A savings account is a smart place to store cash, especially if it’s a low-cost, interest-bearing account. But if you’re working toward multiple savings goals you can likely benefit from having multiple accounts.

Keeping separate savings accounts for each financial goal can help you track, prioritize, and even accelerate your progress. Depending on where you bank you might even be able to own multiple savings accounts with the same institution.

Here’s what you need to know about owning multiple savings accounts and how to choose the right number of accounts for your needs.

When you might benefit from multiple savings accounts

If you’re used to owning just one savings account, adding another might seem unnecessary or even burdensome. But opening another account (or two) can have meaningful benefits.

“Having multiple savings accounts can help you better organize your finances,” says Jennifer Papa, senior administrative certified credit counselor at American Consumer Credit Counseling. For example, owning separate accounts can be helpful when you’re working toward different short- and long-term savings goals simultaneously, including:

Emergency savings
Car or home down payment
Wedding
Vacation
Taxes
College tuition
Birth or adoption of a child
Holiday gifts

“Having a different account for each type of savings can make it easier to track your progress towards your goals, and make sure you are saving enough for each specific purpose,” says Papa.

Multiple accounts can also be useful if you’re contributing toward a shared fund or expense with your spouse or children, but still want to keep an account of your own.

Is there a maximum number of savings accounts you can have?

There’s no limit to the total number of savings accounts you can have across all financial institutions, but some banks set limits for their customers. Ally Bank, for example, allows up to 10 savings and/or money market accounts per person, while Barclays allows 25 total accounts. Some banks, such as Citibank, have no limit.

Using sub-accounts

Some savings accounts have a sub-savings account feature (or sub-share account in the case of credit unions), which allows you to split funds from one primary savings account into separate categories. Depending on the bank, you might be able to give names to each sub-savings category and set up automatic transfers to and from your sub-accounts.

Some banks that offer sub-savings accounts include Sally Mae’s SmartyPig Account, which lets you set and track multiple savings goals, and Ally Bank’s Online Savings Account, which has a useful “buckets” feature.

Using a sub-savings account feature, as opposed to having separate savings accounts, might make it easier for some consumers to track and manage multiple savings funds. On the other hand, it could mean missing out on some of the benefits you get from spreading your savings across multiple accounts at multiple banks. For example, an account at one bank may earn an industry-leading APY while another account elsewhere may offer unlimited withdrawals.

Our picks for the best high-yield savings accounts of May 2025

Bank	APY*	Minimum requirements	Learn more
Varo Bank	Up to 5.00%	No minimum opening deposit Receive qualifying direct deposits totalling $1,000 or more in your account each month to earn APY	View offer at MoneyLion
Axos Bank	Up to 4.66%	No minimum open deposit Axos ONE Bundle plus an average daily balance of at least $1,500 required to earn APY	View offer at Axos Bank
SoFi® Checking and Savings (Member FDIC)	Up to 3.80%¹	No minimum opening deposit $5,000² balance required to earn APY	View offer at SoFi
First Foundation Bank	Up to 4.40%	$1,000 to open $0.01 balance required to earn APY	View offer at MoneyLion
Laurel Road	Up to 3.80%	$0 to open $0 balance required to earn APY	View offer at MoneyLion

Pros and cons of multiple savings accounts

Before you decide how many accounts you need, consider the pros and cons of having multiple places to stash your savings:

Pros

Helps to prioritize multiple goals: Creating separate accounts or buckets can keep you organized as you work toward each separate financial goal, rather than just lumping your spare cash into one fund. It can also serve as a reminder of what you’re working toward and deter you from dipping into your surplus cash.
Easy to track your progress: Separating your savings balances from one another can help you track your progress toward each goal at a glance, and allow you to reassess your savings strategy as your balances grow.
Earn bank incentives: Some banks offer relationship discounts, welcome offers, or referral rewards to account holders, so opening multiple accounts could mean opportunities to earn more cash or discounts.
Ensure your money is insured: The Federal Deposit Insurance Corporation (FDIC) insures balances of up to $250,000 in combined deposits per depositor, per bank. Similarly, the National Credit Union Administration (NCUA) protects up to $250,000 in deposits held at credit unions. So if you have a large amount of savings, spreading cash across institutions will ensure all of your money stays protected in case of a bank failure.
Increased access: Some savings accounts limit the number of withdrawals you can make per month, so having multiple savings accounts could give you more access to your cash when needed.

Cons

More to manage: With multiple accounts, you’ll need to invest more time into monitoring account statements and looking out for issues such as unauthorized transactions.
Account fees: Having multiple accounts means greater likelihood of being charged maintenance or service fees.
Minimum balances: Spreading cash across multiple accounts can also make it harder to meet minimum balance requirements, which are common with certain types of savings accounts.
Lower APY tiers: Some savings accounts offer higher interest rates for higher balances, so less cash in each account could mean missing out on the best rates.

How to manage more than one savings account

The first step to managing multiple saving accounts successfully is choosing the right accounts. When deciding where to deposit your cash, pay attention to details such as minimum balance requirements, maintenance fees and annual percentage yield (APY) tiers.

“Think about the type of savings account you need to reach your goals,” says Sonia Fraher, senior director of product and strategy at Ally at the time of interview. “For example, in [a] high-rate environment, a high-yield savings account is a great option to earn more interest and accelerate your savings.”

Once you open your savings accounts, you can use the built-in features that support ongoing account management. “Leveraging digital tools within your accounts is a great way to maximize your savings—whether you have one savings account or multiple,” says Fraher.

For example:

Name each account to correspond with your savings goal.
Set up text or email alerts to stay on top of account activity.
Set up automatic deposits from your paycheck to correspond with your savings goals.

Finally, plan to revisit your savings strategy every six months or so. As your balances grow, you’ll want to review interest rate structures and fees, and move funds around accordingly.

“Interest rates on savings accounts can vary and they could change over time,” says Papa. “Make sure you keep track of the interest rates on your savings accounts, and consider moving your funds to an account with a higher interest rate if it makes financial sense.”

Consider consulting with a tax professional to make sure you’re managing the interest earned on your savings in a tax-efficient manner.

The takeaway

Owning multiple savings accounts can be a smart strategy if you’re saving for multiple goals or you simply want to spread your funds out to take advantage of benefits like higher APYs, lower account fees or greater insurance coverage for your cash.

Just know that there’s more maintenance involved when it comes to tracking the various accounts. An alternate option could be an account that offers sub-savings accounts or buckets where your savings are all under one account but split into separate goals. For some, this could be the best strategy to boost savings efforts.

Whatever option you choose, the best one for you is the account mix that incentivizes you to save for your financial goals.

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SoFi members who enroll in SoFi Plus with Eligible Direct Deposit or by paying the SoFi Plus Subscription Fee every 30 days or SoFi members with $5,000 or more in Qualifying Deposits during the 30-Day Evaluation Period can earn 3.80% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. There is no minimum Eligible Direct Deposit amount required to qualify for the stated interest rate. Members without either SoFi Plus or Qualifying Deposits, during the 30-Day Evaluation Period will earn 1.00% APY on savings balances (including Vaults) and 0.50% APY on checking balances. Interest rates are variable and subject to change at any time. These rates are current as of 1/24/25. There is no minimum balance requirement. If you have satisfied Eligible Direct Deposit requirements for our highest APY but do not see 3.80% APY on your APY Details page the day after your Eligible Direct Deposit arrives, please contact us at 855-456-7634. Additional information can be found at http://www.sofi.com/legal/banking-rate-sheet. See the SoFi Plus Terms and Conditions at https://www.sofi.com/terms-of-use/#plus .

New and existing Checking and Savings members who have not previously enrolled in Direct Deposit with SoFi are eligible to earn a cash bonus of either $50 (with at least $1,000 total Eligible Direct Deposits received during the Direct Deposit Bonus Period) OR $300 (with at least $5,000 total Eligible Direct Deposits received during the Direct Deposit Bonus Period). Cash bonus will be based on the total amount of Eligible Direct Deposit. If you have satisfied the Eligible Direct Deposit requirements but have not received a cash bonus in your Checking account, please contact us at 855-456-7634 with the details of your Eligible Direct Deposit. Direct Deposit Promotion begins on 12/7/2023 and will be available through 1/31/2026. Full terms at sofi.com/banking. SoFi Checking and Savings is offered through SoFi Bank, N.A., Member FDIC. SoFi members with Eligible Direct Deposit can earn 3.80% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. There is no minimum Eligible Direct Deposit amount required to qualify for the 3.80% APY for savings (including Vaults). Members without Eligible Direct Deposit will earn 1.00% APY on savings balances (including Vaults) and 0.50% APY on checking balances. Interest rates are variable and subject to change at any time. These rates are current as of 1/24/25. There is no minimum balance requirement. Additional information can be found at http://www.sofi.com/legal/banking-rate-sheet.

How many savings accounts should you have? Here’s what the experts say