Tag Archive | "how many bank accounts is too many"

Too Many Cooks Spoil The Broth; Too Many Accounts Spoil The Roth!

Too Many Cooks Spoil The Broth; Too Many Accounts Spoil The Roth!

Posted on 01 January 2010. Tags: ,

Are you planning to save up for your retirement? Your Roth IRA account may offer you tax deductibles for you to save up a lot but the money saved may be well spent on other areas like too many bank accounts! Ask how? Banks charge fees for maintaining those accounts and you as a client lose out on a good amount of money paying up these fees. You might want to purchase a new car, a new washing machine or a sound system. One common strategy that we all apply when we don’t have enough money for a new household expenditure is to open a new account to save up money specifically for any new kind of expenditure that might crop up.  But maintaining so many small accounts is pretty expensive as many banks charge fees for maintaining accounts with low values. These accounts usually happen to be checking [...]

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