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How many bank accounts do you need?

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Should you chase a higher yield?
Should you chase a higher yield? ©Rido/Shutterstock.com

If you've ever thought about opening an account with an online bank to get a better interest rate, you're in good company, Euretig says.

"It absolutely makes sense to open a second account with an online bank for a higher yield," Euretig says. "In addition to higher rates, online accounts often have useful savings features that make it easy to set up automatic savings plans that draw from a traditional brick-and-mortar bank account."

But with savings rates at, or near, historic lows, chasing a yield may not make as much sense once you do the math, says Chad McCloskey, a former bank executive and president of Vivo Livre, a financial planning and consulting firm in Newbury Park, Calif.

"When it comes to the online banks, you can chase rates, and you could even shift your balances between them in their rate wars. But, when it comes down to the actual difference earned after taxes, it's rarely going to be worth the time and effort," McCloskey says.

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