Want to keep 4 bank account for diff8sue cases help me out if I am correct or how wrong!
Want to start saving and investing smartly. Help money wizards.
I'm starting to take my finances more seriously and wanted some advice from people who have already set up a good banking system.
Right now I only have an HDFC Bank account, and honestly, I've had a great experience with their service so far. But as I start earning, saving, and investing more, I feel like keeping everything in one account might not be the best idea.
My current thought process is to separate my money based on its purpose.
Something like:
\\- Salary account – where my salary gets credited. (From which I'll distribute money to other accounts)
\\- Savings account – for my emergency fund and long-term savings. (Monthly % amount allocated to long term savings and emergency funds)
\\- Investment account – dedicated to mutual funds, SIPs, stocks, etc., so investment money stays separate.
\\- UPI/expenses account – for daily spending, UPI payments, subscriptions, food, shopping, and other regular expenses.(Pocket money account not to over spend)
The idea is to make budgeting easier, avoid accidentally spending money meant for savings or investments, and have a cleaner financial setup.
For those of you who follow a similar system:
\\- Which banks do you use for each purpose, and why?
\\- Is it even worth having multiple bank accounts, or is one good bank enough?
\\- Which banks have the best mobile apps, customer service, UPI experience, debit cards, and overall reliability?
\\- Are there any hidden charges or downsides I should know before opening multiple accounts?
I'd love to hear what setup has worked best for you and what you'd recommend to someone who's just starting to build good financial habits.
Here is my current bank.
HDFC salary account (savings to salary converted)
Cards: Flipkart-Axis bank credit card (Master); HDFC millennia debit card (Visa) & HDFC money back + credit card (VISA).
781 CIBIL SCORE