barclays Online Savings Account<\/p>\n\n\n\n<p>Features: You need not have a minimum balance. You get savings APY of 0.40%<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Alliant Credit Union<\/h3>\n\n\n\n<p>The account you should look for: Alliant High-Rate Savings<\/p>\n\n\n\n<p>Features: Their eligibility criteria make it easy for people to join. You also get a savings APY of 0.55%.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Capital One 360<\/h3>\n\n\n\n<p>Account you should look for: Capital One 360 Performance Savings Account<\/p>\n\n\n\n<p>Features: Easy access to branches. You get a savings APY of 0.40%<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Synchrony Bank<\/h3>\n\n\n\n<p>The account you should look for: Synchrony High-Yield Savings Account<\/p>\n\n\n\n<p>Features: You need not have a minimum balance. You get a savings APY of 0.50%<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Savings accounts are helpful. But how much is too much? Here&#8217;s the answer to the question: should you have more then one savings account?<\/p>\n","protected":false},"author":15,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[2310],"tags":[107,750,216,341],"edited-by":[],"class_list":["post-134737","post","type-post","status-publish","format-standard","hentry","category-banking","tag-financial-planning","tag-multiple-savings-accounts","tag-save-money","tag-savings-account"],"acf":[],"_links":{"self":[{"href":"https:\/\/trybeem.com\/blog\/wp-json\/wp\/v2\/posts\/134737","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/trybeem.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/trybeem.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/trybeem.com\/blog\/wp-json\/wp\/v2\/users\/15"}],"replies":[{"embeddable":true,"href":"https:\/\/trybeem.com\/blog\/wp-json\/wp\/v2\/comments?post=134737"}],"version-history":[{"count":0,"href":"https:\/\/trybeem.com\/blog\/wp-json\/wp\/v2\/posts\/134737\/revisions"}],"wp:attachment":[{"href":"https:\/\/trybeem.com\/blog\/wp-json\/wp\/v2\/media?parent=134737"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/trybeem.com\/blog\/wp-json\/wp\/v2\/categories?post=134737"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/trybeem.com\/blog\/wp-json\/wp\/v2\/tags?post=134737"},{"taxonomy":"edited-by","embeddable":true,"href":"https:\/\/trybeem.com\/blog\/wp-json\/wp\/v2\/edited-by?post=134737"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}