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If almost 50%* of Canadians claim that their finances cause them emotional stress, then why would anyone want multiple bank accounts? More accounts, more headaches, right?
Believe it or not, it can be less stressful to have your finances divided among multiple accounts and help keep track of and manage your spending. Still not convinced? Read on. It's simpler than you think.
Organize your spending
Having multiple bank accounts enables you to easily sort your money into spending categories. For example, you can create a food account, an account for utilities and even an account for rainy day spending (which we highly recommend you have).
If you’re a homeowner and your property taxes are not included in your mortgage, it is a good idea to set aside money from each pay into a separate account, so you have money for your property taxes when they come due. By being disciplined with your different accounts, you will be better able to enforce spending limits and be less likely to ‘accidentally’ spend money that is meant for groceries.
You can also use multiple accounts to manage your fixed expenses by depositing the required amount and having your bills automatically deducted. This proactive method of paying bills is a great way to manage your monthly spending and ensure your bills get paid.
Meet savings goals
Want to go on an expensive vacation? Buy a car? Save for a house? A dedicated savings account is a great option to meet your longer-term financial goals. Open an account for each of your goals, label it accordingly in your online dashboard and make regular transfers, even if they’re modest. Over time, you’ll see your balances grow and move towards your savings goals.
You can also set-up automatic transfers from your chequing account, so on every pay day (or however you would like to set it up), you can have a certain amount automatically moved over to your savings before you even see it.
Make money on your money
Typical savings and chequing accounts provide low yield interest returns, but there are alternative, accessible bank accounts you can use to encourage savings and enjoy higher returns
Tax-Free Savings Account (TFSA)
The TFSA was introduced to Canadians in 2009 as a way to enable tax-free saving by contributing to eligible investments. Think of them as a box that holds your qualified investments, that might generate interest, capital gains and dividends, tax free.
Investment Savings Account
An Investment Savings Account is a repository for funds you hope to save and grow over time. These accounts offer a higher interest rate than traditional savings accounts, and don’t require a minimum balance. They only allow for one withdrawal per month and interest is calculated daily and paid to the account monthly, helping your money grow faster.
How can I open multiple accounts**?
*Financial Planning Standards Council, "OMNI REPORT: Financial Stress," 2018
**Some accounts include additional monthly fees. For more information on specific products please visit our website.