---
title: What bank accounts should a condo association or HOA have?
description: What accounts should we have at our bank? We now have 5 different accounts. 1) Insurance fund 2) reserve study fund 3) contingency fund
---

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# What bank accounts should a condo association or HOA have?

| [Budgets & Finance](https://www.condoassociation.com/blog/topic/budgets-finance) |  

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## What do you think? Question:

What accounts should we have at our bank? We now have 5 different accounts. 1) Insurance fund 2) reserve study fund 3) contingency fund (for emergency maintenance, 4) ongoing exterior maintenance (items that are at zero life as stated from our reserve study and 5) our 30 year component reserves. Shouldn't 4 and 5 be combined as our reserves?

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## What do you think? Answers (20)

#### What are your thoughts on this topic?

***Comments and postings are not legal advice**, but are the opinions of our readers. This forum and its contents are being monitored. Please be respectful of each other. *  
  

## Related Posts

### [Are HOA financial audits required in New Jersey?](https://www.condoassociation.com/blog/are-financial-audits-of-new-jersey-hoas-required)

### [How do we know if we set up our condo association finances correctly?](https://www.condoassociation.com/blog/how-do-we-know-if-we-set-up-our-condo-association-finances-correctly)

### [What makes a reserves account?](https://www.condoassociation.com/blog/what-makes-a-reserves-account)

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