Survey Finds People Have 15 Bank Accounts Per Household

by Guest Contributor

How many bank accounts do you have? A study by Personal Capital discovered the average number of financial institutions on a per-user basis is about 15 bank accounts per household. If you do your banking online, that means having to remember 15 different usernames and passwords, 15 different websites and 15 different compilations of personal financial data.

If you have ever wanted to be able to view all of your financial information in one secure place, you will want to try Personal Capital. Signing up for Personal Capital’s free software takes no time at all. When you sign up and link your financial accounts, Personal Capital does the rest. The more accounts you link to the secure Dashboard, the more complete your financial picture and the easier it is to monitor your finances on a regular basis to keep your goals on track.

With high-level security to keep your information safe, Personal Capital analyzes your data and gives you a holistic picture of your income, spending habits, savings trends, investment performance, asset allocation and bills due – for free. Want to see how your spending habits have changed over the past few months or where the bulk of your income goes on a monthly basis? It’s easy to see all of this, and more, from your Personal Capital Dashboard.

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Personal Capital also has free tools to monitor investment performance. The free Investment Checkup tool reveals any areas of potential risk in your portfolio, such as stock concentration and exposure. You can also determine if your asset allocation is appropriate for your personal financial goals. You can also adjust your target allocation by simply typing in your age, when you expect to retire and your investment risk tolerance. It’s easy and takes just a few seconds to complete.

Want to know how much your investments cost you over time? Personal Capital’s Mutual Fund Fee Calculator shows you where you may be paying too much – and how much mutual funds will cost you ten, twenty or thirty years from now. The calculator lists the investments that are charging you fees on a regular basis, and shows you the tax cost ratio, the turnover ratio, and the expense ratio, among other important details. It’s a free tool that could also end up saving you money in the long run.

If you like to have access to your financial accounts while on the go, you’ll want to check out Personal Capital’s mobile app for iPad and iPhone. The app provides all of the great features found on Personal Capital’s online Dashboard, but also gives you access to the Universal Checkbook tool. The Universal Checkbook lets you link your checking accounts and move money between accounts or send money. All it takes is a snapshot of one of your checks, and with just a few taps, you can send money to anyone, anywhere.

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This article was written by a guest author. For more information about this author, please see the bio information listed in the article. If you would like to write an article for Money Q&A, please visit our Guest Posting Guidelines page.

Guest Contributor has written 260 articles on Money Q&A. Learn more about Money Q&A on Twitter @MoneyQandA and @HankColeman.

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{ 3 comments… read them below or add one }

a blinkin

This seems like a useful tool but I’m not sure I agree with their survey. 15 accounts I’m assuming means checking, savings, credit cards, mortgage, investment, retirement. But you wouldn’t need 15 logins to access each of these. I use 2 banks with 2 logins.


Hank Coleman

I can definitely see what you mean. I have stuff scattered all around though myself between DRIPs, direct investing through mutual fund companies, 401ks, discount brokerage, banks, and the like.



I DID have money/investments with about 6 different firms, and it was a pain. Moved everything to one provider (Fidelity) other than our checking account, and it looks like now Fidelity does that too. It really has made things quite a bit easier to keep track of. I find 15 WAY to high to believe though for the average number of accounts.


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