How many bank accounts do you guys have, and what are each of them for? Forgive me if this is a nosey question.

[XSeventeen]

I want to have a clearer view on how to separate my money.
Currently, I have 5 bank accounts and a credit card: 4 accounts split out money from each pay into weekly spending (I'm paid fortnightly), an account where I put money from each pay towards the credit card bill (always pay off in full, just build up to doing so across 2 pay periods), and a slush fund for power/internet etc. I have a small emergency fund with a different bank that I've set up a payroll contribution to.

 

[Smh]

Managing all this stuff becomes boring and complicated very quickly.

IMO keeping things simple is the best way and not have so many cards, accounts.

 

[manu1991]

1 government bank and 1 private

 

[xyx2000]

ICICI ,HDFC , Kotak , Canara. Kotak was salary account changed to savings, Canara was opened when i was 7 years old.

 

[havoc]

12 Bank accounts 8 for storing & splitting for long term & other 4 for bulk amount.

 

[markiv]

2 bank accounts, both opened as staff account

 

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[Smh]

If you want to make earning rewards points and cashback your hobby then get everything you can, else.

Max 3 accounts, one should be govt.

Keep your main account in which you recieve money seperate. When you want to file itr and do other important stuff, this account will allow you to reconcile your earnings easily. This should be in a bank like hdfc well established and can provide current account, loans for business, pos, salary accounts etc stuff based upon your relationship.


One account which allows you to do stuff without visiting branch or has less crowd and closer to home. Use this for all upi and spending stuff.

One govt account save and forget type. If in future you need home loan type of big plans govt Bank offer at less interest and a long relationship history will be slightly helpful if you are not salaried. And ofcourse if you feel there is any trouble with pvt banks you can transfer your money here.

Cards 1-2

Now when you have time and energy you can track all statements and stuff. All MF, stocks other investments, tax management, more work starts adding up and everything becomes a mess.

Lol telling this from experience. Now I even struggle with 3 accounts and 2 cards.

FD and 2-3 mutual funds are the real deal. Putting trust in a single MF house is a bit risky else i would prefer max 2 MF.

 

[minuteman]

4 bank accounts one of is used to be a staff account

 

[Lolita_Magnum]

[ for banking - 1 private - kotak, 1 govt - bank of baroda. ]

Other than that, 1 - icici Amazon cc, used to pay bills easy way to get 2% and 5% on shopping.
and 1 - hdfc credit cards, since they are the most prone to have offers.

 

[FujiwaraTofu]

One govt account save and forget type. If in future you need home loan type of big plans govt Bank offer at less interest and a long relationship history will be slightly helpful if you are not salaried. And ofcourse if you feel there is any trouble with pvt banks you can transfer your money here.

Apart from this is there any other advantage of keeping one government account? How much would a having a bank account history with a govt. bank help as compared to a new customer seeking loan services etc?

PS: My only experience in dealing with govt. banks has been helping out parents carry out stuff in branches and it has been quite poor so that is the reason for my apprehension.