checking

Keep savings, checking accounts at 1 bank

Make things easier for your heirs
Make things easier for your heirs © Monkey Business Images/Shutterstock.com

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.

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