Do you guys have a separate savings account or put all your money (expenses + savings) into the bank account that gives the most interest?

Each state has its own registration requirements and fees, so it's essential to research and comply with the regulations of your specific state www.youtube.com/watch?v=fJbC193tdp4

If you put all your money in one account, there will be a tendency for your to overspend. That is the reason why people will keep their money in 2 seperate account.

You are right that storing all the cash in the highest interest account will generate the best returns (between one and multiple accounts), however you don't get the best returns from just holding cash in a bank account... You can invest for better returns.

Some people hold multiple bank accounts so that each is a reserve for a different purpose, I know a colleague who holds one bank account each to handle the finances for each rental property she holds. The account balance simply becomes a quick calculation of her property returns.

Personally I hold just two, a high interest bearing one, and a separate one for spending (allowance system). The interest earned from my spending acct isn't much, but for me the benefits are

• the balance tells me how much is there left for spending

• there are a lot of controls built into my main / high interest account, it gives me comfort that me or scammers can't easily take money out of it, without needing to use the banking token and key in quite a few of otp passwords.

I am using Jumpstart for now. Only problem is the lack of ATMs.