2006-08-04 15:52:04 · 11 answers · asked by Anonymous in Business & Finance ➔ Investing
Why would you want to?
2006-08-04 15:55:52 · answer #1 · answered by Anonymous · 1⤊ 0⤋
Usually , accounts are backed up to $100,000 by the FDIC . If you have more than that in an account, you may be at risk should the bank default or go under. This occurred when many savings and loans went under about 20 years ago.
So if your conservative and you have $500,000 and you spread it around to 5 different accounts , its not a bad idea.
If you dont have this wealthy problem, no need to spread it around that much.
2006-08-04 23:01:13 · answer #2 · answered by besttobefriends 2 · 0⤊ 0⤋
It's not unwise. It depends on what you are doing
with this money.
It makes sense if you have some accounts with higher
insterest rates and perks, etc.
For example, I have one main checking account, 1 online savings account through a different bank that pays a higher interest rate and I also have a money market account with another company - long story, but I have very good reasons for doing this.
It all depends. Just be sure to store extra money in a high yield savings account (like Emigrant or ING). Make your money work for you.
2006-08-04 22:58:36 · answer #3 · answered by Sirena 5 · 1⤊ 0⤋
Actually it is very wise. If all you are doing is putting money into a savings account, then simply establish yourself as a good credit risk. To have access to several banks who know/like you as a customer gives you leverage. More to the point, if you have sufficient savings that you can consider laddering CD's, shop for rates as they change almost daily. Have loyalty to yourself and your family, not to a bank. And, don't forget to check out the internet banks. Usually they beat the brick and mortar banks for rate of return. Go get 'em.
2006-08-04 23:10:39 · answer #4 · answered by homerunhitter 4 · 0⤊ 0⤋
It is very wise...each account holder is restricted to $100,000 insurance per BANK - all accounts collectively - by the FDIC, so if you have more than that, you should use multiple banks to put the money away in to get all of the insurance you are entitled to.
2006-08-04 22:58:01 · answer #5 · answered by Richard H 7 · 1⤊ 0⤋
Last I knew money in a true bank (not S&L, not credit union, etc.) deposits were insured by FDIC up to $100,000 per account (not per bank) so as far as protection from fraud, bankruptcy, etc. there's no need to use multiple banks but you should use multiple accounts if the balance is more than the current FDIC maximum.
2006-08-04 22:57:40 · answer #6 · answered by frugernity 6 · 1⤊ 0⤋
It's perfectly fine...but to make it wise, I would hope that you are getting the best yields possible. Most large banks will not default, and FDIC protects up to $100k.
Your savings account can be anywhere (I keep mine online to get the highest yield) and a checking account somewhere else (easier access to ATMs, etc. w/o fees.)
2006-08-04 22:58:46 · answer #7 · answered by Swu20 3 · 1⤊ 0⤋
I like to put some money in a savings account that I do not have easy access to ... no ATM, etc. It helps build the emergency nest egg.
2006-08-04 22:56:03 · answer #8 · answered by wahine 4 · 1⤊ 0⤋
Yes; as and when each account reaches $100,000. That's the FDIC insured limit on a give account.
2006-08-04 22:56:33 · answer #9 · answered by noitall 5 · 1⤊ 0⤋
As long as someone knows about the accounts in case you pass away.
2006-08-04 22:54:54 · answer #10 · answered by Steve R 3 · 1⤊ 0⤋
I agree with Steve R.
2006-08-04 22:56:16 · answer #11 · answered by highchaparral2006 4 · 1⤊ 0⤋