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How many savings accounts should I have?

Sensible Investors

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How many saving accounts should you have?
There is no one fixed answer to this question, rather it comes down to individual circumstances.

Do you think there is an optimum amount of accounts? How many is to many?

Check out our article bellow to find out more:
 

Trade__Em

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How many saving accounts should you have?
There is no one fixed answer to this question, rather it comes down to individual circumstances.

Do you think there is an optimum amount of accounts? How many is to many?

Check out our article bellow to find out more:
I find it useful to have different accounts for different sinking or emergency funds. However, with the new fintech banks offering “pots” there won’t be a need to have many different accounts for some.
 
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Smart Finance

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I find it useful to have different accounts for different sinking or emergency funds. However, with the new fintech banks offering “pots” there won’t be a need to have many different accounts for some.
Oh I agree, I'm really enjoying Monzo pots. Makes it super easy to split money into goals.

The other reason I have noticed to have multiple bank accounts is if one bank has an IT melt down you may be left without access to your money.
If you have multiple different banks may allow you to keep some access to your money.
 

Trade__Em

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Oh I agree, I'm really enjoying Monzo pots. Makes it super easy to split money into goals.

The other reason I have noticed to have multiple bank accounts is if one bank has an IT melt down you may be left without access to your money.
If you have multiple different banks may allow you to keep some access to your money.
Yes that’s a very good point. Or even if your card gets lost or stolen and you have to freeze your account temporarily, having another can be handy.
 
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Smart Finance

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Yes that’s a very good point. Or even if your card gets lost or stolen and you have to freeze your account temporarily, having another can be handy.
I think there is another thing to keep in mind with multiple bank accounts is the FSCS protection which is up to £85,000 is for institution. May find multiple banks are part of the same group/institution.
 
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