Do you need more than one bank account?

I started with a savings account when I was in college. It was easier to get one back then because all you need to present is your school ID card. Unfortunately, I didn’t know how to do banking at that time and had my account closed after less than a year.

Upon employment, most people would start with their payroll account and later on would feel the need to have a separate savings account. I think that is perfectly fine, but according to an article from the Daily Worth, three is the ideal number:

  1. Curveball fund. Automatically transfer at least 5% of every paycheck, to cover random expenses (a lapse of reason at a yard sale, a broken toaster).
  2. Emergency fund. Ditto, but only tap this in a true do-or-die crisis. When they say, “Save three to six months’ worth of living expenses,” this is where it goes.
  3. YouNameIt fund(s). Set up at least one other account for a looming goal or project: a cushy reading chair for the bedroom, a holiday party (or getaway from the parties), adopting a child.

How about you, how many savings account do you have?

For me, I currently have six:

⁃ my BPI payroll and savings account
⁃ a BDO savings and checking account
⁃ savings account with Security Bank
⁃ the GetGo debit card from UnionBank (which also qualifies as a savings account)

I didn’t start needing all these accounts. Two of them I had to open when I purchased a condominium, and one for my secured credit card. Some of you could probably relate if I say that 5 of these 6 bank accounts only have maintaining balances! My goal now is to turn the remaining one into an Emergency Fund. And I will have to assign a Curveball Fund and a YouNameItFund to 2 of those 5 barely surviving accounts.


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