5 Simple Ways to Manage Multiple Bank Accounts

Finances, you may love it or hate it, but it will still be something we need to deal with on a regular basis. It doesn’t matter if you live your life more freely and try not to pay attention to material things, and it doesn’t matter if you agree or not with the statement that money makes the world go round, we cannot escape the reality, and the reality is that material thing’s matter. Now, the banks, on the other hand, are something we can talk about, as even though the existence of banks dates back to the 15th century, some believe that they are the so-called necessary evil. What they mean by that is that in order to make things right, regulate transactions properly, and reduce criminal activity, banks are simply a necessity. That’s because banks, as the third party, have insight and regulate all transactions.

Now, we can talk about how certain banks in certain countries have not that tight rules and policies on where the money came from, or how cryptocurrencies are now a great investment and a much better way to keep your savings, but that’s the topic for some other time. We are here to talk about bank accounts. We all need them, we all have them, and in many, many cases, we have plenty of them. No matter if they are for work, private, or for some other purpose, having several bank accounts is a common practice. A problem that most often occurs is when we get confused by trying to manage all bank accounts, and that is why we will further discuss this topic and present you with the five simple ways to manage multiple bank accounts.

1. Do not use the same password

Source: GQ

Having a different password for different accounts is good advice not only when it comes to bank accounts because it is one of the best ways to protect them. Yes, it is much easier to remember one strong password and use it whenever it is necessary, but once someone finds it out, all of your accounts are endangered. When we talk about those from the bank, it means that one can lose all of their money in a matter of minutes. Because of that, it is also not a good idea to use the browser option to save username and password because it is easy to hack, and if you are using some public computer, someone can easily use it after you. On the other side, it may look safe to use the phone to manage the accounts and save all the passwords, but you can easily lose it, and the one who finds it will find all the necessary information too. The safest way is to use some of the reliable password managers and two-factor authentication for each account since it is much easier to hack and misuse.

2. All of them need to be active

Source: Forbes

No matter how many accounts you have, all of them need to be active to avoid the bank considering them abandoned. That means that it is necessary to make a transaction at a certain time, and depending on banks, it is usually once a month. It can be pretty difficult if you have too many of them, and the automatic transaction can be a perfect solution to keep them active, but it is necessary to check them regularly to be sure that everything is okay. Once some of them are considered inactive, it is impossible to use them, and it will usually take time and some fee to make them active again.

3. Planning and organizing is everything

Source: bankrate

We cannot emphasize enough how research is not only important but necessary, especially when it is about something serious like money. You spend many hours working to make that money, so why would you act like the money just fell into your lap? Tracking every password, transaction, deposit, etc., is essential for both businesses and individuals, as it is the best way to always know how much cash you have, the amount that goes on fees, how high are the interest rates, etc. The other advantage of creating a simple worksheet or table is that you will avoid leaving important information online, and although the money is well protected in banks, one can never be too safe.

4. Find the bank with minimum fees

Source: credibly

Every bank has fees for transferring funds, and if someone wants to save some money, it is necessary to find the one with minimum ones. Having multiple accounts mean many transactions from one to another, and paying the high fee every time is not budget-friendly. Besides that, many banks have compensation for account maintenance, so if you have a lot of them, it can be too expensive in the end. Because of that, you should do the homework before choosing the bank and pick the one that offers free accounts without a fee for maintaining them and the minimum fees for transactions between them.

5. Use the managing app

Source: time.com

Many of us are using the internet for almost everything, and we are almost all used to buy things online, so managing the bank accounts with the app is not something that should scare us. No matter which bank one may choose, all of them have their own apps where one can check up all accounts and manage them, and it is one of the best ways to be updated all the time. These apps are mobile-friendly, so you can use them whenever and manage accounts on the go.

The bottom line

There are many benefits of having multiple bank accounts, and saving some money is for sure the most obvious one, but the pros list doesn’t end there, as you can see. Now, with these five tips on how to manage all of your bank accounts, everything should get much easier, and you can dedicate your time and attention to the main task at hand, earning money. Do you still find all of this confusing? Well, worry no more, as there are companies that revolutionized SME finance as it is, and for more info on that, along with some guidance, advice, and help, check Monite. Managing our finances should not be something that takes too much of our time, and when there are professionals who can do it for us, why not use their services.