How many savings accounts should I have?

Is ok to have more than one? I have a capital one money market and ING direct money market. Cap One yields about 4.88% and ING yields 4.5%, but has more investment options. Which should I choose?

You can have both or you can have as many as you want, the more you have, the more paperwork will pile up as statements come in. Check out www.money-rates.com or www.bankrate.com to find the best interest rates on savings or money market accounts.

By the way, I have the same two accounts, so I understand the situation.

its ok to keep both

You can have as many as you like... there's no limit.
Since you are into the internet banking w/ING... I recommend giving Emigrantdirect.com a try -- they're just like ING, but their regular savings account is at 5.05%. I signed up because I figured why not maximize my earnings on my savings.... and the account works the same way as ING.

This depends on you and your financial objective. The standard rule of thumb is to have enough in a savings account to allow you to survive for 3 to 6 months if you lost your job. Now if you choose one or many savings accounts this is up to you. I myself prefer one high interest rate account.

After 3 to 6 months of money in an account I would suggest moving money into other investment options that have a better rate of return. Depending on you age and risk factor ( who daring you are in your investments) this could be bonds with a guaranteed rate of return though a low one, stocks that have a higher rate of return but more volatile or REIT'S which is a Real Estate Investment Trust.

You can have many, makes no difference.

Keep an eye on your Capital One account. Capital One has screwed up NUMEROUS accounts of mine and I have had to take my business elsewhere. They are horrible to do any type of business with as I have found out first hand. I will never do business with them again !!!

Just a heads up !!

Keep up the good work saving but remember to invest for your future as well like some form of retirement account.

: )

if there are different things that you are saving for then I would keep both, maybe you want to go on a trip this year, then I would only put want you want to save for that in one account, and then if you are trying to save for retirement or just back up money in case of an emerengcy then put that money into the other account, both of them have good return rate I also have a Capital one Money Market and they seem to be really good plus you can't just go to the ATM while you are out shopping and withdraw a bunch of money!!! I hope that this will help you in your decision Best of Luck!