U.S. News & World Report

February 28, 2024, 7:00 PM

How many savings accounts you should have depends on your financial goals and money management skills. You might want to keep all of your savings in one easy-to-monitor account, or you may prefer to scatter your savings across several accounts so you can assign a spending “bucket” or “vault” to each account.

Is There a Maximum Number of Savings Accounts?

There’s no limit to the number of savings accounts you can open, either at one bank or several banks. But is there an ideal number of savings accounts? Not really. However, you don’t want to get too carried away and open so many savings accounts that you lose track of balances, interest rates and other account details.

“There is no right or wrong number of savings accounts,” says Kendall Meade, a certified financial planner at personal finance platform SoFi. “Some people prefer to separate their savings into multiple accounts for different purposes, while others find it simpler to have all of their money in one account.”

Jay Zigmont, a certified financial planner and founder of the firm Childfree Wealth, says he leans toward maintaining one savings account where he can earmark money for a variety of purposes, such as an emergency fund and a travel fund.

“For many people, one high-yield savings account can do it all,” Zigmont says. “More accounts does not necessarily mean you are better off or more diversified.”

However, some savers might want to open several accounts and dedicate each one to a different purpose, such one for setting aside money to make a down payment on a house and another for emergency spending.

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