How many bank accounts is reasonable to open?

DNVN - In the current context, it is no longer uncommon for an individual to register multiple bank accounts. So, how many bank accounts is reasonable to open?

How many bank accounts can I open?

By law, a person has the right to register multiple bank accounts. Banks also facilitate the opening of multiple accounts at the same time. However, the maximum number of bank accounts that an individual can open at each bank will vary, depending on the policies of each institution.

Benefits of opening multiple bank accounts

Opening multiple bank accounts offers many practical benefits, including:

Reduce the risk of income and expenditure, allocate money reasonably: Customers can divide money into different accounts according to the purpose of use, such as payment accounts or savings accounts. This helps to use the right money for specific purposes, minimizing cross-spending or confusion.

Convenience in payment: Owning multiple payment accounts allows customers to flexibly use each account for activities such as online shopping or online transactions.

Profitability: Each type of bank account usually comes with a different interest rate. Therefore, opening multiple accounts helps customers allocate their deposits to accounts or banks with high interest rates, thereby optimizing profitability.

Make the most of offers: Many banks regularly launch incentive programs for various types of accounts. Customers can make the most of incentives such as cashback, points, or discounts.

Limitations of opening multiple bank accounts

Along with the benefits, opening multiple bank accounts also comes with a number of drawbacks, including:

Paying more maintenance fees: Opening multiple bank accounts means paying more maintenance fees. Some accounts also require maintaining an average or minimum balance.

Managing expenses is more difficult: Having multiple bank accounts requires customers to spend more time monitoring, checking and managing each account. If not managed well, they can become targets of fraud, information theft and scams.

How many bank accounts should I open?

While it is entirely possible to open multiple bank accounts, experts advise that opening too many accounts can make it difficult for customers to manage spending and control cash flow.

Therefore, normal people should only open 1-2 bank accounts. However, users should open multiple accounts in some cases such as:

Different usage needs: Individuals who need to separate income/expenditure such as salary or tuition fees can open multiple accounts to manage finances more effectively.

Take advantage of bank incentives: Opening multiple bank accounts can help customers take full advantage of incentives and attractive interest rate policies.

Take advantage of offers from shopping units: Many banks have policies to link with shopping units or payment applications. Opening multiple bank accounts will help customers take advantage of offers, points, discounts or special promotions from affiliated partners.

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Source: https://doanhnghiepvn.vn/kinh-te/mo-bao-nhieu-tai-khoan-ngan-hang-la-hop-ly/20240923123100966