In these days everyone needs to have at least one checking account and one savings account to properly manage their finances and to prepare for their future. Depending on your financial situation, you may even require multiple savings accounts to properly manage your household finances.
For example are you married and fighting about the household budget? If so two savings accounts would be a great option. You and your hubby can have a joint savings account together where you save money for your future, household expenses, retirement and fun things like a vacation. However, a separate savings account in your name will allow you to maintain a degree of independence and mad money, just because you deserve it!
Two savings accounts are also a great way to save for separate goals and plans. For example, having a savings account for emergency purposes is a great idea. If something happens like a job loss, an emergency expenses or a major appliance breaks down, you will feel comfortable accessing the money allotted for these purposes. However, with a second savings account, you can bank for long term plans and treat the money like it does not exist. By maintaining a hands-off approach to your second account you can save sizable amounts of money, perfect for a down payment for a home.
If your finances are little more straightforward you can totally get away with only having one savings account. As long as you maintain an emergency fund of some type and have a checking account to manage your bill paying properly, you really do not need two savings accounts. However multiple savings accounts can be a helpful tool for those who have complicated financial situations or need to separate their money so they do not accidentally spend the funds they are trying to bank up for a long-term financial goal or strategy.