Having a second checking account—or more—may seem excessive for the average banking customer, but there are many reasons for people to have more than one checking account. There are 66% of MyBankTracker.com readers that also agree one is not enough.
Roughly 66% of respondents to a brief poll on MyBankTracker.com said they had two or more checking accounts.
The majority of individual banking transactions are conducted through checking accounts because checking accounts offer so many services — making them the financial hubs for many consumers.
Customers in a simple financial situation will find little purpose in opening a second checking account, let alone a third or fourth checking account. But, 33% of respondents said they have at least three checking accounts while another 33% said they have two checking accounts.
While the poll did not ask for the specific types of checking accounts held by respondents, there are a multitude of reasons to having extra checking accounts.
Here are common reasons why someone may have three or more checking accounts:
- Taking advantage of bonus cash offers. Banks tend to offer a cash bonus when new customers open a checking account – often ranging from $50 to $200. Customers apply for a new checking account knowing that they’ll never use it and that they intend to cancel it as soon as possible.
- Having joint accounts with family members. Spouses can have their own individual checking accounts and have a joint checking account. Parents may be joint account holders in checking accounts shared with their children.
- Chasing returns on rewards checking accounts. Most basic checking accounts do not bear interest, while those that do often require large balances. Rewards checking accounts offer yields as higher than 4% APY when the requirements are met.
- Having a business checking account. In addition to managing other personal checking accounts, customers may also have a business checking account to handle the finances of their small business.
Another 32% of respondents said they possessed a single checking account. Less than 3% of respondents said they did not have a checking account at all.
What are your reasons for having two or more checking accounts? Let us know in the comments below.