Research shows that nearly 6.5 percent of U.S. households don’t make use of a bank.
If you belong to this group, you might be looking to open your first bank account.
However, you might wonder whether it’s a good idea to open accounts with many banks, or just one. Especially if you’re looking to use a bank for more than just a checking account.
This post will help shed some light on the dilemma of one bank vs. many banks. If you’re struggling to make sense of the banking world, this post will help you make a decision that will pay dividends.
Let’s begin!
The Benefits of Using One Bank
One of the key benefits associated with using only one bank is that it makes everything easier.
After all, if you’re using one bank, then you only need to remember one set of login credentials. Plus, if you move to a new area, then you only need to let one bank know about your new details.
You’ll also find it easier to build a relationship with the person that manages the bank. This can make it easier for you to convince the bank that you’re worthy of finance, should you need a loan in the future.
It should also be said that banking with one bank can also make it easier for you to manage your finances.
This is because you’ll find it simpler to move your funds between accounts. You’ll also only need to use one banking app to get an overview of your entire financial situation.
The Benefits of Using Multiple Banks
While there are some benefits to using only one bank, making use of multiple banks can also be useful.
One reason for this is that it becomes a lot easier for you to shop around as you’re not limited by the deals provided by one bank.
This allows you to find a bank that provides a favorable interest rate in relation to financing, or even just for a savings account.
Shopping around also makes it easier for you to reach your goals.
Suppose you want to buy a car so that it’s easier for you to get to work. To achieve this goal, you may need to take out a loan.
Well, if you shop around, you’ll be able to find the cheapest possible lender. As a result, you can achieve your goal of getting a car, without putting too much pressure on yourself.
Note that you can use services like moneybanker, to help you find the cheapest lender for your needs. Using such services is often more efficient than manually reaching out to banks and asking about lending rates.
One Bank vs. Many Banks – Which Is Right for You?
The knowledge in this post should help provide some clarity on the one bank vs. many banks dilemma.
In the end, it all comes down to your personal needs. If you’re just looking to use a checking account, then perhaps one bank is more than enough. But if you need finance, then you might be better off using more than one bank.
You’ll have to read a lot of small print when going through this process. That can be a tough thing to do, but it’s vital you comb through every detail so that you don’t end up making a poor financial decision.
Do you have any suggestions on this problem? If so, please share your thoughts in the comments section!
