I have 5 bank accounts I use all the time, and 4 questions helped me choose each one

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• I have five bank accounts and I use them all.
• To choose each account, I ask myself what I expect, how I'll get my money, and whether there are accounts already made for my needs.
• Earn 5.30% APY with a Forbright Growth Savings.

I have spoken with many people who said they chose their bank or particular account based on how close they lived to that specific financial institution. For me, it was a much more involved process of sifting through the best banks for me.

I have five bank accounts and each one serves a specific purpose in my life. I have:

1. a checking account
2. an emergency fund savings account
3. a business checking account
4. a travel savings account
5. an everyday savings account

Not every bank has the same interest rates, monthly fees, or account offerings, so I researched account details and features that fit what matters to me.

I use my bank accounts to organize and monitor how my money is spent and managed. It also helps me with emergency savings and saving for specific items or plans I have in the future.

Here are the questions I used to choose my bank accounts:

1. What do I need this account to do for me?

Most of us have checking accounts, if only to receive the direct deposit of our paycheck. I have a simple checking account with no monthly fee. I did not want any rules or restrictions or monthly fees for my checking account. When choosing a bank account, look at the fees, interest rates (if applicable), ATM withdrawals, or whatever your varied needs may be.

When I first moved to New York, I already had three bank accounts, but I knew that I needed a local bank to receive my income and access funds. So, based on that need at the time, I chose a local credit union with a branch two blocks from my home that didn't have a monthly fee.

2. What exactly do I want to get out of this account?

My emergency fund is in a high-yield savings account. I knew that I wanted that account to grow because that would be beneficial to me down the road if I ever needed to use my funds for an emergency. A high-yield savings account with its higher APY would help me grow my money more quickly, and for me, it didn't make sense not to take advantage of the higher interest rates.

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3. How will I get my money?

In choosing my emergency fund savings account and my everyday savings account, I considered account accessibility. Because high-yield savings accounts are a great way to build an emergency fund, I wanted to make sure I had quick and easy access to my money in case an unexpected expense came up and I needed to dip into my savings.

Also, look for savings accounts that offer one or more of the following: ATM access so you can withdraw money when you need to, the ability to link a checking account so you can easily transfer funds, and a mobile banking app so you can log in and manage your funds on the go. I used this feature myself when I was in Mexico and needed to transfer money from my everyday savings account into my checking account.

4. Are there specific accounts made for my needs?

Specialty accounts are accounts built for a specific purpose, and I have two. I have a business checking account for my business and I have a travel account for money that I save for planned trips. My business account is with a bank I am building a business relationship with in case I need a business loan down the road, and my travel savings account is with a bank with international branches, so I use that account actively when I travel.

It's important to do the research and compare banking and account options, rather than choosing an account because it's at a familiar institution. Most important, make sure that whichever bank or account you choose protects your money with FDIC insurance.

This article was originally published in August 2023.