Why I Have Multiple Checking Accounts, and Why You Should Too

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The idea of having more than one checking account may sound overwhelming or pointless at first, but let me explain. I’ve found multiple benefits from opening and at times maintaining multiple checking accounts. Either at the same bank or with various banks.

Some of these benefits include organization of your funds for monthly expenses, opportunities to make a couple hundred dollars at no cost to you, and finally, for the benefit of increased credibility in the banks eyes. In this post I will tell you how I leverage all of these benefits each month by having multiple checking accounts.

Organize Your Personal Finances with Multiple Checking Accounts

There’s more than one reason why I use this strategy, the first being organized. Not everyone’s brain works the same way. This is just what works best for me. A lot of bills that I pay come out of my checking account, so to alleviate the stress of calculating what I need to keep in there for bills and what I need for myself week to week, I have an account that my bills are paid out of and one for just daily use.

               Not only does this help me organize my funds, it also helps me stick to my budget.

I know how much I need to have aside for bills each month, so that amount goes aside into the “bill pay” account. While in my regular checking account, I’ve calculated how much money I typically need in the time between paychecks, for things like food and gas. And keep that available to myself in there.

Just for clarification, I do this using multiple checking accounts at the same bank. This is just me personally. If you find it just as easy, if not even easier, to use this same method using different banks more power to you!

Make Some Extra Cash by Opening a New Checking Account

Yes, having multiple checking accounts has also helped me to make some money. It isn’t a form of consistent income, but it is a way to make a quick couple hundred dollars.

The photo below isn’t an advertisement for this bank, I’m just providing an example of what I’m talking about.

 

I found this particular offer just by searching “Money offers for opening a new checking account.” Most of these offers will require a promo code (this one came with the ad), and usually, require you to deposit a certain amount of money into the account upon opening it.

Lastly, you’ll probably be asked to leave that sum of money in your new checking account for some specified amount of time before you can get your reward. Typically it’ll be for around two months or so.

If you have a decent amount of money in your savings account, why not take that money and use it to make some more money? You don’t lose any money by doing this, so it’s definitely worth it. You don’t get penalized for closing that checking account at a later time either. Though, they may require that you keep it active for at least a year or so.

Gain Credibility with Banks

Believe it or not, by doing this banks will be more apt to want to do business with you. I receive emails with offers like this every so often since I started branching out to different banks and taking them up on their offers. As you build your savings account the amount of money being offered in these promotional deals will increase as well.

You may even get some really great credit card offers with zero interest for a significant amount of time.

Some will require a $500 deposit, while others may ask for $1,000. I’ve even had one that required me to have $500 directly deposited into the checking account every month for 3 months, after which I was given $500. Currently, I am waiting on one that required a $500 deposit, and after 40 days I will receive $200.

I know it’s probably one of the most boring, and time-consuming things a person can do. But be sure to read ALL of the terms and conditions of whatever promotion you may be jumping into. You don’t want to take all the time and effort into setting up this new checking account, and find out that along with depositing a couple hundred dollars, you also need to have $2000 directly deposited into the account within the first month.

Don’t be afraid to go to the bank and ask someone any questions you may have. I promise you’re not being annoying by doing this. Even if you are, don’t worry about it. It’s their job to answer your questions. You’re bringing them your business after all.

There’s free money out there for the taking. Grab it while you can, and build up your savings without even lifting a finger. Just be sure to read the fine print and ask all questions that you have before agreeing to anything. Such as asking how long you will need to have your account open before closing it, if you decide that you don’t want it any more.

I am definitely not a professional person finance counselor of any sort, but have learned a lot from my own experienced and would like you to benefit from what I’ve learned as well. Some times it can feel like the world is out to drain you of all of your money. Especially these days. Use these tips to take your money back into your control and even get some more in the process.

How many checking accounts do you have? Do you organize your finances similarly or in s completely different way? Tell me about it in the comments below!