How to manage our income? Whatever the level of our income, does it make sense to have multiple accounts at different establishments?
Today, in the French banking sector with the arrival of new players such as online bankers, competition has increased. The French no longer hesitate to manage their income with several banks.
First of all, if your assets exceed 100,000 €, you must distribute your assets among several banks. Indeed, the French State guarantees bank accounts per establishment and per person in the event of a bank default, up to 100,000 €.
Having accounts in several banks will allow you to benefit from current promotions in each establishment, such as, free credit cards, attractive returns on a savings product, etc.
By holding several accounts within several establishments, you can specialize your banks. In particular, when you invest in the stock market, it is preferable to have an account with an online broker. Indeed, online brokers offer you much more attractive rates for the management of these investments than traditional bankers. So, for example, you could dedicate one bank to your online brokerage operations, and another to the management of your income.
Moreover, today, many couples decide to have a joint account, while keeping a personal account. Thus, each spouse could keep their personal account in their banking establishment, and the joint account in another establishment. Especially since today, in the majority of banks, the bank transfers that you make online are free.
Finally, if for one reason or another, your account was blocked at one bank, you could still have your income at the other bank.
By holding accounts in several banking establishments, you multiply the management fees associated with your accounts. When you hold a multiplicity of accounts in several banking establishments, you lose a global vision of your assets. Thus, for the calculation of your management fees, you will have to take into account the data of each establishment, as well as for the calculation of your earnings ...
With the concentration of the banking sector, having accounts in different banking establishments does not necessarily mean diversifying. Because banking groups often include several brands. For example, Société Générale owns Crédit du Nord, Boursorama, etc. So that in choosing to diversify its banks, you must identify the banking group to which your bank belongs.
Finally, the diversification strategy takes on its full meaning, especially when you have an account in an online bank. With an online account, it is preferable to also have an account in an establishment with a local agency. Because, one day, you might need to carry out an over-the-counter transaction.
Finally, whatever the number of bank accounts you wish to hold, they must allow you to manage your wealth as well as possible, without costing you too much.
If for individuals the question arises, when you own a business, you have to work with several banks. So that if your privileged interlocutor was transferred, or unavailable, your funding would not be compromised.