Is there such thing as having too many savings accounts?

Hi anon,

There's only too many savings accounts if you feel you cannot keep track.

There is nothing wrong with having 2-3 bank accounts for various reasons, e.g. emergency fund, GIRO, salary crediting, war chest, etc. Find the right bank account for the right purpose. I personally have 3 at the moment, one for salary crediting for bonus interest, one for day to day spend, and one for my emergency funds which I haven't touched in the longest time.

Most people have at least 2 - 3, and some have more. As long as you know what you have, and what you put in each, you should be ok.

As Long as you have different goals for different accounts, that will do too

I treat different accounts as ‘envelopes ‘for putting my cash into for clear different use
-emergency funds
-investment funds
-daily expenses spending funds
-savings (pay myself after salary credit) funds

:)

Just take note of the fall below fees for some banks...
And also, separating means your interest on balance is not maximise in one account ...combining with higher balances will usually have more interest.

But I see it as negligible as I prefer using the saving accounts as tools for my personal finance :)

I feel there's no such things as too many savings accounts. I think what's important if these unutilised savings account have fall below fees etc that you need to take note. Personally, I have 2 DBS/POSB, 1 OCBC, 3 CIMB, 1 SCB and Singlife accounts. That's a lot but I only need to take note of the banks from DBS/POSB and OCBC accounts as they have fall below fees. I intend to cut POSB account next year when I turn 21 while still keeping OCBC until 26 years old.

Hey Anon, while it isn't wrong to have too many accounts, you need to know the purpose of opening that account in the first place as well as any fees associated with the account, such as having to maintain a minimum balance to avoid the monthly fall-below fees. If there isn't a purpose for that account anymore, do close it after 6 months or I believe it'll be closed automatically if there are no transactions. It is more of the hassle of having to maintain/manage many accounts.