There are lots of reasons to have a second bank account. Many people think that one bank account is good enough, and you can certainly get by with one bank account. But there’s no harm in having a second bank account, and I’m going to tell you a few great reasons to have another bank account! Keep on reading for 7 fabulous reasons to have a second bank account, and please feel free to comment below with your own suggestions for having more than one bank account.
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1. Back-up Plan
No one ever likes to think about terrible things happening, but the truth is, there are some pretty sticky characters out there. One good reason to have a second bank account is to prevent you from being left helpless in the case of a stolen identity, lost credit cards, or frozen bank account. A second bank account would ensure that you do have funds on hand and accessible money until you get the issue cleared up. It’s always good to be safe!
2. Limited Spending
Having only one bank account makes it a little harder to put a cap on your spending. A good reason to have a second bank account is because with two accounts, you can designate one for spending and one for bills and necessary things. For the spending account, you can only deposit how much you can afford to spend that month. This plan can really aid you in getting your spending under control or just helping you to save a bit of extra money.
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3. Extra Funds
Dividing your money up into two separate accounts can teach you how to be responsible with your money. I can’t tell you the number of times my bank account has been below what I would like to see it at because of extra bills that month. With two accounts, you will feel less helpless or worried over money. If one account is low, simply use the other! You can always build funds back up later.
4. Earning Interest
One great reason to have a second bank account is because of the interest rates! If you leave a larger sum in one account, and try not to spend it or use that account as often, you’re going to draw higher interest rates. No one would turn down earning extra money, right? So go ahead and open that second account!
5. Withdrawing Abilities
Did you know that most banks have a daily cash withdrawal limit? For many banks, the typical limit is $500-$1000. Now, generally speaking, people don’t need more cash than that on a day-to-day basis. But if you do happen to need more than that, having a second account ensures that you can withdraw the amount of cash you need!
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6. Limit Your Fees
This is one of my favorite reasons to have a second bank account. If you have your second account with the same bank, you can often avoid overdraft fees. If you overdraft, the bank can simply draw from the other account. And ATM fees can be avoided if you choose a bank that will refund ATM fees for your second account.
7. Security
Perhaps one of the best reasons to have a second bank account is security! No one likes the feeling of having no money, or being on your last leg till payday. You can avoid this all together by having a second bank account. Be in control of your money; don’t let your money control you!
What do you think of my reasons to have a second bank account? I’ve never regretted my decision to open a second account. There have been so many benefits that I wouldn’t have originally had since opening my second account. Do you have any reasons to have a second bank account? Please comment below and share your reasons to have a second bank account, I love to hear from my readers!
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