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Advantages In Keeping Checking/Savings Accounts In One Bank

Wednesday, June 12, 2013 - 4:04 PM

I have multiple accounts with various banks/credit unions for best rate/features.  For example, I keep a few accounts with BofA for their lowest HELOC.  I have ten RCAs with a credit union solely for their high RCA rates. 

But I agree that keeping accounts in a single bank (or credit union) is for simplicity, among other benefits delineated in this artcile.

51hh51hh1,476 posts since
Jan 16, 2010
Rep Points: 6,427
1. Wednesday, June 12, 2013 - 4:10 PM
Just read the article, I'd say half of the reasons given are mainly matters of convenience. Most of the members here are more financially "focused" and can handle multiple accounts with a variety of banks/credit unions. But I don't see any harm, especially with today's uniformly dreadful interest rates, in opting for the convenience of one bank, so long as you have an alternative checking account with at least one other bank or credit union.
WilWil242 posts since
Feb 26, 2010
Rep Points: 1,285