Savings Strategy Unveiled: The Pros and Cons of Multiple Savings Accounts
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1, 2, 3 or more? Do multiple Savings Accounts make sense? While there are assured benefits, there are some drawbacks too. Let’s analyse.
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Having two or more accounts lets you separate your savings from your expenses. You can devote each account to a specific goal and easily allocate your savings.
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Different accounts can be earmarked for different expenses, such as household or lifestyle expenses. This helps you keep track of your spending.
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Each savings account has a specified transaction limit. By having multiple accounts, you can enjoy higher spending limits.
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The drawbacks include the difficulty of managing accounts, the requirement to maintain minimum balances, and the need to pay banking charges.
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Consider the pros and cons of each. It is best to have a manageable number of savings accounts, two or three, each with a limited minimum balance requirement and a low fee.
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With IDFC FIRST Bank Savings Accounts, you can earn up to 7.25% interest, enjoy monthly interest credits and zero-fee banking*.