 TITLE: Should I Have Multiple Bank Accounts? CONTENT: Benefits of Multiple Bank Accounts\n----------------------------------\n*   **Different accounts for different purposes**: While a checking account is great for everyday money management, it's not as well-suited to saving for the future as a savings account. All savings accounts pay interest (though currently at very low rates) and only allow six withdrawals per month, making them better for parking your money but not a practical choice for everyday expenses.\n*   **Higher interest rates**: High-yield savings and money market accounts can offer higher interest rates than checking accounts and traditional savings accounts. If your bank or credit union doesn't offer a high-yield savings product, it could make sense to open such an account with a different financial institution.\n*   **Take advantage of different benefits**: In some cases, it may make sense to have more than one checking account or savings account. That way, you can take advantage of the benefits each one provides without missing out on any of them.\n*   **More FDIC insurance**: The Federal Deposit Insurance Corporation (FDIC) insures up to $250,000 per bank, per depositor, per ownership category. If you're in the fortunate position to have more than that in the bank, getting an account with another bank increases the total amount of insurance protection you receive. For example, keep $500,000 in one checking account and only half of it's insured, but transfer half of it to a checking account with another bank, and the full amount is covered in the event that both banks fail. END