Should I keep savings and checking accounts at 1 bank?

4 min read

If you have checking and savings accounts at several different banks or credit unions, you have your reasons. But there are many reasons why it may be time to combine those deposit accounts so you can take advantage of the benefits that your financial institution wants to give you.

Dawn Reshen-Doty, president of Benay Enterprises Inc., a financial services company in Danbury, Connecticut, says it’s easier for her clients to plan their finances if their money is centralized. “Combining checking and savings at one place makes it simpler for you to have a clear and more complete view of your financial picture,” she says.

RATE SEARCH: Bankrate’s best checking accounts of 2019.

Simplicity is just the first intangible benefit. Here are 6 more ways consumers can gain by moving their banking accounts to one institution.