Is it best just to use one bank?

Question

Or is it a good idea to have several accounts in several different banks?

Answer 1

One bank is best.

There's no reason to open multiple accounts that serve the same purpose unless you have a fetish for opening statements and balancing checkbooks.

And check kiting can be a felony - in case you were curious about that.

Answer 2

I use two banks and the reason is simple. I have a checking account with a local bank. But I have a savings account with an online bank. I have the account with the local bank so I can easily resolve any issues if there are any and it is easier to make frequent deposits. The online account has a better interest rate than any other bank I could find so I stash money I'm not going to need for a while in that account.

Answer 3

My wife and I have a joint account and credit union accounts for savings and emergency funds. The credit union accounts are a little harder to get to-to keep us from using them as checking accounts. Several bank accounts just increases your problems and complicates the situation. Let's see, did I make that deposit in First National or SunTrust? Which checkbook/bank card do I use to pay for this? Etc... Have a main account for everyday use and one as a backup or for savings.
Unless, of course, you have tons of money that exceeds normal FDIC insurances. Then you need to get with a CPA/financial advisor/consultant to manage all that capital. And, hire someone to watch those watching your money. Then you watch everyone.

Answer 4

Only if you like several sources of headaches. Its hard enough to balance one bank's statements... and you want more?
I think the only reason to have multiple accounts is that the FDIC only insures up to... oh, what is it? $400,000 per account? If you have more than that in your account, you might want to divide it up.

Answer 5

For relatively small amounts of money, say $10,000 or less, one bank is sufficient. Beyond that amount, I think it best to begin to think of other, more effective places to put money.

Answer 6

it is best to diversify with various institutions... recommend 3 different institutions, just look for free banking fees

Answer 7

It doesn't make any difference as they are all completely rubbish and only still in business because we can't manage without them these days.

Answer 8

Do not put more than $100,000.00
into any one bank.
Reason: FDIC Insurance.