During your childhood, your parents must have given you that cool-looking piggy bank to put money in. That was your first unofficial Savings Account. But now that you are older, it is a necessity for you to have at least 1, if not multiple, Savings Accounts. However, have you pondered over how many Savings Accounts should you really have? And, is it possible to open 2 or more Savings Accounts with the same bank?
How many Savings Accounts should I have?
The answer lies in your needs and preferences. However, it is not advisable to have more than 4 Savings Accounts at a time as it is difficult to manage them. Hence, broadly you should have a -
- Main transaction account: This is where you put in money to transact for your day-to-day expenses, such as groceries, immediate medical bills, fuel, etc.
- Emergency fund account:It is crucial to save up and set aside 6 months of your salary as an emergency fund. Keeping a Savings Account for this purpose alone and not using it for any other reason may prove invaluable in case of contingencies.
- Joint account: It may prove useful to have a joint account with your spouse, where you both pool in your savings for bigger dreams such as purchasing a house or international travels.
- Account for short-term goals: You might want to save up for short-term goals like your kid's annual school fees or for paying your insurance premiums. Setting aside a dedicated Savings Account for the same may be helpful.
Can you open 2 Savings Accounts with the same bank?
While opening more than 1 Savings Account in the same bank can save your time and help you manage the accounts and finances better, not all banks in India allow you to open more than 1 Savings Account. Instead, they permit you to open other types of accounts, such as Salary Account, Current Account, FD, RD, etc.
Tips for managing multiple accounts at the same time
- Use finance apps to see all accounts in one place
- Keep a list of account details handy, with all financial papers
- Set up auto-pay for bills and savings
- Check accounts regularly for suspicious activities
- Focus on important accounts first
- Stay in touch with your bank
- Review goals and adjust finances as needed
Also Read: Complete guide on how to open a Savings Account in 5 easy steps
Conclusion
There's no one-size-fits-all answer to how many Savings Accounts you should have. It's a personal decision based on what works best for your individual situation. You can start with 1 account and adjust as needed over time, based on your goals.
Axis Bank allows you to open an instant Savings Account from the comfort of your home. Axis Bank Savings Accounts come loaded with benefits like cashback, discounts, gift vouchers, complimentary movie tickets, etc. You also get different Savings Account options to choose from based on your needs. Open a Savings Account with Axis Bank now!
Disclaimer: This article is for information purpose only. The views expressed in this article are personal and do not necessarily constitute the views of Axis Bank Ltd. and its employees. Axis Bank Ltd. and/or the author shall not be responsible for any direct / indirect loss or liability incurred by the reader for taking any financial decisions based on the contents and information. Please consult your financial advisor before making any financial decision.
