Is there a bank where I can open multiple checking accounts?

Question

I'm looking for a way to make the envelope system of budgeting work for me, but in the modern day world. I'd like to get multiple checking accounts if not accounts under one checking with debit cards from all of them (lets say 5). Then divide my check appropriately to each checking sub checking and use particular debit cards if its groceries, me, school, debt, etc. Is there a bank out there cares about thei customers enough so that they allow their customers to open multiple accounts to budget better? Thanks in advance for your help.

I currently use an XLS worksheet to budget and i have budgetted myself for 12months in advance. It changes as i go but i would like to be able to seperate accounts.

Answer 1

I don't think there is a limit as how many accounts you can open. No bank will give you any trouble on number of accounts. However, it may not be a good way of handling your accounts, since many "low minimum" checking accounts will have fees and/or other limitations, probably will not pay any interest. Opening multiple accounts that require minimum balance will require you to freeze too much money.
What I suggest is open one account, but maintain multiple registers as if they were different accounts. Say you deposited 1000 into account, you record 300 into groceries registers, 500 into rent register, and 200 into misc. register. When you spend, you simply pretend that you take money out of separate accounts and record withdrawals into corresponding registers. When you reach a zero in a register -- you are out of money on that virtual account and stop spending from that category. The balance in the "master" account is simply a sum of balances in your subsidiary accounts.
I see you are disciplined enough it will work great for you and avoid expenses of maintaining multiple checking accounts.
I've done it before, works just fine.

Answer 2

Multiple Checking Accounts

Answer 3

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RE:
Is there a bank where I can open multiple checking accounts?
I'm looking for a way to make the envelope system of budgeting work for me, but in the modern day world. I'd like to get multiple checking accounts if not accounts under one checking with debit cards from all of them (lets say 5). Then divide my check appropriately to each checking sub...

Answer 4

My suggestion would be Washington Mutual -- only because they charge no fees or minimum balance requirements. Generally you can't associate more than one account with a debit card, however. Nonetheless, if you ask them for five different accounts, you may get some pushback. It costs the bank something to maintain each account. Why not consider opening one or more savings accounts instead of checking accounts? You can transfer money between checking and savings online or at an ATM quite easily.

Answer 5

There is no law against opening as many checking accounts as you wish. If a bank has objections to this, just get them from different banks.

Answer 6

Most banks will allow any number of accounts for a fee. Bank of America will give a second free account to Prima account holders.

Why don't you just use Quicken to handle your checks and just post to any category you wish? I have all my checking and savings accounts in Quicken and it gives me access to my total assets in one location.

I think you will go crazy with multiple checking accounts, trying to figure which to use. Are you planning to carry all of your checkbooks and debit cards all the time? That is very dangerous in case of loss.

Answer 7

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Answer 8

This is a great question, and one that confused me for a very long time.

Answer 9

almost any bank should allow you to do this..if yours doesnt call around locally to find one that does