The Pros and Cons of having multiple Savings Account.

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The benefits of a Savings Account are varied such as a secure financial future, financial stability and hope to fulfil long-term aspirations when in need. That is why nearly every individual opens a Savings Account to make this possible. However, some people also tend to foster the idea of having multiple Savings Accounts.

Multiple Savings Accounts can be used to fulfil a range of financial goals for the long run. For example - you can have a separate Savings Account for your daughter’s marriage, another one for your son’s education and the last for your personal future savings. Read on to learn the pros and cons associated with this type of Savings Account.

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Benefits of multiple Savings Accounts:

1. Cater to every financial goal

Multiple Savings Accounts allow you to achieve multiple financial goals.

2. Offers Safety

A basic Savings Account can be opened with any bank. However, you feel safe and secure having Accounts in reputed Banks where instances of fraud or theft are rare. Also, with multiple Savings Accounts, the risk factor associated with having money in one Account doesn’t hamper the functioning of other Savings Account.

3. Receive High Interest

You can get a high savings account interest. Although the interest is not as high as a Recurring Deposit Account or a Fixed Deposit, they can be quite useful for your financial savings. At ICICI Bank, you can avail these benefits on time. You choose from an array of Savings Account and open one as per your needs within 4 minutes. The interest rate is fixed but you can avail a range of benefits such as Life Insurance, Health Insurance Offers, Discounted processing fee on loans, Cashbacks, Reward Points and more.

4. Easy Money Operation

All Savings Accounts can easily be operated using a mobile or laptop. Using ICICI Bank’s Internet Banking facility and the iMobile Pay app, you can access your Savings Account anytime, anywhere. No matter where you are and at what time, you can make the most of all your Savings Accounts.

Cons of multiple Savings Accounts

With multiple Savings Accounts, you may face certain inconveniences. So it’s better to be prudent while carrying out financial transactions in the long run. For starters, you can face some confusion while maintaining the minimum account balance and while managing these Accounts. However, consulting a prospective financial expert can help you to mitigate these risks and enjoy a seamless savings experience with multiple Savings Accounts.