That is an interesting question and some good discussion.  DO I need multiple savings accounts?

Everyone works differently with their organization of money. 

Maybe you can have just one savings account but keep a list of all the things you can use this account for.

Maybe you do need several and label them with category’s like: emergency funds, travel, appliances, or new home. 

I use multiple savings accounts to various needs. 1) Emergency funds 6-12 months. 2) New Appliances/Car Maintenance. 3) Long term projects. I move this money around at a year marker to get the highest paying interest rate.

Whatever your comfort level in how many accounts you have keep it! Remember this is your journey.

Do Your Research

Look for monthly fees, required minimums, transfer fees, transfer limits, or any other factors that might cost you extra if you use multiple accounts.

If your bank doesn’t have what you need, look for another bank. Online banks can also have what you need; in fact, they might offer the easiest approach to using more than one savings account

A bank or credit union may offer a bonus for opening a new account or a minimum deposit.  That’s FREE money!

You can automate monthly transfers to multiple savings accounts through direct deposit. That way, you never forget to save for your goals, and you get money in the right place quickly.

Article: https://www.cnbc.com/2021/12/09/the-perfect-number-of-bank-accounts-you-need-to-save-money-according-to-money-expert.html

Video Clip: https://youtu.be/g5bGsMxoL5E

The Best Online Savings Accounts for Jan 20223 from Nerd Wallet:

https://www.nerdwallet.com/best/banking/high-yield-online-savings-accounts?trk=hub_featured_content&trk_channel=web&trk_element=hyperlink&trk_elemenThe Best Online Savings Accounts for Jan 20223 from Nerd Wallet: tPosition=0&trk_location=FeaturedContent&trk_sectionCategory=hub_featured_content&trk_copy=Best%20High-Yield%20Online%20Savings%20Accounts%20of%20January%202023

Final Thoughts

I do my research online first and move my savings to another bank if the rate is much higher than what I am getting.  It does take time and effort, but you work hard for your money so make it work hard for you!

Remember that savings is just one part of your total financial plan. No matter how you do it, the most important thing is that you make saving money a priority.

Input from you all: How many do you think you should have? Do you prefer a traditional bank or online?