Pros and cons of having multiple bank accounts

Pros and cons of having multiple bank accounts

Pros:

1. You can avoid the temptation of splurging since your savings are separate from your spending budget.

2. You'll have a buffer in case of emergencies (emergency fund).

3. You will reach your goals faster.

4. You will have more motivation to save.

 

Cons:

1. You will need to open multiple bank apps to track each account.

2. Interest rate per annum is too little if it's a regular bank.

3. Transferring funds from one account to another isn't flexible. (Plus the extra fees)

4. You need to carry multiple cards.

 

Pros of using Maya:

1. You can create multiple accounts in one app. One for each goal. You may also deposit directly to each account.

2. Earn up to 11% interest p.a. for your savings. (6% p.a. guaranteed for each goal, interest is credited per day)

3. Track your progress easily.

4. Cancel or create accounts anytime.

5. Only bring one card (Visa) to purchase using your online wallet, that's separate from your savings and goals.

6. Zero fees when you cash in.

7. Less than 2% down time.