Lots of people under one bank has multiple accounts. Usually these are: standard billing account (salaries flow to him, he pays off various financial obligations), as well as a savings account, allowing you to save some of the money earned. This method is used by many people who for some reason do not decide to open a deposit.
The savings account allows you to get a small additional amount, resulting from the interest rate – the higher it is, the greater the financial allowance will be. Except for these two the most popular types of accounts it is also possible to open a company, currency, children’s, student or senior account. It happens that it is necessary to divide money for different purposes and then you can consider setting up more accounts – is it profitable?
Also read: Savings account in euro – is it worth paying attention to?
How many bank accounts can you have?
Polish regulations do not limit bank customers in terms of how many bank accounts can you have. This means that you can open any number of accounts, both in one and in several institutions. Working with multiple accounts is often very useful. For example, some people, due to frequent travel or work abroad, use a foreign currency account in addition to a regular checking and savings account, and in the case of running their own business – a corporate one. What’s more, nowadays the offers of banks are very diverse and encourage with various profits. Therefore, you can have several or even a dozen bank accounts to find out about their functionality. But what is the cost-effectiveness of such a solution? When is it worth having all the accounts in the same institution, and when is it better to use the services of multiple banks?
Is it worth having several accounts in one bank?
On the Internet you can find many objective comparison websites and rankings that evaluate banks in terms of the benefits that a new customer gains. There is therefore a very small risk that someone will open their account completely blind, without first familiarizing themselves with the rules governing the institution. After selecting the bank with the best benefits, most people assume basic account, i.e. settlement and savings (ROR). Usually they are influenced by salary from work, it is used for daily payments.
In order to be able to put aside more and more amounts every month, it is worth setting up in the same bank second account – savings. Many institutions propose to open such an account automatically when opening a ROR account. Then the conditions are usually very favorable and are therefore conducive to opting for such a solution. You can transfer money to your savings account money postponed for renovation, buying a gift or paying for a trip – the purpose is optional. This method provides much more effective saving than with just one account.
Also read: Is there an account with no fees? Who can use it?
Is it worth having accounts in several banks?
Bank customers looking for new solutions often wonder if it is possible to open accounts in at least two different institutions. Some people decide to open checking and savings accounts at several banks due to their own safety and comfort of use. Sometimes, especially at night, institutions have technical breaks during which it is impossible to make a transfer. It may be useful in an emergency account in the second bankwhich will enable the operation to be performed when the first is incapacitated.
This solution is also very helpful in extreme situations such as loss or theft of a wallet with an ATM card or loss of funds on one of your accounts. Then it is good to have another payment tool with you that will protect you from the unpleasant consequences of an unforeseen accident. It’s also a good idea to keep one of your cards at home to avoid theft or loss of everything in your wallet.
The downsides of having multiple bank accounts
There are advantages to having different bank accounts, which are mentioned above. Unfortunately, this solution also has its drawbacks. One of them is the cost that a person incurs when maintaining several accounts. Many of them are associated with account maintenance fees and additional financial burdens resulting from failure to meet the contract. For example, if the condition for no commission for using the card is to make several transactions per month, additional charges may be added in the event of failure to comply with this provision. Another issue is safety – if someone has the same password for several banking services, the risk of the account being stolen increases.
Also read: Account for children – in which bank to open?
In many cases, a few accounts will be a great help in everyday functioning, but for some it is a heavy burden, and even the cause of losing some of your savings in case of non-compliance with the regulations. For this reason before opening a bank account you should consider all the pros and cons and consider whether it will be appropriate in a given situation. Banks offer different types of accounts to their clients, but they do not always inform about how many bank accounts can you have. Although it is not legally regulated and there are no restrictions in this matter, before starting another one, it is worth considering whether it is really a good and profitable decision.