How many bank/brokerage/credit card accounts does everyone have?

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I-Know-Nothing
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Joined: Wed Feb 24, 2021 5:54 pm

How many bank/brokerage/credit card accounts does everyone have?

Post by I-Know-Nothing »

I have bank accounts with Wells Fargo and Capital One, and brokerage accounts through Vanguard (taxable) and Fidelity (Roth, tIRA, HSA). I have a 401k that’s administered through work. I have a small account with LendingClub that I’m trying to close out. I have 3 credit cards (Chase, Amex), but I only had one until recently. I’m trying to accrue some credit card bonuses, so I got more. These are all under only my name, with my husband as beneficiary.

It feels like I have a lot, though I am managing fine with organization right now. I am interested in establishing new bank accounts/brokerage accounts to get some bonuses, but would I be making this too complicated for myself? If I died, would I be making this too difficult for my husband to figure out?

Maybe no one else can really answer those questions, but how many accounts do others have? How difficult is it to keep track of everything?
RubyTuesday
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Joined: Fri Oct 19, 2012 11:24 am

Re: How many bank/brokerage/credit card accounts does everyone have?

Post by RubyTuesday »

Your situation doesn’t seem extraordinarily complex. Probably average for BHs from reading other threads.

FWIW we have
- checking and savings with large regional bricks and mortar bank
- CDs with local Credit Union
- taxable brokerage and IRAs at Vanguard
- HSAs at Fidelity
- 457 with employer record keeper
- credit cards with Chase (2), BoA, Amex, and Apple (Goldman Sachs)
- Savings bonds at Treasury Direct

I have all this documented in encrypted files.

We will likely consolidate and simplify as we get older, and as circumstances change (CDs mature, IRAs get converted, etc).
“Doing nothing is better than being busy doing nothing.” – Lao Tzu
7eight9
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Re: How many bank/brokerage/credit card accounts does everyone have?

Post by 7eight9 »

I-Know-Nothing wrote: Mon May 31, 2021 9:20 am I have bank accounts with Wells Fargo and Capital One, and brokerage accounts through Vanguard (taxable) and Fidelity (Roth, tIRA, HSA). I have a 401k that’s administered through work. I have a small account with LendingClub that I’m trying to close out. I have 3 credit cards (Chase, Amex), but I only had one until recently. I’m trying to accrue some credit card bonuses, so I got more. These are all under only my name, with my husband as beneficiary.

It feels like I have a lot, though I am managing fine with organization right now. I am interested in establishing new bank accounts/brokerage accounts to get some bonuses, but would I be making this too complicated for myself? If I died, would I be making this too difficult for my husband to figure out?

Maybe no one else can really answer those questions, but how many accounts do others have? How difficult is it to keep track of everything?
4 banks - Wells Fargo, Citi, AMEX, Marcus
17 credit cards
1 brokerage - Charles Schwab

I don't find it overly complex. Most of the credit cards are sitting in my sock drawer and taken out only once or twice a year for a little exercise to keep them active.
I guess it all could be much worse. | They could be warming up my hearse.
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gr7070
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Re: How many bank/brokerage/credit card accounts does everyone have?

Post by gr7070 »

The fewest amount possible that still allows me to get the best services available that I need.

Ultimately this has me with different accounts through different providers not unlike what's already been posted.

I'm certainly not chasing minute differences for extreme optimization, but I'm also not holding my IRA, checking, HYSA, and credit card at my local B&M to keep things simple.
UpperNwGuy
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Re: How many bank/brokerage/credit card accounts does everyone have?

Post by UpperNwGuy »

Too many by boglehead standards. But I like to keep my options open.
Mike Scott
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Re: How many bank/brokerage/credit card accounts does everyone have?

Post by Mike Scott »

Whether it is one account or one hundred accounts, you need enough organization for someone else to know what is floating "out there". One of my hobbies is bonuses and a spreadsheet is a good tool for organization. The actual number of accounts is irrelevant.
TigerNest
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Re: How many bank/brokerage/credit card accounts does everyone have?

Post by TigerNest »

I don't like the idea of having lots of credit cards or idle accounts open due to cybersecurity issues. Fewer accounts are easier to keep track of and monitor for fraud.
  • 2 Bank Accounts: One for daily banking, one high interest savings
  • 3 Brokerages: One for each of me and my wife, and one I'm required to have through work where my company's equity is granted
  • 5 Retirement Accounts: My wife and I each have a Roth IRA and a 401k. I also have a rollover IRA that I'd like to get rid of, but my 401k has %-based AUM fees and it doesn't make sense to roll it back into the 401k.
  • 3 Other Accounts: Two 529s (one for each kid) and one HSA
  • 3 Credit cards: A 2% cash back from Citi for everyday use, a 5% cash back from Amazon just for Amazon purchases, and a 5% cash back solely for gasoline.
I would love to simplify further but there's nothing obvious I can cut.
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Doom&Gloom
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Re: How many bank/brokerage/credit card accounts does everyone have?

Post by Doom&Gloom »

More than enough to meet my needs but not too many to track.
pasadena
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Re: How many bank/brokerage/credit card accounts does everyone have?

Post by pasadena »

  • Checking account and a couple of savings accounts at my main bank
  • Checking and savings at the local CU where I have my car loan
  • 2 Brokerage accounts and 2 Roth IRAs at Vanguard and Fidelity
  • 401(k) (with BrokerageLink, which is another account) and HSA at Fidelity
  • 3 CC (Amex Bonvoy, Chase Amazon, BoA AlaskaAir)
  • Workplace HSA at uh... my employer's HSA custodian.
I also have an empty account with Schwab that I should probably close...
Raspberry-503
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Joined: Sat Oct 03, 2020 6:42 am

Re: How many bank/brokerage/credit card accounts does everyone have?

Post by Raspberry-503 »

OK, I'll play, just because I actually haven't counted in a while...

.- Credit union for normal expenses, which is one saving account with just a few thousands, and two checking accounts. We keep my wife's part time low-pay job income as our "fun money" in the second account, mostly blown on traveling
- High Yield Savings account with VIO, holds emergency fund and cash for son's college (he's a Junior), although I started converting the emergency fund to I-Bonds this year

That's it for banks.

- one 2% cash back on everything credit card where we charge everything
- one Mileage Plus card that has been open for 24 years but that we only use as a backup.
-Amazon Credit card since we get 5% cash back on Amazon and spend way too much there, even pre-pandemic
- a Citi credit card we use because it gets us early access to some concerts, and basically only used for that.
- a Kohl's credit card because we shop there a lot and you get extra discounts and coupons. Only used for Kohl's.

That's it, i actually sort of forgot about the Citi card before making this list, simply because we haven't used during the pandemic.

Edit: ah, I didn't see the part about brokerage.
Only one, we do everything with Fidelity, where we have a brokerage but also multiple IRAs (rollover, Roth...) for the wife and I.
Also have a mortgage through another bank.

Of course I also have to deal with HSA provider from work, 401(k) provider from work, 529 plan used as pass-through for college expenses (putting them in 529 plan first yields state tax advantages). And Treasury Direct for I-Bonds.

Not that bad really. I keep eyeing the thread where people song up for credit cards to get sign-ups bonuses, etc... but I haven't played that game yet.

Another edit: I use Personal Capital's free web tools to keep track of everything
Last edited by Raspberry-503 on Mon May 31, 2021 11:20 am, edited 1 time in total.
gpburdell
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Re: How many bank/brokerage/credit card accounts does everyone have?

Post by gpburdell »

Banking: Fido CMA (primary), Capital One (Zelle/Venmo/Paypal), SunTrust (safety deposit box)
Brokerage: Fidelity (Taxable, Rollover IRA, Roth IRA, HSA, 401k)
Credit cards: Fido 2% cash (primary), Amex Delta, Amex Everyday (hold MR points), Citi Costo, Chase Amazon
backpacker61
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Re: How many bank/brokerage/credit card accounts does everyone have?

Post by backpacker61 »

I-Know-Nothing wrote: Mon May 31, 2021 9:20 am It feels like I have a lot, though I am managing fine with organization right now. I am interested in establishing new bank accounts/brokerage accounts to get some bonuses, but would I be making this too complicated for myself? If I died, would I be making this too difficult for my husband to figure out?

Maybe no one else can really answer those questions, but how many accounts do others have? How difficult is it to keep track of everything?
I have checking and savings accounts with one nearby (regional) bank, and also a safe deposit box.

For brokerage accounts, I have IRA's (Traditional, Rollover, and Roth), a 401K, taxable brokerage, and an HSA at a combination of Vanguard and Fidelity. My credit card is the Fidelity Rewards Visa Signature card, that I can access by logging into my Fidelity account. I also have a Cash Management Account at Fidelity.

I went to a lot of work to pare down accounts to get to only having these at Vanguard and Fidelity.

I used to own Closed End Fund shares held in the form of paper stock certificates in my bank safe deposit box (purchased ~40 years ago), plus reinvested dividends through their DRIP program held at the CEF's transfer agent. Plus several directly held mutual fund accounts at Franklin Templeton, Third Avenue Funds, Neuberger Berman, Wintergreen, etc. Moved all of this to Vanguard gradually over a period of years, and very glad to have done so.

I also had an old 401K at AON Hewitt that I transferred to my current employer's 401K at Fidelity Investments. Again, very glad to have merged this into my current 401K; consolidating it both lowered my investment costs and means one fewer account to manage.

While it's fine to have multiple accounts when you're younger, at some point you won't be. How will you feel about all these scattered accounts in your 80's and 90's will probably be a lot different, as well as creating a lot of paperwork to save up to provide to your CPA at tax time. Are the beneficiary designations current on all of them? It's a lot easier to verify if you only have one or two.

It will also be easier to tap my investments to provide income in retirement if they are all held at only one or two providers.
“Now shall I walk or shall I ride? | 'Ride,' Pleasure said; | 'Walk,' Joy replied.” | | ― W.H. Davies
iamblessed
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Re: How many bank/brokerage/credit card accounts does everyone have?

Post by iamblessed »

I-Know-Nothing wrote: Mon May 31, 2021 9:20 am I have bank accounts with Wells Fargo and Capital One, and brokerage accounts through Vanguard (taxable) and Fidelity (Roth, tIRA, HSA). I have a 401k that’s administered through work. I have a small account with LendingClub that I’m trying to close out. I have 3 credit cards (Chase, Amex), but I only had one until recently. I’m trying to accrue some credit card bonuses, so I got more. These are all under only my name, with my husband as beneficiary.

It feels like I have a lot, though I am managing fine with organization right now. I am interested in establishing new bank accounts/brokerage accounts to get some bonuses, but would I be making this too complicated for myself? If I died, would I be making this too difficult for my husband to figure out?

Maybe no one else can really answer those questions, but how many accounts do others have? How difficult is it to keep track of everything?
I love to keep it simple. That fills all my needs. I feel any more is not needed. Makes it easier at tax time.

Local credit union(credit card,debit card,cash needs)
Ally(savings, checking)(for higher rates)
One Brokerage account

Some Bogelheads get everything done with a local credit union and one brokerage account. I loved the thought of that idea. I added Ally for some better rates on my cash. So I got close to that and it was still easy.
carolinaman
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Location: North Carolina

Re: How many bank/brokerage/credit card accounts does everyone have?

Post by carolinaman »

3 credit card accounts:
AMEX for groceries - 6% reward for groceries
Costco Visa - Costco and 4% reward for gas, 3% restaurants and hotels
primary bank - 1.5% for everything else

During pandemic I switched from paying cash or using debit to using credit cards to avoid keying in pin or handling money. I have continued that and am more diligent in checking my CC balances. Is it worth having 3 CCs versus one for simplicity? Frankly, the rewards do not really move the needle for me but it is manageable.

I have one brokerage account and several CD accounts at different banks and credit unions.
Living Free
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Re: How many bank/brokerage/credit card accounts does everyone have?

Post by Living Free »

I-Know-Nothing wrote: Mon May 31, 2021 9:20 am I have bank accounts with Wells Fargo and Capital One, and brokerage accounts through Vanguard (taxable) and Fidelity (Roth, tIRA, HSA). I have a 401k that’s administered through work. I have a small account with LendingClub that I’m trying to close out. I have 3 credit cards (Chase, Amex), but I only had one until recently. I’m trying to accrue some credit card bonuses, so I got more. These are all under only my name, with my husband as beneficiary.

It feels like I have a lot, though I am managing fine with organization right now. I am interested in establishing new bank accounts/brokerage accounts to get some bonuses, but would I be making this too complicated for myself? If I died, would I be making this too difficult for my husband to figure out?

Maybe no one else can really answer those questions, but how many accounts do others have? How difficult is it to keep track of everything?
I added the bold. Does your husband have a bunch of separate accounts just in his name? We try to hold all of our accounts as joint when possible. That does simplify the issue you describe.
Overall we have a similar number of accounts, though it's between the two of us.
Strifey
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Re: How many bank/brokerage/credit card accounts does everyone have?

Post by Strifey »

I keep it simple:

-1 Bank Account (BofA)
-2 Investment Accounts: Fidelity (401K, Roth IRA, Taxable Brokerage), E*Trade for company equity
-1 HYSA
-1 HSA
-Treasury Direct for I-Bonds
-2 Credit Cards (although thinking of getting a third soon for better rewards for eating out/entertainment, right now just have 2% everything and one for 3% Groceries/Gas)
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Bogle7
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Re: How many bank/brokerage/credit card accounts does everyone have?

Post by Bogle7 »

1 "bank" - Digital Credit Union for 40+ years
0 brokerage as we don't trade
1 retirement holdings repository - Fidelity
8 credit cards - Visa, MC, Amex, Apple
Old fart who does three index funds, baby.
Ron Ronnerson
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Location: Bay Area

Re: How many bank/brokerage/credit card accounts does everyone have?

Post by Ron Ronnerson »

53 between my wife and me. I'm hoping to add a few more soon. I prefer simplicity but complexity pays way better.

Recent bonuses earned (last 3 months):
BBVA Select Credit Card - $750 cash back (no tax on this)
Merrill Edge - 2 accounts - $1150 ($1k for transferring a brokerage account; $150 for transferring a traditional IRA)
Tasty Works - 2 accounts - $350 in stocks (sold immediately upon receipt)
US Bank - 2 accounts - $800 in bonuses
Service Credit Union - 4 accounts - no bonus but earning 3.29% (averaged) on $7k in deposits
Digital Credit Union - 2 accounts - no bonus but earning 6.17% on $2k in deposits

We're currently working on these bonuses:
Chase Sapphire Preferred 80k Ultimate Reward Points bonus (got an additional 15k for my wife referring me) - worth around $1500 in travel (no tax on this)
Merrill Edge - $500 for transferring wife's Roth IRA (no tax on this)
Merrill Edge - $150 for opening a brokerage account
TradeStation - 2 accounts - $200 in bonuses
KeyPoint Checking Account - 2 accounts - $600 in bonuses (plus an additional $100 for referring my wife)
PNC checking - 2 accounts - $400 in bonuses

We're in the 12% federal tax bracket and don't pay state income tax (California) so the bonuses which are taxed aren't taxed all that badly.

The plan is to open a bunch of accounts this summer as well. I keep a spreadsheet and all this takes time and energy but I find it worthwhile (good hourly rate, anyhow).
LittleMaggieMae
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Re: How many bank/brokerage/credit card accounts does everyone have?

Post by LittleMaggieMae »

Generally I am a "Less is More" kind of person - but sometimes "Less" doesn't mean 1 or 0.
For example: I would never have just 1 Credit Card. I would want to have a back up card (in case my primary card was stolen or hacked or stopped working for some reason) and perhaps a 3rd one just for automatic bill payments (for cell phone/internet, streaming services, newspaper subscriptions, any kind of "Bill" I was paying automatically or online with a CC) this card would never leave my house.

for example if I had a paid off house - I would still have a HELOC/line of credit opened.

I have relationships with 4 banks (because of mortgages).
I use Fidelity for Roth, roll over IRA and my employer 401 is at Schwab.
I'm down to 4 Credit Cards (and one Store Card). I use to have 10 or 12 credit cards back in the day of 0% and $0 fee balance transfers. I didn't pay interest or fees to use about 20K of someone else's money to do home improvements over the course of 3 years. :)
Broken Man 1999
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Re: How many bank/brokerage/credit card accounts does everyone have?

Post by Broken Man 1999 »

I have the following:
2 credit union accounts (checking and savings at both, safe deposit box at one).
CU 1-account linked to a DD and DW for to/from transfers.
CU 2-account linked to DD for to/from transfers.

1 Brokerage account (as of 06/01/21)
Vanguard
-TIRAs
-Roths
-Joint Taxable
-529 plans for grandkids.

Treasury Direct Account
-I-bonds

8 Credit cards
-Amazon/Chase Prime Visa (used at Amazon for 5%).
-American Express Blue Cash Preferred (6% on groceries and 5% on streaming services).
-Barclays Priceline Visa (2% on everything, used if no better rebate card is available).
-Costco/Citi Visa (Costco purchases and dining).
-Credit Union Mastercard (seldom used but has a large limit, and is one of my oldest accounts).
-Discover (used for rotating 5% categories).
-Home Depot/Citi (used for large purchases when 0% extended payments offered, like on our new Weber grill).
-Paypal Credit (technically not a credit card, but a credit line).

All my cards have various alerts set up, so they are easy to manage. All balances paid automatically each month, except for 0% extended payment plans which are set up to pay over the period of time offered.

Broken Man 1999
“If I cannot drink Bourbon and smoke cigars in Heaven then I shall not go." - Mark Twain
obgraham
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Re: How many bank/brokerage/credit card accounts does everyone have?

Post by obgraham »

1 online bank, checking and (ha)savings
1 local brickfront bank, checking and HELOC with zero balance
Vanguard for IRA
1 Chase Freedom for usual cc stuff
1 PNC card for online purchasing
1 Delta Amex for when we used to fly a lot
1 Chase United for when we used to fly a lot

That's it. Thinking of getting rid of the 2 travel credit cards since the fee is no longer offset by benefits.

Simple is better.
RetiredAL
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Re: How many bank/brokerage/credit card accounts does everyone have?

Post by RetiredAL »

DW and I - retired. Plus all of my elderly Father's finances

Wells Fargo Bank - Our Checking and Savings. Me joint on Father's Checking and Savings.
Savings: AMX Savings me and Father.
Credit Union - a small local CU - Savings. Navy Federal CU. Father's savings at Uncle CU.
Credit Cards - WF, USAA, Costco Visa, + assorted store cards for DW. Me joint on father's WF and Citi cards.
Investments:
Fidelity - my tIRAs, my Roths, DW's Roth, our Taxable Trust. Workplace accounts had been here.
Schwab - DW's Roth, my Roth. Father's taxable Trust accounts, his IRA. 2 UTMA accounts for our Grand-kids.
Wells Fargo - Father's taxable Trust.
USAA - Father's taxable Trust.
Bama12
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Re: How many bank/brokerage/credit card accounts does everyone have?

Post by Bama12 »

All banking local credit union.
All buy and hold Vanguard. Brokerage, ROTH and 401K
All play money Schwab.

Not sure why I would need anything else.
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goingup
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Re: How many bank/brokerage/credit card accounts does everyone have?

Post by goingup »

1 bank, 1 brokerage, 2 CCs. We're retired now so various 401Ks and 403Bs got consolidated. I really like a simple financial life. :D
student
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Re: How many bank/brokerage/credit card accounts does everyone have?

Post by student »

About 8 banks, 6 investment and 15 credit cards.
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RickBoglehead
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Re: How many bank/brokerage/credit card accounts does everyone have?

Post by RickBoglehead »

3 banks. ~20 accounts including CDs.
2 brokerages. ~ 12 accounts.
~5 work retirement accounts, will be zero soon.
~8 credit cards. May ramp that up in retirement.
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Tattarrattat
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Re: How many bank/brokerage/credit card accounts does everyone have?

Post by Tattarrattat »

One bank - Ally
Two brokerages - Fido and Van
Four CC: Fido/Elan, Chase United, and two very old ones.
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Ricchan
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Re: How many bank/brokerage/credit card accounts does everyone have?

Post by Ricchan »

6 banks
5 brokerages
5 credit cards
greenley
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Re: How many bank/brokerage/credit card accounts does everyone have?

Post by greenley »

I don't think I'd ever counted them all up, now I feel ashamed. I've chased bonuses in the past for DW and I, so more complicated than necessary, but not as extreme as it used to be. I counted them up by logins and total accounts (checking/savings at same institution):

Banks: 20 accounts, 12 logins
Brokerages: 13 accounts, 4 logins
Credit Card: 22 accounts, 12 logins

I think as long as whatever organization system you use works for you, the number doesn't really matter.
JD2775
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Re: How many bank/brokerage/credit card accounts does everyone have?

Post by JD2775 »

Banking - 2, checking account and HYSA
Investment - 4 (HSA, Roth IRA, 401k, Taxable) spread out over 2 financial institutions.
Credit Cards - 2

Edit: I feel inadequate looking at some of these other numbers posted above me
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BroIceCream
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Re: How many bank/brokerage/credit card accounts does everyone have?

Post by BroIceCream »

1 Bank, BofA (2=checking, savings), Safe Deposit Box (used primarily for utilities/billpay)
1 Brokerage, Fidelity (7=taxable investments, HSA, (IRA-Trad+IRA-Roth)*(self+spouse), company 401K )
mptfan
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Re: How many bank/brokerage/credit card accounts does everyone have?

Post by mptfan »

I added up all of my bank/brokerage/credit card account providers and the total came to 5. I have multiple accounts within my brokerage and bank providers, but I counted each provider as 1 because I can check all accounts within each provider with one login.
trevorshhh
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Re: How many bank/brokerage/credit card accounts does everyone have?

Post by trevorshhh »

7 credit cards. 2 with the same bank, so 6 different accounts. I only regularly use 3. I've thought about trimming this down, but I'll just let the lenders close eventually if needed. The ones I don't use are either ones the bank has removed benefits for the reason I got the card or because I now have a better one.

I have a local CU account I use for day-to-day banking and an on-line bank account I use for better savings rate (HYSA). I have another on-line bank account I use just to save at the end of the year for my IRA to max it out at the start of the following year. I also use Fidelity CMA for an ATM account (re-imbursed fees).

I have 3 brokerage accounts. One for my taxable and 401k; one for my IRA; one for my wife's IRA.

While I have considered doing some consolidation, I do like having back-ups. I've had times where I couldn't get into a back account or that a credit card was declined for no obvious reason, so it's nice to be able to have other money and ways to access it in a pinch.
All in VTI, VXUS, BND and equivalents.
Duckinator
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Re: How many bank/brokerage/credit card accounts does everyone have?

Post by Duckinator »

Dad passed last year with ~35 accounts. After helping wade through that mess, and anticipating having to do much of it again when mom passes, the wife and I are in the process of simplifying. When one gets into their 80's & 90's, having lots of accounts leads to confusion, stress, and mistakes.
cshell2
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Re: How many bank/brokerage/credit card accounts does everyone have?

Post by cshell2 »

Way too many. It doesn't bother me at all, but if I got hit by a bus tomorrow it might be a pain for the executor.

3 banks + Treasury Direct
4 brokerage
11 credit cards
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Marmot
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Re: How many bank/brokerage/credit card accounts does everyone have?

Post by Marmot »

1 checking
2 credit cards (one of them Costco)
1 Brokerage

I would think some people could use counseling? Really a need for lots of Credit Cards? I guess it really is a "sport" for some people.
Marty....don't go to the year 2020....Dr. Emmett Brown
PhoebeCoco
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Re: How many bank/brokerage/credit card accounts does everyone have?

Post by PhoebeCoco »

1 credit union account for daily financial stuff
2 credit cards: Citi Double Cash and Chase Amazon Prime Visa (my debit card also can act as a credit card)
Several different Fidelity accounts for holding all the good stuff

I agree with the poster above who said he/she would never have just one credit card.
If you're not working on yourself, you're not working.
sc173
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Re: How many bank/brokerage/credit card accounts does everyone have?

Post by sc173 »

Banking (all joint):
1xBrick & Mortar (BofA): Checking & Savings (primary)
3xHYSA (Amex, Ally, Marcus)
1xOnline Checking (Ally): never used

Credit Cards (6):
BofA Cash Rewards (Primary)
Citi Double Cash (Backup)
Amex Cash Magnet (rarely used for promos)
Chase Freedom Unlimited (backup home/internet card)
Discover (sock drawer)
Barclay Ring (sock drawer)

DW Credit Cards (3):
Chase Amazon Visa (used for Amazon purchases)
Amex BCE (rarely used)
Discover (sock drawer)

Retirement & Brokerage:
All 401k & IRA at Fidelity (401k/ea, backdoor Roth ea.)
Taxable at Merrill Edge

I'd like to get rid of the sock drawer cards, second checking, and consolidate to one HYSA (likely Marcus). Simple is better for me, and the rewards chasing top rates/maxing credit card cash back (I rarely travel) just aren't worth it over simplicity and autopilot to a plan.
hachiko
Posts: 228
Joined: Fri Mar 17, 2017 1:56 pm

Re: How many bank/brokerage/credit card accounts does everyone have?

Post by hachiko »

I'm at 18 credit cards, probably about 30-35 personal deposit accounts (of which I use 3 regularly, 4 as backups, and the rest in various stages of bonuses), and 5 brokerages with several different types of accounts at each. I also have 6 business deposit accounts, 2 of which are due to bonuses.
dbr
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Joined: Sun Mar 04, 2007 9:50 am

Re: How many bank/brokerage/credit card accounts does everyone have?

Post by dbr »

I-Know-Nothing wrote: Mon May 31, 2021 9:20 am I have bank accounts with Wells Fargo and Capital One, and brokerage accounts through Vanguard (taxable) and Fidelity (Roth, tIRA, HSA). I have a 401k that’s administered through work. I have a small account with LendingClub that I’m trying to close out. I have 3 credit cards (Chase, Amex), but I only had one until recently. I’m trying to accrue some credit card bonuses, so I got more. These are all under only my name, with my husband as beneficiary.

It feels like I have a lot, though I am managing fine with organization right now. I am interested in establishing new bank accounts/brokerage accounts to get some bonuses, but would I be making this too complicated for myself? If I died, would I be making this too difficult for my husband to figure out?

Maybe no one else can really answer those questions, but how many accounts do others have? How difficult is it to keep track of everything?
Only you can know if something is more complicated than you want to manage or whether it is difficult for you to keep track.

To answer your question, you are surely somewhere in the middle of the spectrum somewhere.

As far as your husband is concerned why not show it all to him now and ask him if he thinks it would be too complicated to figure out. It is probably a good idea for husbands and wives to see at least once what the whole array is.
calwatch
Posts: 412
Joined: Wed Oct 02, 2013 1:48 am

Re: How many bank/brokerage/credit card accounts does everyone have?

Post by calwatch »

Brokerage/IRA: Schwab, Ameritrade, Merrill, Fidelity, Interactive Brokers, Chase, Tastytrade (which I will close)
Banks: I use up every line of Schedule B, although I do enter when I get a few pennies in interest so I don't forget I still have the account. Perhaps only five have anything over $200 though.
Credit cards: more than a dozen, although they're bunched with a few issuers for convenience, and I'm not actively trying to keep cards alive anymore.
NJ-Irish
Posts: 45
Joined: Wed May 30, 2018 7:23 pm

Re: How many bank/brokerage/credit card accounts does everyone have?

Post by NJ-Irish »

I run a pretty tight ship on keeping things simplified.
  • Chase for checking accounts and credit cards
    Synchrony Bank for high yield savings and CDs
    Local Credit union for our Mortgage (requires a checking account)
    Vanguard for IRAs and Brokerages
    HealthEquity HSA
    2 employer based 401ks
NJ-Irish
Posts: 45
Joined: Wed May 30, 2018 7:23 pm

Re: How many bank/brokerage/credit card accounts does everyone have?

Post by NJ-Irish »

NJ-Irish wrote: Tue Jun 01, 2021 7:41 pm I run a pretty tight ship on keeping things simplified.
  • Chase for checking accounts and credit cards
  • Synchrony Bank for high yield savings and CDs
  • Local Credit union for our Mortgage (requires a checking account)
  • Vanguard for IRAs and Brokerages
  • HealthEquity HSA
  • 2 employer based 401ks
anoop
Posts: 2538
Joined: Tue Mar 04, 2014 1:33 am

Re: How many bank/brokerage/credit card accounts does everyone have?

Post by anoop »

This is my post on this topic.
viewtopic.php?t=244237
I had 7 (banks/brokerages/TD) + credit card accounts.
I now have 1 bank, 1 brokerage, and 2 credit card accounts.
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grabiner
Advisory Board
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Location: Columbia, MD

Re: How many bank/brokerage/credit card accounts does everyone have?

Post by grabiner »

One real bank (credit union with savings and checking), plus a bank account linked to my HSA.

Three credit cards (two conventional cards, and a JCPenney card).

Vanguard brokerage (taxable and Roth IRA), brokerage account in my HSA, current employer plan, former employer plan that I cannot touch until I turn 55, total of five investment accounts.
Wiki David Grabiner
greenley
Posts: 5
Joined: Wed May 06, 2020 8:00 am

Re: How many bank/brokerage/credit card accounts does everyone have?

Post by greenley »

Marmot wrote: Tue Jun 01, 2021 2:30 pm
I would think some people could use counseling? Really a need for lots of Credit Cards? I guess it really is a "sport" for some people.
I only use a few for optimized rewards spending, the rest I just have for sign-up bonuses and close after a year. It really is just a hobby, but I haven't spent a dime of my own cash in several years for multiple business class overseas trips and high end hotels, so a slightly lucrative hobby.

Re: spouse's ability to keep track of this, we also set up a shared Google Sheet that I keep updated with ids and passwords for all accounts, as well as a rationale for opening the account and which could safely be closed immediately for simplification. Partly it helps me keep track of my own bonus timing, but helps manage DW's similar anxiety about tracking things down should I be unable to manage things.
joaquin168q
Posts: 22
Joined: Sat Apr 25, 2020 11:24 am

Re: How many bank/brokerage/credit card accounts does everyone have?

Post by joaquin168q »

2 banks and 2 credit unions;
4 brokerage; and
10 credit cards.

Trying to reduce credit cards.
iamblessed
Posts: 1158
Joined: Sat Jun 09, 2018 11:52 am
Location: St. Louis

Re: How many bank/brokerage/credit card accounts does everyone have?

Post by iamblessed »

anoop wrote: Tue Jun 01, 2021 8:30 pm This is my post on this topic.
viewtopic.php?t=244237
I had 7 (banks/brokerages/TD) + credit card accounts.
I now have 1 bank, 1 brokerage, and 2 credit card accounts.
I like that.
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