Essential Things to Know about Multiple Saving Accounts

Written by: Peter Tollin

Saving account has become one of the most suitable place to keep money. The benefits of saving account have given way to multiple saving accounts that can organize finances and help in achieving financial goals effectively. Moreover, no restriction applies on the number of saving accounts a person can have. We have gathered the essential information people should know about multiple saving accounts:


Multiple saving accounts help in setting up different accounts for different goals. Transferring money from primary or saving account into a specific account helps in achieving a particular saving goal.

Besides, multiple saving account offers automatic transfer of money from primary to other saving accounts. In this way, a person never forgets their saving goals. In addition, they receive earmarked funds out of sight, keeping the temptations of spending at bay. Moreover, they become able to move funds within same bank immediately, or set up bank-to-bank transfer hassle-freely.


Once a person moves their money into a saving account assigned to a specific goal, they may experience a desire to “See Their Money” for possible purchase of luxury items. However, multiple saving accounts keep a person on track of saving money efficiently.

Moreover, multiple saving account allows an individual to monitor their progress toward various saving goals. Considering the fact that saving is more of motivating habit, when a person sees their account growing, they receive positive feelings toward their goals. It makes them motivated and happy to keep up with the savings.

Be Accountable

Our account balance does not lie to us. In case, a person decides to save money for something, but do not follow up, then it will be difficult for them to keep up with the saving goals. They need to explore what is stopping them from saving.

Having a different saving account can help a lot in budgeting for annual expenses. For instance, if a person pays property tax and homeowner insurance on annual basis rather than an escrow account, then they may make deposit to savings account each month for building up the funds they require. However, by opting to chip away at annual charges, a person can avoid significant spending shocks in a year.


In case, a person has merged finances with their partner or spouse, and they are looking for an autonomy then multiple saving accounts will come into handy. Each individual will be responsible to keep their account for things they are looking to spend. Another account may be a shared account for goals and expenses that are joint. You can think about how you are looking to handle finances, and create a system that works effectively for everyone.

Insure the Savings

In case a person is lucky enough to earn significant cash, then they might create a saving account at various banks for keeping account balance under the FDIC insurance limits. Above all, the limit of $250,000 applies to per account per institution. Having said, it will be wise to keep the surplus amount at different institution to stay safe. Individuals can ask from bank staff if the can put more than $250,000 in a single bank.

Being at Safe Side

Among the benefits of multiple saving accounts is that a person can prioritize their goals. In case, they do not have sufficient money to find a high-priority goal, then they can lend from the lower priority accounts. Although taking money away from other important goals isn’t wise, but some unexpected events can demand immediate funds.

Saving Account Fees

At the time of creation of a saving account, a person should look for less or no fees. It includes minimum balance fees, maintenance fees, and transaction fees. Above all, people want to ensure that there is no maintenance fee for their accounts. In addition, a person should get a list of all the potential fees such as withdrawals and more when creating multiple saving accounts. Also, there should be no too much withdrawals from a saving account. In addition, people should keep an eye on their account if their bank deducts fee on additional withdrawals after a specific limit.

How to Use Multiple Saving Accounts?

Now that the readers know about the benefits of multiple saving accounts, below is how they can use multiple saving accounts:

Online Banking

Online banking is the most suitable way to use multiple accounts at a time. For instance, some banks offer creation of unlimited saving accounts, while others offer subaccounts. By using online banking, a user does not has to pay the monthly fees, getting rid of the interest. Moreover, there are no account minimums, enabling you to initiate with even the smallest amount. In addition, competitive interest rates help a person expand their savings significantly.

Multiple Categories

A person can create account for different categories for which they want to save money. Also, they should beware of going overboard. They should think about the number of saving accounts they should create. Some categories might be easier to manage than other accounts. For instance, they can dedicate an account to emergency savings so that they do not spend accidentally, saving money for the rainy day. Moreover, they might create various accounts for particular goals such as education, vacation, wedding, down payment of house or automobile and more.

When looking to create multiple saving accounts, individuals should look for automation as much as possible. The electronic transfers ensure that a person implements their saving strategy and avoid temptation at all times.


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