How Many Savings Accounts Can You Have? [+FAQs]

do savings accounts have routing numbers

Can you have multiple savings accounts? The answer is simple – it’s up to you. Many people want to know whether it’s a good idea to have more than one account.

Everything depends on the consumer’s personal spending habits, the number of saving goals, and the ability to keep track of all the expenses. Generally, having access to your bank account means you will be able to benefit from it and keep your finances in order.

When it comes to managing your finances, including the potential tax benefits, such as what is earned income tax credit, there is no single piece of advice about having additional accounts. So, as you consider adjusting the number of accounts according to your needs and preferences, it’s also worth understanding what the Earned Income Tax Credit is and how it can potentially impact your tax situation.

Can I Open More Than One Account?

Can you have two savings accounts at the same bank? How many checking and savings accounts should I have? Every consumer has the right to open as many accounts at American banks as they want. Americans may benefit not only from using credit cards but also from placing their capital into special bank accounts.

You may open separate checking and savings accounts for your convenience. This way you won’t mix your emergency funds and know how much money is set aside for various needs. There are many advantages of having separate accounts for each financial goal and this activity doesn’t affect your credit rating. 

The key to being organized with your personal finances is to begin with a smaller number of accounts so that you can manage them and have your funds in order.

should i have multiple savings accounts

How Many Accounts Do You Need?

Thousands of people have access to several accounts as each of them serves for a separate financial purpose. It’s convenient to have each account for a certain monetary goal you are planning to achieve. How many savings accounts can I have at one bank? You may have adjusted one or a few accounts at one bank or have several accounts at different banks.

If you have doubts about whether each account affects your credit history, you may stay calm. The number of accounts you have doesn’t influence your creditability and can’t damage your rating, unlike credit cards. Do savings accounts have routing numbers? What is the ABA number? 

This nine-digit code is usually used for defining banks of America as it helps to transfer cash between consumer’s accounts. You may choose AFCU mobile banking or make ACH direct deposit – everything depends on your current money needs and goals.

Should I Have Multiple Savings Accounts?

If you have several money goals it can be beneficial to set aside money in several accounts. This way it’s easier to keep track of your savings and manage expenditures. Many people ask, “Do savings accounts have interest?” Yes, you should take some time and compare several options. 

Do some research on what banks have the best interest rates on savings accounts so that you benefit from this aid. It’s good to have separate savings for big-ticket purchases, for vacations, and for debt consolidation.

If you wonder how many savings accounts should I have Dave Ramsey and other financial gurus have something important to answer. 

“Set aside money for the emergency separately from your savings for the upcoming vacation or an expensive purchase. Having multiple accounts may help you save more than you withdraw and achieve your financial goals faster,” mentions Greg McBride, the chief financial analyst.

How Many Savings Accounts Can I Have at One Bank?

You may have one or several accounts open at one bank. Some consumers worry do you have to pay taxes on a savings account. It’s better to shop around and search for the best rates you can find. 

Do checking and savings accounts have the same account number? You may ask these questions at the local banks. It’s possible to open a checking and savings account at one bank if it offers lower rates and more flexible terms.

Do savings accounts have a routing number? A bank’s routing number will be the same for all of your account types. This number can be found once you log into your online banking profile. Whether you go to Affinity Bank, Albert Bank, Ally Bank, you may compare their rates and open your accounts at each of them. 

You may also want to have CDs which is a certificate of deposit and presents an account you don’t touch for some time as it grows interest.

What Accounts You Should Open Right Now?

It’s great and useful to have a savings account opened for every monetary target. Create a list of your goals and think about the number of accounts you may need for them. Here are some of the basic types of accounts that will allow you to reach your goals:

  • emergency fund (to have at least three to six months of living costs set aside);
  • house down payment fund/ home repair fund;
  • account to cover auto repair costs;
  • vacation fund;
  • big-ticket purchase fund;
  • retirement account;
  • health savings account.

It doesn’t mean you should open all of the mentioned account types. Your plan is to determine what your current money targets are and what accounts should work best for you.

Types of Bank Accounts: Main Features

You don’t need to go to special agencies or pay money for consultations to find out how many savings accounts should I have. Reddit and other places recommend consumers to set an account for each financial goal. 

Coaches advise people to have several accounts as it’s a practical way to manage their money aims. It means your money will be more organized, you will check progress, and lower the chance of overspending. Here are the top 4 savings accounts you may want to have not to turn to retired loans or $2500 loans to cover short-term emergencies:

  • Short-term emergency fund. This is an important account to have so that you have instant access to your funds in case of unpredictable expenses. It doesn’t have to be a large amount of cash but having up to 6 months of living costs can be useful. You may put up to $1,000 for unforeseen situations.
  • Fully-funded emergency fund. This is an account for up to 12 months of living expenses. You need a larger amount of funds set aside here. It’s better to calculate how much you totally need to cover rent and utility payments, groceries, transportation costs, etc. Add this sum for each month and have about 12 such monthly payments on your account. If you are suddenly laid off or an unforeseen event happens, you will stay calm and have funds to tap from.
  • Retirement fund. How many banks should I have savings accounts with? You may choose one bank or several different banks. It’s essential to set aside money for your future retirement.
  • Sinking account. It can be general savings account for any financial goal you might have. You may utilize it to save for a car or house purchase, save for the future baby, or the upcoming vacation. You set aside a certain percentage of your monthly income into this account until it’s time to spend this cash.
Statistics - Saving for a sunny day

How to Manage Your Savings Accounts?

Now that you probably want to have a few bank accounts you also need to know how to manage all of them. Experts advise savers to install a personal finance app to link all of the accounts and have everything in one place. 

This is a wonderful opportunity to have your accounts linked together in one app so that you view each of them and know how much cash is saved currently. It also gives a better understanding of your present financial position and what can be done to improve it.

Rules About Savings Accounts You Should Follow

It’s quite easy to open several accounts at one bank or different banks today. The only thing you need to remember is to shop around and never hurry when you select the bank. Make sure you choose the one that offers the most suitable APR so that your return on the invested funds is at maximum.

Also, the accounts you open shouldn’t impose minimum balance demands. It can be challenging to meet these requirements once you open a few accounts. Try to allocate money transfers of set amounts of cash to every account separately and gain financial success.

In order to save your time, you may want to establish automatic monthly payments from your checking account to your savings account once you get income.

Top Reasons to Have Multiple Savings Accounts

There are many advantages of having several accounts:

  • Track your progress. You know what is going on with your money and can easily track progress at each account. Separates accounts can be used to save for the vacation, buying a new auto, emergency or retirement savings, etc. Having one account for both emergency expenses and vacation costs may be tempting to utilize for other costs. Having separate accounts, on the other hand, will make sure your funds are divided into targeted places according to your aims.
  • Automate your savings. You won’t be able to misspend your income once you open several accounts. Automating regular monthly transfers from your checking account into savings accounts means less stress for you and more profit in the long run.
  • Lower the chance of misspending. This is another reason for choosing multiple accounts. Each of them will be responsible for a certain financial goal and you won’t have a temptation to overspend money that should be set aside for the emergency. This is especially true if you open accounts at several different banks.


Can you have two savings accounts at the same bank?

You may have one or multiple bank accounts at the same time. It’s helpful to have several savings accounts for each financial target.

Do savings accounts have checks?

Generally, savings accounts come without checks. They still have a routing number so you may use it to send or receive cash electronically.

Do savings accounts have debit cards?

Savings accounts don’t have debit cards. Consumers may utilize the routing number that comes with each account when they need to get or sent money.

Can you have multiple savings accounts?

You may open multiple savings accounts at one bank or different banks. This process is easy and useful to keep track of your savings for various needs and aims without worrying about overspending.

Do you have to pay taxes on savings accounts?

Interest from your account is taxed at the consumer’s earned income tax rate for the year. Thus, if a person got a cash bonus for opening a new savings account, they will have to pay income tax on this amount.

Do checking and savings accounts have the same account number?

Some banks have the same number for both checking and savings accounts. It all depends on the bank or several banks you choose. You may check the number of your savings account at the bottom of the deposit slip.

How many checking and savings accounts should I have?

You may have one checking account and several savings accounts opened for several financial goals. Depending on your money aims and your income you may open three or four additional savings accounts.

How many accounts should I have for savings?

You may open a separate account for each saving – it’s possible to have an account for emergency savings, retirement savings, for a vacation, for big-ticket purchases, etc.