/biz/ - Business & Finance

>>52520754
Yeah, having multiple bank accounts will raise some flags with the IRS and you'll be more likely to be audited.

>>52520754
It won't affect your credit. There's no credit involved. Just make sure there are no fees. Otherwise this is no problem. Go for it retard.

>>52520790
Lolol this anon is trolling or actually retarded

>>52520754

>>52520790
could you elaborate on why you think this? Obviously having multiple business accounts would be a bad look but would having around four or five checking/savings accounts be bad?

>>52520754

No, you're fine. Just make sure you read the fine print on your accounts. Some banks will charge you unless you have a certain amount in each account.

>>52521011
Haha you want to listen to the one troll. You *are* retarded

>>52520754
A bank account isn't an actual object, but rather a contractual agreement between you (the account holder) and the bank. The exact terms of such a contract will be presented to you upon requesting to open a new bank account and they usually guide you through what that entails, including fees and minimum/maximum amounts you may carry before accruing penalties. Checking accounts are usually modeled so that you may pull money out for everyday usage whereas savings accounts typically grant you rewards for keeping large sums of money (typically in the form of a flat return via interest rate agreed upon creating the contract) within them at the downside of you being unable to pull the money out as freely as a checking account (or with a withdrawal fee)

Checking is good for using to buy things, savings is good for long-term storage if you're storing money in the bank.

>>52521193
Savings account is obsolete. No interest to earn.

>>52521120
hey I said I was retarded to begin with. I took into account your advice I just wanted to double check.
>>52521193
I kind of agree with >>52521233, so would there be any downside to for instance, setting up 2 checking accounts, one of which immediately deposits into a roth IRA? Or should I just immediately pull from one checking account? Also if I were setting up an emergency fund account, I would want that to be checking so that in case of an emergency I could pull funds immediately right?

>>52521367
who is going on here?

>>52520754
Opening multiple accounts will have an impact on your credit score if it's one after the other. Not sure about the states but Canadian banks have to guarantee 100k protection per account, only move funds if there is a benefit. EX: higher interest rate savings, low fee chq account, or international banking.

>>52522326
A man in a rocker covered in shaving cream with a plant in his lap got his Mark Twain book knocked by a fallen lamp.

Obviously.

Just don't listen to the morons who "don't trust the bank" and tell you to buy gold/silver instead. They most likely suffer from mental illness. Your deposits are insured up to $250,000.

>>52521367
check the terms of a savings account, most of the time you can pull funds just as fast as a checking. But you are limited to below a certain amount of transactions per month i.e. 6 per month, after which each additional transaction costs $10 or something like that.

Ally bank currently pays 2.75% in savings and it will be past 3% by the end of the year IMO.