The online world, a broader offering, greater competition between conventional banks and fintech… There are several factors that have changed the traditions and rules of the game in the financial world. So in this scenario, more and more people are asking the following question: why not break with the tradition of having a single bank account?
There is a growing understanding that each account is not just a “drawer” of funds, but rather a tool to enhance different financial aspects. In fact, specialists insist on taking advantage of the current and extensive offer. “It is a time to explore and immerse yourself in the advantages of diversifying the entities that house our resources and savings,” they point out from the financial comparator HelpMyCash. And this diversification not only involves opening multiple accounts, but also represents an opportunity to maximize profits, thanks to four main strategies.
First, budget management becomes a more tangible and effective task when it is fragmented into specific accounts, since each one can be focused on fulfilling a defined purpose. To put it another way, you have a map of your finances where each account is a strategic destination; daily expenses, short-term savings, investments…
In this aspect, the BBVA Commission-Free Online Account fits perfectly by offering a versatile and cost-free platform. This account gives the opportunity to assign specific financial objectives to each account, offering a clear and organized view of finances. In addition, it has intuitive functionalities and access to a wide network of ATMs, in addition to currently giving away a free card, the possibility of getting an iPhone and many other benefits.
2. Greater security
In turn, bank account diversification also provides additional security. By assigning each account to specific purposes, you better control expenses and ensure a separate emergency fund. Additionally, if a problem arises with one account, funds in others remain safe and available. This intelligent layout minimizes risks and offers peace of mind and stability at all times.
The Santander Online Account fits perfectly, as it is an ideal tool that allows you to create separate funds for emergencies or savings, thus guaranteeing greater financial security. In addition, by offering access to a wide network of free ATMs, it provides flexibility and peace of mind, keeping funds safe and available at all times. In addition, it offers other exclusive advantages and the possibility of obtaining up to 400 euros simply by direct depositing the payroll or pension that exceeds 2,500 euros. Or up to 300 euros if the payroll is at least 600 euros,
3. Benefit optimization
A third benefit of diversifying accounts is that it allows you to take advantage of specific advantages of each entity, such as higher interest rates, bonuses and lower commissions. That is, it maximizes performance and gives access to a wider variety of financial products. Therefore, not only are profits optimized, but financial security and stability are also strengthened, allowing for stronger long-term growth.
In this regard, the Sabadell Online Account is ideal, as it offers an attractive interest rate of 6% TIN during the first 3 months and 2% TIN (3% APR) subsequently, maximizing the return on the funds allocated to this account. In addition, it includes more benefits such as 3% reimbursement on electricity and gas bills, along with free debit and credit cards.
4. Ease of movement
And, finally, having accounts in different entities facilitates international transfers and money movements. This reduces costs, streamlines transactions and avoids obstacles associated with single-entity policies. In addition, it provides access to financial services specific to each region or country, optimizing global asset management and providing flexibility in an interconnected world.
Both Revolut and N26 are great options for taking advantage of the ease of movement that account diversification offers. Both stand out for streamlining international transfers and movements by having Spanish IBAN and free cards. Revolut provides the versatility to trade cryptocurrencies, a return of up to 3.05% and make payments in currency at the best exchange rate, while N26 offers a savings account with an unlimited APR of 2.26%, along with the convenience of withdrawing money for free at ATMs in the eurozone and paying without commissions in other currencies.
Ultimately, choosing the right bank account will depend on each person’s specific needs. “It is essential to evaluate the characteristics, commissions and benefits that best adapt to individual financial management,” advises HelpMyCash. Ultimately, the key is to diversify wisely to optimize resources and improve long-term financial health.