Managing Multiple Bank Accounts – The Easiest Method
Managing multiple bank accounts doesn’t have to be tricky, although sometimes, it can be that way. Having multiple bank accounts can make it feel as though it’s hard to keep track of your finances, especially if a lot of money is moving in and out of each account. There are a few things you can do that should make managing multiple bank accounts easy. Keep reading to find out more.
Put Them All In One Place
The easiest way that you can manage multiple bank accounts is to put them all in one place. It can be tricky to visualize the state of each account when you have multiple banking accounts. Plus, flicking back and forth between banking apps can be confusing. In comes money management software. Money management software allows you to see multiple banking accounts in real-time and move money in and out of them.
You can then clearly see what’s coming in and out of each account, track assets and liabilities, and expenditures. You’ll generally feel more connected to your finances. And, with Prillionaires money management software, you can use a net worth calculator to see your overall net worth. A net worth calculator gives you a more complete overview of your finances.
Consider Account Security
Although having multiple bank accounts can be a sign of healthy personal finances, there’s an inherent security risk tied to it. Credit card fraud rose by 44.7% in 2020. Why? Because it’s so easy for fraudsters to access online banking accounts. Some even have the technology to hack into the official messaging systems of banking societies and send you ligament-looking texts from a number you’re used to the bank contacting you from.
Regularly update your passcodes every month using high-strength security passcode options, such as random letters and numbers that would be near impossible to guess. Steer away from anything that makes any sense.
Managing Minimum Transfers and Fees
Most premium current and savings accounts require a fee for the luxury of the perks a premium account provides – such as better interest rates and rewards. Preparation is key, and thanks to standing orders and direct debits, it’s easy to ensure you’ve got enough money coming in and out of each bank account without too much movement. There’s always the risk of having transfer fees if too many monthly transactions occur.
Should I reduce the number of accounts I have?
No, especially if you need them. Having multiple bank accounts can provide stability and is necessary for some financial situations.
Should all the bank accounts be active?
Yes, try to keep all accounts as active as possible, or they may be considered abandoned.
How much money should be in each account?
That’s personal to you. Most accounts have a limit, but what is in each bank account depends on your personal circumstances.
So you see, managing multiple bank accounts doesn’t have to be tough. There are plenty of online tools, money management apps, and other tools that make it easy. The trick is to make sure you’re utilizing each bank account to the fullest.