Poll: Do you prefer to have all your money in one account or in different accounts? Thread poster: ProZ.com Staff
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This forum topic is for the discussion of the poll question "Do you prefer to have all your money in one account or in different accounts?".
View the poll results »
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I have two bank accounts in different banks: a personal account and a business account.
| | | | neilmac
Spain
Local time: 18:11
Spanish to English
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I used to be quite happy with just one bank account, however, on one occasion my account was seized due to a mistake by the tax authority, and it took me three or four days to get it unfrozen, so now I have two accounts, just in case something like that ever happens again.
| | | | Tom in London
United Kingdom
Local time: 17:11
Member (2008)
Italian to English
In the UK, your bank account is protected up to a max of £85K- so if you have lots of ££££ saved you may need several accounts, if you're worried that your bank may crash at some point.
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Zea_Mays 
Italy
Local time: 18:11
Member (2009)
English to German
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Multiple accounts mean multiple costs. In some cases, you may need a business account for your work by law.
When do you need multiple accounts? When you work with clients in different geographies for bank charges? Or to avoid taxes?
There are PayPal, Wise and the like which are actually also bank accounts. Do they count here too?
| | | | Zea_Mays
Italy
Local time: 18:11
Member (2009)
English to German
+ ...
Tom in London wrote:
In the UK, your bank account is protected up to a max of £85K- so if you have lots of ££££ saved you may need several accounts, if you're worried that your bank may crash at some point.
Reasonable answer to my question. My bank account is insured up to 100,000 EUR.
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I have separate personal and business accounts. Even though I am now self-employed, I still like to run my business as a business and pay myself a monthly "salary".
Neither account attracts any fees. I would never use PayPal etc for work. It's bank transfers or bust.
| | | | Samuel Murray
Netherlands
Local time: 18:11
Member (2006)
English to Afrikaans
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In my country of origin it is normal for people to have two bank accounts at the same bank, namely a "savings" account (which gives a marginally better interest rate) and a "cheque" account (with a debit card -- since 2021, cheque books are no longer issued). It is not required for freelancers or businesses to have a separate bank account used specifically for the business. It is possible to get a "business account" from a bank, but that's basically just a cheque account with higher fees and a... See more In my country of origin it is normal for people to have two bank accounts at the same bank, namely a "savings" account (which gives a marginally better interest rate) and a "cheque" account (with a debit card -- since 2021, cheque books are no longer issued). It is not required for freelancers or businesses to have a separate bank account used specifically for the business. It is possible to get a "business account" from a bank, but that's basically just a cheque account with higher fees and a fancier card, so most freelancers don't use it.
My current country of residence requires freelancers to have a separate business account, so that's what I have now as well: a "payment" account which is like a personal account, and a business account, where my invoices are paid into, each with a separate debit card. I also have a credit card, but I'm not sure if that counts as "accounts", because I use it mainly as a method of buying things online. And of course I have accounts at various online payment portals such as PayPal.
Local banks allow one to create boxes within a single bank account so that you can budget and put your money in those boxes as if they are in independent accounts. I don't use that feature, but I know of others that do. So, then, when you make a payment via the banking app, you choose which box you want to "withdraw" the money from. ▲ Collapse
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I would prefer to have one account for all transactions. It's cozy, but never happened yet, the protection from various force majeures being one of the reasons.
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Zea_Mays wrote:
Multiple accounts mean multiple costs. In some cases, you may need a business account for your work by law.
When do you need multiple accounts? When you work with clients in different geographies for bank charges? Or to avoid taxes?
There are PayPal, Wise and the like which are actually also bank accounts. Do they count here too?
I have 2 accounts in Spain, 0 costs, you can have 0 costs if you deposit at least 2500 euros every quarter, and according to accountants, it is better to have accounts in different banks for several reasons. 0 fee and 0 cost for transfer, only immediate transfers cost 1,25.
[Edited at 2024-01-18 08:36 GMT]
| | | | | Financially speaking | Jan 17 |
Christopher Schröder wrote:
I have separate personal and business accounts. Even though I am now self-employed, I still like to run my business as a business and pay myself a monthly "salary".
Neither account attracts any fees. I would never use PayPal etc for work. It's bank transfers or bust.
This is the best way to handle money. (According to the experts).
| | | | Kay Denney
France
Local time: 18:11
French to English
I don't have to have a separate business account so I only have one current account for pro and personal money. It's less hassle. Then I have a couple of savings accounts just in case.
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