If your bills are coming out of one bank account, which charges a failed payment fee, and your balance goes below $0, you will be stung.įurther, if you’re hoping to save up some money for a financial goal, only having one bank account prevents you from potentially earning interest on your savings through a savings account, and makes you more prone to dipping into your savings, as it can be easily accessed via your debit card. While having one bank account may offer some simplicity in your finances, it may end up causing more confusion down the road, prevent you from reaching your savings goals and potentially cost you more. You only need to remember one set of bank account details, have one debit card and link one account to your bills for direct debit. Having one single bank account your income or Centrelink payments are deposited into can afford greater simplicity for your finances.
Let’s take a look at some of the common myths of having one bank account and whether they are true or false, as well as some of the benefits of multiple accounts.
But there are benefits to having multiple bank accounts, and some misconceptions around only having one How you decide to divvy up your income, if you do at all, is entirely up to your personal financial situation and budget. As Australia faces its first recession since the early ‘90s, you may be wondering if keeping all your money in one bank account is the best option.
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