Udisha
Helps you organise you finances better
Having multiple bank accounts can be a great way to save more money than you can with one account. You can dedicate different purposes to each of your accounts. One can be for monthly expenditure, one for long-term savings, one for travel and so on.
Helps prevent impulsive spending
It also greatly helps you check your spending. If you keep a fixed amount of money in the account used for daily spending, it reduces overspending to a great extent, checking your impulse purchases.
Greater benefits, more savings
Multiple bank accounts will bring you more benefits. Dividing your money into several accounts will lead to a higher interest payout and multiplied perks such as greater limit for ATM withdrawals.
Prepares you for emergencies
Depending on a single bank account is a major mistake. If your card declines or your account is a victim of some financial fraud, you will be helpless. With more than one account, you will always have emergency back-up.