How many accounts is too many?

4 Checking Accounts

5 Saving Accounts

2 CD’s

3 Mutual Fund Accounts

2 Retirement Accounts

4 Credit Cards

That is twenty accounts in total. My husband and I tend to disagree on this one topic. I find having more accounts keeps things organized and he believes it’s too much to keep track of. The credit cards we usually only use two of them for their rewards so we could go without the other two but we have had them the longest and we do use them every once in a while. The checking accounts do seem a bit excessive but 2 of the accounts are used just for paying our rent. We also had one checking account that my paycheck was direct deposited to when I worked so really we have no need for that one as well and the 4th account is our main checking account used to pay all of our bills out of. Now for the savings accounts….I wish we had more….we have a savings account for each kid (3 kids), one for our house fund, and a much needed emergency fund. I wish we had a vacation savings account as well as an account for those expenses that pop up throughout the year like car insurance. The Cd’s we use to get 3% on but now that there is nothing direct depositing to that checking account we lost the 3% and now it’s at .75. The 2 CD’s are earmarked for a car. The mutual funds are all towards our house fund pretty much. Retirement accounts are pretty self-explanatory we each have one. That’s all for the breakdown. Do you seem to prefer more accounts or less? Why?

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4 thoughts on “How many accounts is too many?

  1. Wow that’s a lot of account!

    When it comes to banking I am all about simplicity and automation. I am even ready to sacrifice 0.xx % of interest if it means have all my accounts with the same bank.

    I also prefer to keep track of stuff I save / need to pay for on a spreadsheet instead of creating multiple accounts.

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  2. The tell-tale sign of having an accounting degree, many accounts and I’m sure plenty of Excel spreadsheets! 😉 I’m the same way, but still working on that degree.

    I have quite a few accounts: 4 savings, 2 checking (one for rent, other for everything else), 2 taxable brokerages, 1 mutual fund, 2 retirement, and 2 credit cards.

    I primarily bank with USAA who allows you to have multiple savings accounts which is nice to be able to separate my emergency fund with other cash savings to be used on other things. Plus I maintain local accounts with a bank near my base and one back home. As much as I love internet banking, it’s nice to be able to walk-in somewhere and conduct your banking if needed.

    So I guess in response to your question, I prefer multiple accounts. It just makes it easier for me to separate it that way since each account is used for certain bills or to save for different goals.

    -SFZ

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    • We primarily bank with USAA as well and opened our first brokerage account with them (If I could go back I wouldn’t have because they have high fees but so far we have made out)…Believe it or not other then our retirement accounts we didn’t start investing in the market till last year. I wish we would have started earlier but I am very conservative and was scared (still am). We still have 70k++ in liquid cash accounts 😦 but we are getting there one step at a time.
      Thanks for stopping by!!

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