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Let's start off with another open thread — how many bank accounts do you have?
It used to be that we'd have all of our accounts — checking, savings, retirement, investments, etc. — all under one roof.
But today, that's one of the worst ideas you can possibly have.
Because of the ease and convenience of online banking, transferring money from one account to another (through ACH transactions) makes owning multiple accounts at multiple institutions a must for anyone looking to maximize their dollar.
I'll start off.
I have two checking accounts, three online savings accounts and two retirement accounts (a 401k and a Roth IRA).
My accounts are at a total of 7 different financial institutions.
What about you? How many bank accounts do you have?
I have 3 checking accounts, only 1 that I use all the time. I have 1 Money Market acct that I keep the bulk of my savings in. I have 4 other misc savings accounts.
One interestless "free checking" account at a local brick and morter for my everyday transactions, and one 5% apy online savings.