In the past, there were very few banking options. You chose a bank with a branch near you and probably used that bank for all your accounts.
These days, you have a lot more options. If you don’t mind online banking, there are plenty of high-yield savings accounts with up to 5.31% interest. You can also find fee-free checking accounts, money market accounts, and any other type of bank account you want to open.
Many people have accounts at multiple banks. For example, a checking account at one bank and a savings account at another. This works well, but there are advantages to having all your money at the same bank.
1. You can quickly transfer money between accounts
If you have accounts at multiple banks, it may take a few business days for money to be transferred between them. This is often not a big problem, but there are situations where it can be inconvenient.
Our pick of the best high-yield savings accounts of 2024
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American Express® High-Interest Savings 
APY 4.25%
Price info
4.25% annual percentage rate from August 13, 2024
Member of the FDIC. |
APY 4.25%
Price info
4.25% annual percentage rate from August 13, 2024 |
Min. to earn 1 dollar |
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CIT Platinum Savings 
APY 5.00% APY for balances of $5,000 or more
Price info
5.00% APY for balances of $5,000 or more; otherwise 0.25% APY Min. to earn $100 to open an account, $5,000 for maximum APY
Member of the FDIC. |
APY 5.00% APY for balances of $5,000 or more
Price info
5.00% APY for balances of $5,000 or more; otherwise 0.25% APY |
Min. to earn $100 to open an account, $5,000 for maximum APY |
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UFB Portfolio Savings Account 
APY 5.15%
Price info
To ensure you continue to receive the highest interest rate with UFB, you need to keep an eye on their interest rates. Occasionally, the bank opens new accounts with higher interest rates. Existing accounts will need to contact the bank to request to be transferred to one of these new accounts.
Member of the FDIC. |
APY 5.15%
Price info
To ensure you continue to receive the highest interest rate with UFB, you need to keep an eye on their interest rates. Occasionally, the bank opens new accounts with higher interest rates. Existing accounts will need to contact the bank to request to be transferred to one of these new accounts. |
Min. to earn $0 |
Imagine you’re buying a home and need to transfer money for the down payment. But the money is sitting in your online savings account, which doesn’t allow transfers. You have to transfer the money to your checking account before you can transfer it. If you’re eager to take the next step in your home purchase, waiting for a bank transfer can be stressful.
When all your money is in the same bank, transfers are a breeze. Once you make a transfer between your accounts, it is processed instantly.
2. It’s easier to keep track of your money
Knowing how much money you have in the bank is important. It’s a great way to check how your finances are doing. If you’re like most people, you probably have some savings goals you’re working toward, like building an emergency fund or putting money aside for a big vacation at the end of the year.
It’s nice to be able to log into a single online account and see all of your bank account balances. If you have to check multiple banks, it takes longer to log in everywhere and add up the amounts from all of your accounts.
3. You spend less time dealing with tax forms
I’ve had quite a few bank accounts over the years, mostly to get bank account bonuses, but by far the biggest hassle was filling out each bank’s 1099 forms while doing my taxes.
Any interest you earn on a bank account is taxable income. The same goes for bank account bonuses, so if you earned money at three different banks, you’ll most likely receive three 1099 forms. If you have all your earnings at one bank, you’ll receive one tax form.
4. It could help with credit card and loan applications
In addition to banking services, many banks also offer credit cards and loans. In most cases, anyone can apply for these, regardless of whether they have an account with the bank or not. However, having an account could be an advantage for your application.
The bank will get a more complete picture of your finances than if they just ran a credit check. There are also rumors floating around online that some credit card issuers are more likely to approve your application if you have a bank account with them. It can’t hurt, and if it helps you get one of the best credit cards or a low-interest loan, it’s definitely worth it.
There’s nothing wrong with having accounts at multiple banks if it works for you, but using the same bank for everything can make your life easier. Many banks offer excellent checking accounts and high-interest savings accounts, so if you want to simplify your banking, you can have all the accounts you need in one place.
These savings accounts are FDIC insured and could earn you more than ten times your bank account
Many people miss out on guaranteed returns because their money sits in a large bank savings account and hardly earns any interest. Our selection of the best online savings accounts could earn you more than ten times the national average interest rate on savings accounts. Click here to discover the best-in-class accounts that made our shortlist of the best savings accounts for 2024.
