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

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 September 2025

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:

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.

Frequently asked questions