There are many reasons why it is necessary to have more than one bank account. Although some people may think that it is better to have everything centralized in one, the reality is that diversifying money in several accounts not only helps to better organize personal finances, but also allows you to take advantage of new offers and better protect savings.
“The first thing to keep in mind is that you cannot have all the money in a checking account that does not offer remuneration or any type of advantage. If we do not put our money to work, we will not only be losing the opportunity to earn benefits, but our money will be losing value over time due to inflation”, explain the experts of the financial comparator HelpMyCash.
At present, banks do not stop launching attractive offers to attract new customers by offering remuneration for opening an account with them.
This is the case of the Sabadell Online Account, with no requirements or commissions. Just for opening it, you pay interest of 2.5% APR during the first year up to 30,000 euros. In addition, it returns 3% of all purchases made until September.
And not only that, when domiciling a salary or an income of more than 700 euros per month, the entity offers 200 euros as a welcome gift, with which in a year they could earn an extra 750 euros.
“Before accepting a gift from a bank, you have to read the fine print of the contract well. In some cases, even if it is an account without commissions or requirements, when accepting depending on which promotions implies a certain link. For example, a stay for a certain time ”, the experts point out.
The bank can block a bank account for various reasons. Whatever it is, during that time the money will also be blocked and you will not be able to collect payroll, pay bills, make transfers or withdraw cash.
“Even if we have an account in which we have the payroll and receipts domiciled, it is advisable to have at least a second account in another entity. Virtually all banks have commission-free online accounts in which we can have part of our savings and have a cushion for incidents, such as our main account being blocked”, they advise from HelpMyCash.
The EVO Welcome Smart Account is a good option to have as a second account. It can be opened online in a few minutes and they do not ask for anything so as not to charge commissions.
In addition, like that of Sabadell, it pays interest of 2.5% APR up to 30,000 euros, but with the advantage that it does so not only during the first year, but until November 30, 2024.
Another reason why having more than one bank account is that it is not uncommon for the web and the app to not work at some point. It can be due to an incident, maintenance or for whatever reason. But if you have an emergency, you will not be able to operate until they solve it.
Another very interesting alternative to take into account is the N26 Savings Account, totally online and free and which, as advised by HelpMyCash, also offers profitability just for having the money with them.
This account pays interest of 2.26% APR that you will receive each month. It is easily contracted through the app and generates a virtual debit card with which you can make free transfers, withdraw money three times a month for free at any ATM in the eurozone and pay in other currencies without commission for currency exchange.
“We must not open accounts in other banks without rhyme or reason. We have to be very clear about what we are going to use them for ”, they explain from the comparator.
“For example, we can have our payroll in a bank that rewards us for taking it, such as the Sabadell Online Account. In this way we will not only obtain a welcome gift in cash, but also remunerate our money. We can use this account to manage our day-to-day finances and set aside our savings in the N26 account, which does not require any requirement to make our money profitable at 2.26% APR. In addition, it is perfect for traveling, since you can pay in other currencies without commission, so we would have two accounts for two complementary functions”, the experts explain.
The situation is similar to the previous one. If you only have one account and, therefore, a debit or credit card, if you cannot use it because it has been lost, stolen or has had to be blocked due to making a purchase on a fraudulent site, the bank may Please take up to two weeks to send a copy.
If you share a flat, the ideal is to have your own account and a joint account for common expenses. For example, ING's NoAccount Account accepts two holders and offers one virtual debit card for each holder. So it is perfect for finances as a couple or if you share a flat with one more person.
For all the above reasons, it has become clear that having more than one bank account.
“At HelpMyCash we always recommend diversifying your money into various savings accounts and products. Not only will we avoid unexpected scares in which we may run out of liquidity, but we will also be able to enjoy promotions from other banks that ours does not offer. It must also be taken into account that the Spanish Deposit Guarantee Fund (FGD) covers up to 100,000 euros per entity and owner, so if you have more than that money saved, it is another reason to have the capital distributed ”, they add from the comparator.