Combining your savings into a single account can simplify reaching the minimum balance requirements needed to enjoy higher interest rates or qualify for account bonuses. Many banks tend to offer better perks and features to customers who maintain substantial balances. By organizing your funds into buckets within one account, you effectively boost your overall balance, making it easier to hit those beneficial thresholds. As a result, you might enjoy benefits like higher interest rates, waived fees, or even access to exclusive banking services.
Take an example where a specific account provides enhanced interest rates for balances over $10,000. By pooling all your savings into one account and utilizing the bucket system, you stand a better chance of meeting these bonus criteria, compared to spreading your funds across multiple accounts.
