Can You Have To Many Savings Accounts?

Recently, the Debt Hater over at Debt Hater asked, "How many savings accounts do you need".

Which made me stop and think, does she have to many savings accounts? Do I?

I have seven. I know, cluck your tongue and shake your head. I'll break it down:
Emergency Fund: 3 accounts. One hi-yield online account, one online CD, a Suze Orman Save Yourself account with TD Ameritrade
Travel: 1 account, hi-yield online
Annual expenses (such as Christmas shopping): 1 account, hi-yield online
Retirement: 2 accounts. One 401k with employer, one IRA with regular bank.

OK, so she has 7. How many do I have and for what purpose? nine (9), yep that's right and I am thinking of opening a new one. Only thing is mine are used as my budget envelopes. So what are they?

1. My Simple IRA (through work) is at Security Benefit


2. Rollover IRA (funds I rolled over when my employer was bought out)


3. My Share Builder account
   
4. Christmas Club is at a local Credit Union


5. Home Maintenance Savings is at the same Credit Union


6. Travel Savings is the fund for travel expenses


7. Insurance/Emergency fund is at another local credit union


8. Clothing fund is at yet another local credit union


9. Charity Savings is a fund at still another credit union for charitable donations

Now, why would I consider opening another savings? Since, I use cash for gas, I thought it might be a good idea, to go to a local bank (Capital Federal) and open a savings. The reason, to even talk to a teller, you have to to have an ATM card and swipe there at the teller window. So if I opened a savings account there, could I make that ATM card my gas card? So that I wouldn't have to carry cash for that. That would allow me to make my regular checking account, into an account just for paying bills. However, it would mean I would need another account just for food.

What do you think? Is this a good way of doing the budget envelopes while saving money at the same time?


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