If you’ve ever opened a new bank account, you may have wondered if there’s a limit to the number of accounts you can have. Well, the answer is yes! But not because it’s illegal or anything. In fact, there are some good reasons why it might be helpful to have more than one savings and checking account. Read on to learn more about how many bank accounts can you have.
How Many Bank Accounts Can One Person Have?
The number of bank accounts you can have depends on your state and the bank. There is no limit to the number of bank accounts you can have if you know how to open them. The only limitation is the number of accounts you can open at one time, which usually isn’t a problem since most banks allow their customers to apply for more than one account at once.
Why is Opening Multiple Savings Accounts Useful?
There are several reasons why opening multiple savings account is useful.
- You can save money and earn interest on your savings. The interest rate paid by the bank will depend on how much money you have in the account and how long you keep it there, but typically, the higher your balance, the higher your interest rate will be.
- You can keep your money safe from theft or loss. A bank may not reimburse money lost due to fraud or other problems with transactions made at their branch (although some do). If something goes wrong with a transaction at an ATM machine or online banking service provider, however: no one knows about it! If this happens frequently enough, customers have no way of knowing whether they’ll ever see their cash again until after it’s gone.
Can I have multiple bank accounts with different banks?
You can have multiple bank accounts with different banks as long as they’re in your name. According to the experts at SoFi, “If you want to open an account with a different bank than the one you already use, it’s worth checking if there are any fees associated with the new account.”
If you want to open two savings accounts at the same bank, one for your emergency fund and another for everyday spending, that’s okay too. It might be easier if both were set up under the same login credentials so it’s easy to access them from anywhere on their website or mobile app (and keep track of how much money is in each).
Is there a limit to the number of checking or savings accounts I can have?
The short answer is no. You may open as many checking and savings accounts as you like. Are you a person who has more than one checking and/or savings account?
There are plenty of reasons to have multiple bank accounts:
- To separate funds for different financial goals (i.e., saving for a house down payment or college tuition)
- To keep personal and business finances separate (hint: if you’re self-employed or an entrepreneur, this is probably a good idea)
- To make it easier to track your money by, having one account each for expenses and income
It is important to understand that the number of savings accounts you can open depends on some factors. One of these factors is the type of account you want to open. You may be able to have multiple checking or savings accounts if they are with different banks, but you will only be able to have one personal checking account at a time.