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.