One Bank Account to Rule Them All?
I am interested to find out how many bank accounts people maintain once they have been using YNAB for a while. And the reasons why.
I have about 12 accounts because of the free money. The breakdown is this:
1 Main checking account
4 other checking accounts - I have these because banks offer awesome bank bonuses. Some I just need a few debt transactions (ie a $0.50 amazon gift card reload), some I need a small direct deposit, and others I need to maintain a balance. So let's say I get $250 for maintaining a $1500 balance for 6 months. That's a half a year increase on my money of 16.67%, which is better than any savings account or CD and some stock investments.
2 Savings accounts - One has a 5% APY on the first $1000, so I just leave that much in there and transfer the overage to my other savings account that has a decent rate.
1 Wallet (cash) account
4 Credit Card accounts - the same reason, free money and rewards. Since all of my credit card debt is paid off, it's like I'm getting 1.5%-5% off all of my purchases. The sign up bonuses are awesome too.
Some of these accounts have refer a friend bonuses that I can share if interested. I've even started a blog to start to share how to do this. I haven't looked into the rules on here of posting links to all of this, but just message me if interested .
Started using YNAB3 in 2011 and downsized after reading one of the whiteboard wednesday some years ago. Have since stuck with:
- Checking (Europe)
- Savings (Europe)
- Credit Card (Europe)
- Joint account (Europe)
- Investment account kid (Europe)
- Checking (US)
- Savings (US)
- Joint account (US)
If it wasn’t for me being from Europe and bf from the US and us spending a lot of time in both countries I would have been happy with only one of each type account.
Resurrecting an old post while searching for discussions on adding checking accounts. I find it kinda funny how everyone basically has a number of accounts you can count on one hand, OR more than can fit on the screen. So I'll chime in too, what the heck.
On budget I have 25 accounts:
2 Checking accounts
2.5 Savings accounts (.5 is because I'm experimenting with putting an investment account on-budget which is mostly cash and bonds which I plan to withdraw from in 2-3 years)
1 HSA (Health Savings Account)
18 CC's (PIF except one I used for a business purchase with a 0% APR, almost paid off)
I don't use many tracking accounts in YNAB because I use more robust financial software for that. Just an old business checking account, my husband's CC for business which I pay off categorizing as business expense, and a business CC I never use. Plus, I'm finding Personal Capital's site pretty useful too. With something like 15 retirement and investment accounts between my husband and me, tracking them in YNAB too serves me no purpose.
I keep bouncing around the idea of adding a checking account that pays more than the .05% interest I get from my CU. My July project was to start scheduling bills on the due date instead of paying on the closing date to build up a checking account balance and get a better visualization of cash flow. Various pros and cons to every bank I'm considering so that might be my August project.