The case for consolidating: fewer accounts mean less mental overhead tracking balances, fewer minimum balance requirements to keep an eye on (and fewer penalty charges from forgetting one), and a clearer overall picture of your finances when everything lives in one or two places instead of scattered across five.
The case for keeping a few separate: some people intentionally use separate accounts for different purposes — one for fixed monthly expenses, one purely for savings goals, one for discretionary spending — as a behavioural tool to avoid accidentally spending money earmarked for something else. This isn't about efficiency; it's about using account separation as a form of self-imposed structure.
If you do consolidate, make sure to properly close unused accounts rather than just letting them sit dormant — dormant accounts can still accrue charges, complicate your overall financial picture, and in rare cases become a target for fraud simply because they're not actively monitored.