Keep savings, checking accounts at 1 bank

Make things easier for your heirs
Make things easier for your heirs © Monkey Business Images/

Many banks are able to offer combined statements each month that reflect the different accounts held at the institution, and this can save a lot of time and paper, Meyer says.

It's not just account holders who benefit, but eventually their heirs will find it helpful, Meyer says. "When you die, if all your accounts are in one place, you have made things much easier for the executors of your estate. They won't need to go to multiple financial institutions to settle the estate. This saves your family time and effort," he says.

No matter what your stage is in life, personal financial management means knowing how much money you have and where it's going, Reshen-Doty says. Combining your savings and checking accounts at one bank helps you do just that, she says.


Show Bankrate's community sharing policy
          Connect with us

Learn the latest trends that will help grow your portfolio, plus tips on investing strategies. Delivered weekly.



Allison Ross

FDIC drops ‘high-risk’ list

The Federal Deposit Insurance Corp. has revised a warning to banks about dealing with potentially fraudulent businesses, eliminating a list of sample merchants it said may warrant special scrutiny. The FDIC said that the list of risky merchants, which included certain telemarketers, pornography businesses, coin dealers, payday lenders and online gambling companies, was not meant  ... Read more

Partner Center

Connect with us