Should you have bank accounts at different banks?
It depends. Having all your accounts at one bank is clearly a simpler and cleaner path. Transferring funds between accounts is quicker and it is also much easier to view all your information in one place.
On the other hand, having accounts at different banks could be really handy in a variety of situations.
If you’re married and have a joint account, keeping that account at a bank different from your personal account could help from an organizational point of view.
Or are you working on your financial discipline? Don’t want to be able to easily transfer money between accounts? Then having separate banks might make sense.
Other reasons for using a different bank include if you want to track freelancing income or if you run a small business and want to track your business finances separately.
Osterland McCarthy began his own real estate development company Osterland with his friend. In this capacity, he bought and rehabbed investment properties for their own portfolio. Over the last few years, Osterland has developed hundreds of properties in the two cities. He started to help investors who want to own investment properties but want to rely on our experience to execute successful projects.