Having multiple bank accounts? Things you should keep in mind

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Maintain minimum balance

Most banks require a minimum balance for savings accounts, and failing to meet this can result in penalty charges.

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Online fraud and scams

Having multiple bank accounts can increase the risk of falling victim to fraud. It's crucial to be vigilant & implement strong security measures to protect against potential risks.

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Deactivation of unused accounts

Inactive bank accounts may be deactivated by banks after a prolonged period, potentially incurring additional fees and administrative inconvenience to reactivate them.

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Service Charge

Some banking services are free, while others may incur fees. Stay vigilant, as seemingly small charges can add up and impact your financial health.

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Stay Organised

Keep your account information, such as login details and bank contacts, organized and easily accessible.

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Plan for taxes

Be prepared to handle tax implications if you earn interest on your accounts or if you have accounts in different tax jurisdictions.

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Close Unnecessary Accounts

Regularly review your accounts and close any that are no longer needed to simplify your financial management.

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