4x3 ask the financial planner Samantha Lee / Business Insider
Certified financial planner Sophia Bera answers:
Is there such thing as too many or too few bank accounts? How many should I have?
I'm one of those people who saves money like a squirrel: lots of bank accounts with a little bit of money in each one.
I inherited this trait from my dad, who does the same thing. The benefit to this is that you can separate your money by different goals ... but that only works if you have a reason for having each of those accounts open.
A few years ago, I started consolidating my bank accounts and my financial life feels much more simplified now. I help my clients do the same thing. If you're feeling overwhelmed by the amount of bank accounts you have, here's where to start: Ask yourself why you have each account open. If it doesn't serve a clear purpose, you're better off closing it.

Here are the bank accounts I recommend:

Checking account 

You need a checking account at a bank that is convenient or easily accessible. You should not be paying any fees to have this account. If you are, call up your bank and figure out what you can do to get a free checking account. Otherwise, it might be a good time to switch banks. Don't jump through a bunch of hoops for a free checking account — just keep it simple. I generally recommend keeping a few thousand dollars as a buffer and moving the rest of your money to a high yield savings account.

Savings account

Everyone needs a savings account for emergencies. I like high yield online banks, like Ally, because the interest rate is generally better than you can get through your local bank or credit union (currently at 1%). I recommend keeping your savings account at a different place that your checking account, so when you login to view your checking account balance you don't see your savings account every time. Aim to save three to six months' of net pay for emergencies.

Business checking & savings 

If you own your own business or even have a part-time side hustle, make sure you set up separate bank accounts from your personal accounts. It's going to make it easier to track your business expenses and do your taxes at the end of the year by only using your business checking account for these expenses. Make sure that you set aside a percentage for taxes in your business savings account every time you earn money on your business.

Dream savings account 

If you're saving up for a particular goal, like a vacation or a down payment on a home, I recommend that you open a separate savings account earmarked for this goal. (David Bach calls this a "Dream Basket.") I like that Ally Bank allows you to have multiple savings accounts and nickname each one of them. Set up an automatic contribution to your emergency savings and also your Dream Savings account each month.
This has been one of the small recommendations that I give my clients, that's a huge shift for them. They save up for a vacation and they don't feel guilty when they go on it, because they are no longer robbing their emergency savings to go on vacation. If you don't start funding your dreams now, when will you start?
Moral of the story: Keep it simple. Most people just need a checking, savings, and dream account. If you have old accounts that you're rarely using, it's time to close them. No need to keep the account open at your hometown credit union if it's no longer serving a purpose. Time to streamline and simplify!
This post is part of a continuing series that answers all of your questions related to personal finance. Have your own question? Email yourmoney[at]businessinsider[dot]com.
Sophia Bera, CFP® is the Founder of Gen Y Planning and has been quoted in The New York Times, Forbes, Business Insider, AOL, The Wall Street Journal, and Money Magazine. She tweets, travels, and loves helping millennials manage their money more effectively. Curious? Sign up for the free Gen Y Planning Newsletter.