Yes, there is nothing wrong with having 2 bank accounts in Canada. There are plenty of advantages to it. In fact, you can have more than two accounts as well.
People usually have one account and keep all their funds in it. Most commonly it is their savings account. But this doesn’t mean that you can’t have 2 bank accounts.
Though it is easy to manage your investments and funds via one account. Splitting your money into two accounts is certainly advantageous. Whatever benefits you are getting will be doubled. Some of your limits will increase and it will definitely add a layer of protection for your funds.
Losing all your funds because you didn’t have an extra account will hurt later. Canadian banks offer ample benefits to customers with multiple accounts. So, it is better to use them.
Advantages of Two Bank Accounts
Here are some advantages you will attain through 2 bank accounts in Canada.
- Extra Insurance Cover
With two accounts you will get extra CDIC coverage in Canada. This institution plays a very vital role in the Canadian banking system. It ensures that if the bank fails to pay the customers, they get their dues. The limit is $100,000 in aggregate of all your funds in different bank accounts.
- Account Security Increases
Canadian banks are very particular when it comes to safety. They implement multiple controls and security layers to protect customer funds and sensitive information. If you have $2,000 then dividing and putting $1,000 each in two bank accounts is better. If someone hacks you will save $1,000 at least.
- Mental Peace
Often we face network and maintenance issues while transacting. If it happens all your funds will be frozen in one place. The ultimate solution is to have more than one account, maybe two. It will be a huge relief in case of inconvenience.
- Extra Features and Benefits
More banks means you can avail more benefits and features. One might offer a higher savings interest rate whilst the other gives you a free credit card. Canadian banks are very user-friendly in catering needs.
Thus, having two bank accounts in Canada is definitely going to be advantageous for you.