Summary: Subsurface flow and geomechanics are often modeled with sequential approaches. This can be computationally beneficial compared with fully coupled schemes, while it requires usually compromises in numerical accuracy, at least when the sequential scheme is non-iterative. We discuss the influence of the choice of scheme on the numerical accuracy and the expected computational effort based on a comparison of a fully coupled scheme, a scheme employing a one-way coupling, and an iterative scheme using a fixed-stress split for two subsurface injection scenarios. All these schemes were implemented in the numerical simulator DuMu\(^{\mathrm{x}}\). This study identifies conditions of problem settings where differences due to the choice of the model approach are as important as differences in geologic features. It is shown that in particular transient and multiphase flow, effects can be causing significant deviations between non-iterative and iterative sequential schemes, which might be in the same order of magnitude as geologic uncertainty. An iterated fixed-stress split has the same numerical accuracy as a fully coupled scheme but only for a certain number of iterations which might use up the computational advantage of solving two smaller systems of equations rather than a big monolithical one.