banking

How many bank accounts do you need?

Banking » How Many Bank Accounts Do You Need?

Married, with multiple bank accounts?
Married, with multiple bank accounts? © wavebreakmedia/Shutterstock.com

It sounds simple: one bank account for checking and one account for saving. But for many of us, life is a little more complicated.

In fact, according to Kristen Euretig, a Certified Financial Planner professional in Brooklyn, N.Y., most clients ask for help managing the number of accounts they use, especially if they're married. In some cases, it's not unusual for a married couple to have five or six bank accounts -- sometimes spread across multiple financial institutions.

Managing all those accounts can be time-consuming and confusing, which is why many people want to streamline. But unfortunately, there's no one right answer for everyone, Euretig says.

"Personal finance is just that -- personal," Euretig says. "What makes sense for one individual or couple may not make sense for another. There is nothing inherently good or bad about having or managing multiple accounts as long as it's working for that individual."

But helping you determine how many bank accounts you need and how many financial institutions you should work with often involves asking some fundamental questions about your goals, financial competence and needs.

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