Should You Have More Than On Checking Account?

Having more than one checking account might seem weird for some people

, but, it can be functional and practical for others who need a very simple way to organize their finances without complicating their record-keeping at home. When you need two checking accounts, you are in a particular situation that requires you to keep monies separate from one another. Just think of how you can manage your funds in this way.

When you have funds that come from multiple sources, you may want to find a way to keep them separate from one another as you do your personal accounting. Not only is it hard to make sure that you are keeping the monies separate, but, in the digital age, you might have funds coming from multiple online payment sites. Because of this, it can become very confusing for you to remember where everything came from. To simplify the process, you can have multiple checking accounts to direct the money to. This not only makes it easier to remember where the money came from, but it's very easy to remember where the money is going as well.

If you have a business that you need to funnel funds to and from, it might be wise to stay with your same bank and open a business checking account. Though this may seem like a redundant item, your business' money needs to stay separate from personal money for the purposes of tax auditing and filing. When you get a business checking account, especially when you have already been with your bank for a while, it will be much easier to get perks and special offers for the business account that might even help your regular accounts.

Finally, you may not need a savings account, per se, but you might want an account where money can sit for a rainy day. Sometimes, it's must easier to access that account when you have it set up as a checking account. This way you can write a personal check if you really need extra funds, but otherwise the money sits and grows. That way, you can write checks on it easily, get a debit card for it, and you won't have to worry about money transfer rules that apply to savings accounts.

Finally, having a second checking account is a good way to make sure that you are saving money for a loved one or your child who will need access to the account. When you open the account in your name, you are building on their credit history if they are cosigned to the account. So, you can help your children's credit and have another place to save money at the same time.

Having two checking accounts can be beneficial in many situations, but you need to consider what you would need it for before you take the plunge.

by: Finance Writer

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