Financial Question : American Banks
By AmberLynn
@ScribbledAdNauseum (104615)
United States
January 31, 2016 4:56pm CST
Does anyone know if there is a limit to how many savings accounts one can have at one financial institution? I currently have three accounts at my bank. One is checking, one is way 2 save (auto drafts one dollar per debit card transaction) and one is a savings account that takes $25.00 out of my checking every other Friday.
The latter is for housing expenses. I would like to start another one up for future investing and travel. I want to invest in a CD but the minimum deposit is $2,500 and that would take several months of saving before I am able to invest.
I've done some researching online via my bank but most likely will call the bank in the morning to talk with them more about this.
6 people like this
7 responses
@mommaj (23112)
• United States
31 Jan 16
@ScribbledAdNauseum Fees and restrictions as well. Good luck with your search of what you want.
@ScribbledAdNauseum (104615)
• United States
31 Jan 16
@mommaj The one I am looking at is $12.00 per month unless I have $3,500 in. Thank You. I do not want to go with another institution just for another savings option if I can help it.
1 person likes this
@ScribbledAdNauseum (104615)
• United States
31 Jan 16
I appreciate the info. I'll be calling the bank and seeing what they have to say in the morning. Just realized my bank offers money market but they call it "platinum savings." Higher APR but also fluctuating APR.
1 person likes this
@kevin1877uk (36987)
•
31 Jan 16
Sorry I can't help you, I hope you get an answer to your question.
1 person likes this
@ScribbledAdNauseum (104615)
• United States
31 Jan 16
Thank you anyway. I am thinking now that I should not have gotten rid of my credit union account. They had many account options to choose from, with higher interest yielding.
1 person likes this
@kevin1877uk (36987)
•
1 Feb 16
@ScribbledAdNauseum You are welcome, maybe you should have done.
1 person likes this
@ScribbledAdNauseum (104615)
• United States
1 Feb 16
@kevin1877uk I know (from the past) that I can do mobile banking with the credit union but am not sure about bank transfers from other banks etc. I am sure there would be a fee involved if I were to open a money market with the credit union but transfer funds via my regular bank.
1 person likes this
@celticeagle (189927)
• Boise, Idaho
31 Jan 16
It depends on the bank. I think each one has their own guidlines. Usually only one and maybe one specialty one.
@celticeagle (189927)
• Boise, Idaho
1 Feb 16
@ScribbledAdNauseum ...Sounds like a good idea. I closed mine cause I could never put anything in there.
@ScribbledAdNauseum (104615)
• United States
1 Feb 16
@celticeagle I am lucky that I am able to save, but I do need to make a conscious effort to be more spend thrifty as well.
1 person likes this
@ScribbledAdNauseum (104615)
• United States
31 Jan 16
I already have two savings account. One links to my debit card to take $1.00 per debit transaction. The other takes $25.00 out every two weeks. I'll have to call in the morning and find out. Thinking the Money Market one (higher APY)
1 person likes this
@Missmwngi (12915)
• Nairobi, Kenya
31 Jan 16
On the other hand instead of saving you can find a way to trade and get the money increasing than just sitted in the bank
@ScribbledAdNauseum (104615)
• United States
31 Jan 16
You mean like day trading? I don't know about all that. I have thought about investing in a few stocks but am not yet sure. My grandfather does that so he can help me a little bit better with it.
1 person likes this
@ScribbledAdNauseum (104615)
• United States
1 Feb 16
@Missmwngi True. I'll just keep to the basics for now though. Don't want to get in over my head.
1 person likes this
@Missmwngi (12915)
• Nairobi, Kenya
31 Jan 16
@ScribbledAdNauseum Just anything legal that can get your money multiplying
1 person likes this
@Mike197602 (15504)
• United Kingdom
3 Feb 16
I just wondered.
As a US citizen do you have to put your money in US banks?
I put 20k in an Icelandic bank a few years ago.
The banking system did go wrong but my account was taken over by a Netherlands bank so I did very well out of it.
@ScribbledAdNauseum (104615)
• United States
3 Feb 16
I am pretty sure we CAN have an offshore account but I don't know about the limitations or tax laws.
1 person likes this
@ScribbledAdNauseum (104615)
• United States
3 Feb 16
@Mike197602 I had a good chuckle at that article! Especially " Fittingly, the reason for Johnson's move is also quintessentially American: He hates the IRS." 
I have to do a lot more research but what I've read is that under $10,000 in offshore assets doesn't need to be reported to the IRS...'course that was a few years outdated so it could have changed.
I have to do a lot more research but what I've read is that under $10,000 in offshore assets doesn't need to be reported to the IRS...'course that was a few years outdated so it could have changed.1 person likes this
@Mike197602 (15504)
• United Kingdom
3 Feb 16
@ScribbledAdNauseum yes I've heard about US tax laws.
Did you know the current mayor of London has dual nationality UK/US?
The article below is quite funny
In the US you've got to know your tax laws
In the US you've got to know your tax laws
The mayor of London is a quintessential American in many ways—including hating the IRS. Now he's giving up his U.S. passport to avoid double taxation.
1 person likes this
@fishtiger58 (29819)
• Momence, Illinois
3 Feb 16
I think you can open as many as you want. But each bank is different so yea I would ask them.
