http://www.theprovince.com/Spring+clean+your+accounts/2951314/story.html
Summary
Having more than one bank account makes it easier for you to choose the better investment- interest rates. A reason why someone would want multiple bank accounts would be to keep money separate. One account may be used for investments, another for savings, and another for monthly spending. Although most major banks would match each other's rates, it is easier to bargain for lower interest loan rates. There is a drawback that goes along with having more than one bank account. The accounts usually come with administration fees or service charges regardless of whether you use them or not. Also with so many accounts, it gets hard to track them down, maintain them, and the deal with the paperwork.
Connection
Many people have multiple bank accounts, and some with very little use. With people making investments daily interest rates are really significant. With multiple bank accounts, there will be slightly different interest rates for each one. Since interest rates are determined in the market through the demand and supply of money, the Bank of Canada influences it the most with their supply of money. Also with interest rates changing about, it will also affect the amount of inflation that goes on in the economy. With that in mind, an increase in the demand of money could lead to higher interest rates.
Reflection
Many people including myself have multiple bank accounts, and some which i seldomly use. They should probably combine them into one or two accounts so that it is easier to track and manage. Since it is with a major bank, they will usually match each other's interest rates if you ask. The same goes for loan interest rates. Although it is going to be a major change to adapt for some people, it may make life easier for others without having to worry about payments, etc.
Summary
Having more than one bank account makes it easier for you to choose the better investment- interest rates. A reason why someone would want multiple bank accounts would be to keep money separate. One account may be used for investments, another for savings, and another for monthly spending. Although most major banks would match each other's rates, it is easier to bargain for lower interest loan rates. There is a drawback that goes along with having more than one bank account. The accounts usually come with administration fees or service charges regardless of whether you use them or not. Also with so many accounts, it gets hard to track them down, maintain them, and the deal with the paperwork.
Connection
Many people have multiple bank accounts, and some with very little use. With people making investments daily interest rates are really significant. With multiple bank accounts, there will be slightly different interest rates for each one. Since interest rates are determined in the market through the demand and supply of money, the Bank of Canada influences it the most with their supply of money. Also with interest rates changing about, it will also affect the amount of inflation that goes on in the economy. With that in mind, an increase in the demand of money could lead to higher interest rates.
Reflection
Many people including myself have multiple bank accounts, and some which i seldomly use. They should probably combine them into one or two accounts so that it is easier to track and manage. Since it is with a major bank, they will usually match each other's interest rates if you ask. The same goes for loan interest rates. Although it is going to be a major change to adapt for some people, it may make life easier for others without having to worry about payments, etc.
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