Money is very important to us, to our lifestyle, and to the world. This is why finding a bank or credit union you are satisfied with is so important. You want to be able to deposit, withdraw, manage and transfer your money easily.
Many people will argue that having multiple passbook savings accounts and checking accounts with different banks are the best way to go, but I disagree. I find that it is very important to have multiple accounts with the same bank.
Personally, when I want to check my money and manage it, I don’t want to have to log on to 5 different websites in 5 different web browsers or tabs just to see my basic portfolio. I prefer to simply log on to one bank that holds a majority of my accounts.
For most of us, we will need some basic accounts that this bank must be able to offer:
1- Passbook Savings Account
This is a safe place to keep some of your money which can be easily transferred to your checking account. Also, make sure this is set up with overdraft protection for your checking account. Keeps you from incurring those annoying $25 NSF fees.
2- Checking Account
A basic account to withdraw money from and use to write checks with for bills. Also, consider online bill pay, it will make your life much easier around the first of every month. Remember to look for a great checking account promotion whenever you sign up, to get the best deal available.
3- Money Market Account
This has just about replaced my savings account. Money markets are great because they offer a higher interest rate than savings accounts and you can deposit or withdraw money in and out of this account without fees.
4- Credit Card.
My major credit card is through my credit union. Makes it very easy to know my balance and make a payment towards the card – all from one screen.
Simply remember the importance of having multiple accounts with the same bank. It will make your life much easier with basic money management. Look to your local credit union where they tend to offer better packages than traditional brick and mortar banks.