[JASPREET]

If you like to save money and save on fees that you pay to the bank better not go for more than 1 bank account because more bank accounts mean more maintenance charges and more headaches. If you have one Bank account in India then on average you need to pay around $3 or more for yearly ATM fee and around $0.50 or SMS charges from the bank and just imagine if you have 2 accounts then it will be double so try to have 1 account only or max 2.

[Tyn Tyn]

It is very safe for you to have more than one bank account. It saves you from being stranded. One bank might be out of network and the other one suffices.

[Joshua Farrell]

We all know there are wide varieties of banks out there. Most of the banks I am familiar with in my own area, have occasional specials for first time users of the bank, to remove fees from being used for certain types of accounts. My particular account at the bank I bank at, used to not have a fee system for the account type, but ended up switching to a monthly fee if you do not have a daily balance or monthly deposit going into it, above a certain dollar value. So basically the bank wants you to atleast pay attention enough to your account, to decide how you want to not have to pay the fee. The mindset of do you want to save the money so you can avoid the fee, or have your paycheck get deposited in it?

[oldbuddy]

I have had an account with my current bank for at least 20 years and have never paid a penny in fees. In fact I also have a Credit Card with them and they pay me rebates every time I use it. Banks (at least in the USA) don't make their profits on fees, they make more by treating their customers right and using the money they deposit to earn from.

[JASPREET]

It is very safe for you to have more than one bank account. It saves you from being stranded. One bank might be out of network and the other one suffices.

You can have two bank accounts then but some people have 3-4 which is a little too much

[nela13]

I only have a current account, and it is jointly with my husband, as we both receive our salary in that account, we don't pay fees.

[JASPREET]

I only have a current account, and it is jointly with my husband, as we both receive our salary in that account, we don't pay fees.

I have never used a current account because we can't earn interest on it

[augusta]

Unless it is very necessary I don't think it is really necessary to have two bank accounts because of the different deductions

[kataomoi]

These days there are plenty of banks that don't have fees. In fact, most "online" banks offer no fees and no minimums, and they have a higher interest rates than the traditional banks. So it's fine to have multiple accounts, and it's even beneficial sometimes, if you take advantage of the bank bonuses.

[eldavis]

You are actually right though, having multiple bank accounts means multiple atm cards or even when you chose to not have an ATM card, you would still he charged monthly for maintenance. It would be a lot better to just have a single bank account or you could use one of these e-wallets.

[nela13]

I have never used a current account because we can't earn interest on it

Here it is not possible to receive the salary in a savings account, it has to be in a current account, only then we transfer to the savings account the amounts that interest us, the rest is in the current account for the monthly expenses.

[astutimeliana723]

That's right, using multiple bank accounts will result in more administrative fees that we have to pay each month. Therefore I am looking for a bank account that is free of monthly administration fees.

[Inem]

That's right, using multiple bank accounts will result in more administrative fees that we have to pay each month. Therefore I am looking for a bank account that is free of monthly administration fees.

There is none. Even the ones that were doing free transfers in my country just started charging after every three daily transfers.

[Treborika]

Of course yes one would be saving more on the bank account managing costs when they use one bank account than having multiple of them.

[astutimeliana723]

That's right, using multiple bank accounts will result in more administrative fees that we have to pay each month. Therefore I am looking for a bank account that is free of monthly administration fees.

There is none. Even the ones that were doing free transfers in my country just started charging after every three daily transfers.

Yes there is, the digital bank that I have implements a free transfer promotion with certain conditions. This is quite helpful for savings.

[Streamguy69]

I have a checking account with a local credit union and they reward me for being a customer. No fees at all. I also have 2 savings accounts. one for saving and the other are for my side gigs so I can save for tax purposes

[Uty Theo]

Having one bank account is good. The bank charges is crazy. I'd rather open a virtual bank account than to have another bank account

[Abdulhamid001]

I actually have more than one account but I do use the one with low charges the most but it has it's own limitation too regarding the amount of money I can receive at a time .

[Bankykizz]

appreciate your concern. Can you share your reasons for suggesting that I shouldn't have multiple bank accounts? I'm trying to make an informed decision.

[Abdulhamid001]

appreciate your concern. Can you share your reasons for suggesting that I shouldn't have multiple bank accounts? I'm trying to make an informed decision.

That was said due to charges being deducted from such accounts if they are much ,which is not the same as using just a single bank account.