Could it be that men make more money, or are women more loyal to one bank?

Men are more likely than women to cheat, but not like you’re thinking. They’re cheating on their banks, and it could have something to do with them earning more money than women.

Men are more likely to use multiple banks, says a new survey from GoBankingRates. A little more than half (53 percent) of women have only one bank account compared to 47 percent of men. Is it because they make so much more money?

Not really. On the one hand, women are also four percent more likely not to have any money in a savings account. Then again, the survey says more people open multiple accounts for “convenience and flexibility” — but they didn’t really explain what that means.

Here are some other reasons why people open multiple accounts …

  • Different banks have different services and products offered: 31 percent
  • Flexibility and convenience: 24 percent
  • Lower fees: 20 percent
  • They want their finances separated or spread out: 19 percent
  • They have high account balances: 6 percent

Should you open more than one account?

That depends on you and your saving goals. Opening multiple accounts can help organize savings for multiple reasons.

Having only one account while saving for several goals can get complicated. Opening several mini-accounts can help realistically keep track of all you’re saving for, says Discover.

Let’s say you want to save for a vacation, a down payment on a car, but still, want an emergency fund for the vehicle you currently own. You can set up three mini accounts to keep track of each without having to take away from the other goals. Of course, this won’t work for everyone.

Having multiple accounts can be confusing for some to keep organized and stay on top of. They may struggle to meet a minimum balance requirement, which could end up costing them money instead of saving. There’s the possibility of missing out on better interest payoff on the accounts. Some accounts pay higher interest on higher balances, meaning you could miss out on the highest possible interest by splitting your savings into multiple accounts.

The benefits to opening multiple accounts varies from person to person and their saving goals.

Why are women more likely to have one bank?

It’s not entirely clear why women tend to have only one account, but GoBankingRates has suggested it could be due to the fact that women overall have less in savings.

A little over half  (52 percent) of women have less than $1,000 in their savings accounts compared to 62 percent of men with the same amount saved.  Men are earning more than women on average, but there are still jobs where women are out-earning men. The amount of money someone earns doesn’t factor into how well they save.

Women save and invest better men, says a study from Fidelity. After analyzing information from 8 million of their customers, they found women just don’t believe they do, though. Women saved 9 percent of their annual salary and received a 6.4 percent rate on their annual return — compared to men with 8.6 percent and 6 percent, respectively.

“The good news is many women are putting themselves in the financial driver’s seat, taking positive steps to save and invest effectively for their future,” says Kathleen Murphy, president of personal investing at Fidelity. “But there are still many who need to do more.”

The kicker to Fidelity’s study was that less than 10 percent of their female customers believed they had a better understanding of saving and investing than men.

Alexandra Taussig, senior VP of women investors at Fidelity says the analysis “reinforces that women too often underestimate their strengths as savers and investors.”

She added: “Taking just one step can break the inertia holding many women back.”

Meet the Author

Joe Pye

Joe Pye

Associate editor

Pye is the associate editor of Debt.com.

Budgeting & Saving

banking, save money

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Article last modified on September 18, 2018 Published by Debt.com, LLC . Mobile users may also access the AMP Version: Men Are More Likely to Have Multiple Bank Accounts - AMP.