Finance Professor Mark Johnson, Ph.D., lends advice on bank savings accounts to Bankrate.com and Fox Business

September 4, 2013

Mark Johnson, Ph.D., assistant professor of finance at the Sellinger School, advises on the pros of having multiple goal-specific savings accounts: "It makes sense to have separate savings accounts under two conditions: if it helps you reach your goal and you're able to regularly monitor the accounts to make sure no unauthorized transactions have occurred. Many savers are just happy to see their savings balances grow, regardless of whether the funds are for a specific purpose or not."