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The number of bank accounts you should have completely depends on your personal situation, your preferences and how you like to manage your money. Finder data shows that 30% of Australians have bank accounts with two different banks and a further 9% have bank accounts with three different banks.
At a minimum, it's a good idea to have one bank account for everyday expenses and a separate savings account to earn interest on your savings. However, there are a number of other types of bank accounts you might want to open as well, such as a joint bank account, an offset account or a business bank account.
Here are a few examples of when you might need to have more than one bank account:
Let's take a look at how many bank accounts some of our Finder crew have, and why:
3 bank accounts
"I like to keep things fairly simple. I have three bank accounts. A main bank account, a joint account so my wife and I can move money between our own accounts and my home loan offset account.
I send a portion of my income directly to the offset account so it immediately offsets my home loan interest while also acting as savings. Some people prefer to have multiple accounts to save for different purposes but I find it's easier to monitor my spending and keep track of everything with a small number of accounts."
5 bank accounts
"Funnily enough, I hardly ever use my 'main' bank account! It's there for money to land into, but then it quickly gets transferred out to other accounts. Among the many accounts I have are: a mortgage offset account, which doubles as a savings account; a high-interest savings account for my kids, which I drip-feed $5–$10 per week into; and a joint account with my husband, which bills and direct debits come out of.
I also have a holiday fund that my best girlfriends and I deposit $20 into each week, so we can have a girls weekend every six months without feeling the financial pinch. It's by far my favourite account! I highly recommend everyone has a fun vouchers account – it's the best way to enjoy your money, guilt-free."
3 bank accounts
"I have three bank accounts, plus two savings accounts. The first bank account is my personal everyday account where my salary is paid into and I use it to pay for personal, day-to-day expenses. I also have another personal bank account which I need to earn the bonus interest rate on my savings account. The third account is a joint bank account with my fiancé for shared expenses like rent, groceries and entertainment.
I think having a personal and joint bank account is a great way to share important expenses but also keep some independence. It helps me save as well, because I put a set amount into our joint account each month, which means I can do whatever I want with the rest (and being me, I usually save it!)."
4 bank accounts
"I have four bank accounts in my name. The first is where my salary is deposited and it's the account that's linked to my high interest savings account. I use this bank account for all my personal spending and to move money into my savings each month. The second is a joint account with my partner for shared expenses and the third account is a cash management account for investing in shares.
The fourth bank account is one I don't use much, but I keep it there for any income I earn outside of my full-time job. So if I do some freelance work, for example, I'll get paid into this separate account as it helps me see what I've earned outside of my main job when it comes to tax time."
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