I opened multiple bank accounts.

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I had already one savings. But after we sold a family vacant lot considered agricultural, we saved the money on banks. I opened another savings account and a checking account. And a time deposit for me. Then my other siblings opened theirs too savings and time deposit also. Since we have to distribute the money in different banks. I think the time deposit has low earnings, with 6% interest for 5 years maturity. I don't think it's big enough. But then it's the only thing we can think of on what to do with the money. I'm actually against on time deposit as the money are locked up that long, there's big penalty for withdrawing early. I hate penalty. Do you think we made right or even best decision.