Why I Have 7 Bank Accounts … (My Passive Income Strategy)

Why I Have 7 Bank Accounts … (My Passive Income Strategy)

In this video, I explain exactly why I opened 7 bank accounts and how it makes me Passive Income each month! Check out my Instagram (Investing Engineered): https://bit.ly/2RzrJbo

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Finance Books I Recommend Reading:
1. The Intelligent Investor by Benjamin Graham: https://amzn.to/2ThlHyJ
2. Rich Dad Poor Dad by Robert Kiyosaki: https://amzn.to/2NlE5Tk
3. The Book on Rental Property Investing by Brandon Turner: https://amzn.to/2Tfq1yE

Bank accounts can be very useful for managing your finances. Generally, most people will only need one checking and one savings account throughout their lifetime. However, I believe that it’s beneficial to open several bank accounts when the time is right.

The reason why I’ve opened 7 bank accounts is for two reasons: promotional offers & interest rates. Taking advantage of bank account promotional offers and high interest rates can be very beneficial to your financial success, allowing you to make, save, and invest more money for the long term! Promotional offers can be obtained by opening up chequing accounts at certain established banks, while high interest rates can be obtained by opening up online savings accounts.

Here are all of the 7 bank accounts I currently have open:

1. Bank of Montreal (BMO) Plus Plan Chequing Account
2. Scotiabank Preferred Package Chequing Account
3. Toronto-Dominion (TD) Unlimited Chequing Account
4. Tangerine Online Savings Account
5. Equitable (EQ) Bank Online Savings Plus Account
6. Motive Financial Online Savvy Savings Account
7. Wealthsimple Online Savings Account

Anyways, thank you for watching! If you did enjoy, please hit the like button to support my channel – I would really appreciate it. Also, be sure to subscribe for more weekly content on personal finance, business, and investing!

Please note that I am not a financial advisor. I create these videos for educational and entertainment purposes only. Before investing, make sure you perform your own research and understand all of the risks involved!

Music by Joakim Karud – check out his channel: https://www.youtube.com/user/JoakimKarud


Investing Engineered
Nick Peitsch, E.I.T.

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