Should You Have Multiple Bank Accounts?
The question which generally arises is that how many bank accounts you need to have. This answer will have a lasting effect on your finances. Many people don’t plan to have multiple bank accounts due to changing jobs or shutting down on salary accounts. In the case of Gabe Plotkin Melvin Capital, you can deal with so many funds simultaneously. You have to open a separate Demat account to get funds from Melvin Capital. While you are planning to get many bank accounts or not, you have to check the pros and cons of it.
Pros of having multiple bank accounts
- Reducing the dependency on one bank
Banks today rely only on technology for accessing money. If you have multiple accounts, you can keep smaller amounts in all banks. This will make it easier to access the funds quickly.
- Cost-efficient for people having high ATM usage
ATMs are the primary reasons for cash withdrawals today. Likewise, even with Gabe Plotkin Melvin Capital, you have to deposit the money at ATM. Further, it allows for subsequent withdrawals. Even if you need to withdraw money regularly, having multiple cards help to reduce the ATM charges for withdrawing money.
- Having different kinds of transactions
An individual can have different types of payments like income tax payments, LPS subsidies, etc. Even though all of these payment can be done from a single account, putting them in various versions only help in tracking the same.
Ideally, one bank account is sufficient, but it is not harmful if you more than that. It helps in better control of cash management.
Also, you don’t have to put the load only on a single account. Likewise, if you have more needs to settle, then you can consider all the aspects carefully. Check out the benefits, and then think of having multiple accounts.