*Loan,banking and credit>>>bank checks

Advantages/disadvantages of having checking/savings/cds in multiple banks at the same time?

Advantages:
1. FDIC insurance coverage if amount is more than US$100,000 per person, per account
2. Ability to quickly take advantage of higher rates
3. Take advantage of specific features (e.g. bill pay, international wire transfers, access to mutual funds or credit cards)

Disadvantage:
1. Administration of handling different accounts
2. Higher risk exposure (i.e. you have more check books, account numbers and social security numbers floating around).
3. Can cost you more money through higher aggregate fees Source(s): I have six different accounts (3 brokerage, three banks) and I need them all.

As a former bank employee, i can tell you that it just depends on how much money you have in the bank. If you are working with under 10,000 then having one bank may be okay. But more than that i would advice to get the best of both worlds by branching out. Different banks offer different benefits. I wouldn't suggest limiting yourself.