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Resolved Question

What are the benefits of having bank accounts at more than one bank?

Is there any reason for me to open a bank account at another bank other than to protect myself from losing all my money if my current bank goes out of business? 60 mths ago

Best Answer

The only reason why I have an account at every major bank is that it makes it more convenient for me when doing EFT's. If the transfer is between different banks it always takes longer to be available in the other persons account. So I always ask which bank they are at and then transfer the money from the same bank to theirs.

60 mths ago

Answers -

You can use his money when yours runs out;-)

60 mths ago

Never had the need for more than one bank, One bank manager on my back is enough!

60 mths ago

Never thought about it, but I think that Freakazoid's answer makes a lot of sense.

60 mths ago

I use different banks for different reasons. My utilities (lights, phone, gas, etc) one bank. Groceries and daily products (fish and dairy) another bank. Third bank for electrical appliances, hardware etc. Having three banks is handy when it comes to balancing the books, plus if one bank goes under, I have the other two to tide me over.

60 mths ago

Send the taxman on a wild goose chase.

60 mths ago

There is no logical reason to have more than one bank account of the same type (ie cheque account) with different banks (other than as you mentioned, if one goes bust, but then you trying to protect your savings not you current account). Each bank account has its own set of bank charges, including a minimum fee, so it will most probably cost you more than having just one account. You don't need numerous bank accounts to pay different types of expense, just better housekeeping, and who cares if the person you are paying is with a different bank and has to wait for their money. However, when it comes to savings accounts you may want to use more than one bank, as they all offer different rates and different terms. You may want to invest cash both short term and long term (instant access, or 30/60/90 notice accounts), and one bank may offer better rates for term accounts and another instant access. It just depends on your circumstances, shop around first.

60 mths ago

No benefits

60 mths ago

The idea of paying two/three different banks banking charges doesn't make sense to me. I bank at one institution, business banking and personal package combined and I negotiated preferential rates. I most probarbly save close to half a grand every month just on charges alone. Worth considering.

60 mths ago

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