How many bank accounts should you have?
Our recommendation is that there is no right answer it depends on your where you spend your money and your income!
A) As you may know, banks offer discounts with particular retailed, for example Starbucks offers discounts with BCA. If you spend a lot at particular retailer (whether that’s a restaurant, supermarket or any other shop), you should find out if there is a bank you should open up to take advantage.
B) Your income - banks often have admin fees which can be waived based on your income or spending. You should try to make sure that the banks you apply for do not have admin fees, or have admin fees that are compensated by a strong interest rate
The last thing we’d stress is if you dont have 1 bank account now, its very important that you get one to take advantage of:
1. Safety and convenience - ATMs will help you to keep your money safe rather than bringing cash everywhere you go
2. During Covid, there is always a risk that money has traces of the virus on it
3. Can help you access credit in the future
4. Interest rate which will help your money to grow
So what are you waiting for? Set up your bank account to enjoy the benefits. Note with Finku you can manage across all your bank accounts and other
financial accounts in one place!
Written by Madeleine