conversation: User (keanex): "So let me preface this by saying this: I save 25% of my paychecks, and get paid bi-weekly. Despite that, I know that if I had one checking account I would regularly forget how much money I had for play. Before I opened extra accounts I would regularly forget when my bills were coming and had to dip into my savings because I spent more than I had to cover my ass when the auto-pay came.\n\nI currently use Ally Bank as my main account. I have no issues with it and would recommend it for those looking for an online banking account. But I had money issues having just one account, as I described above. I also had no way to deposit cash/count coins so I figured I would kill two birds with one stone. I opened a Republic Bank account for a brick and mortar and to handle my health insurance auto-pay.\n\nI then saw a promotion for Capital One 360 Checking, I decided to move my car payments there, while taking advantage of the $100 bonus they had.\n\nSo now three of my important auto-pay bills are separated and paid into the minute I get my check. The money is removed instantly, so I now have a more accurate representation of my spending money. Rent gets paid immediately with my second paycheck of the month regardless of what day it falls on, so that is also removed instantly.\n\nThe premise is to separate important bills that auto-pay into separate accounts that are paid into instantly, but taken out at a later date. This clears up any confusion of how much I truly have to spend for play in my checking account. It's helped me save a lot of my hair from falling out and maybe it'll help some of you guys/gals.\n\nEdit: Woke up with 80+ inbox replies. Glad a lot of you guys also found use in this as well =)"
  Self: "I do this, except my FCU allows multiple accounts with no fees. Splitting everything up like this gives me more freedom to spend "fun" money, since the bills have already essentially been paid. \n\nIt's also allowed me to save exponentially more, as everything that doesn't get spent at the end of the pay period gets deposited into savings. I've been able to save a minimum of $600 per month with this method, without changing my standard of living.\n\nI would say that I prefer to have everything in one bank, if only to be able to see it all in one place. However, apps like Mint will do that if separate banks works for you better. \n\nHonestly I recommend this option to anyone that can make it work. I have a hard time understanding the benefits of only 1-2 accounts."
  