Is there a limit to how many bank accounts you can have?

There’s typically no limit to how many bank accounts you can have. However, individual banks may set their own policies about the number of accounts you can open or the requirements for opening them. Before opening an additional bank account, it’s always a good idea to review your bank’s eligibility requirements and terms.

Can having multiple bank accounts affect your credit score?

No, simply opening and maintaining multiple bank accounts won’t affect your credit score. However, if you apply for an account that includes overdraft protection or a line of credit, a bank may perform a credit check as part of the application process.

Is it bad to have multiple checking accounts?

No, it is not bad to have multiple checking accounts. In fact, there are many instances where having multiple checking accounts may be beneficial to you. Having multiple accounts can make it easier to organize your finances by separating your cash flow for different purposes, such as household expenses, business income or shared bills.

Do multiple bank accounts mean multiple fees?

Having multiple bank accounts doesn’t necessarily mean multiple fees. While some bank accounts charge monthly or annual fees, many accounts have no fees. In some cases, fees can be waived if you meet certain requirements, such as maintaining a minimum monthly balance.

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How many bank accounts can you have?

This article explains how many bank accounts you can have in the U.S., the benefits and drawbacks of managing multiple accounts, and how to determine the right setup for your financial needs.

Updated

8 min. read

- Before opening additional accounts, have a clear purpose for them
- Technology makes multiple bank accounts easier to manage
- There is generally no limit to the number of bank accounts you can have

You can have as many bank accounts as you want, but it largely depends on your personal financial goals.

In general, bank accounts are an important tool for safely storing and managing your money. While many of us might already have both a checking and savings account, there are some cases where it might make sense to open additional accounts.

Depending on your financial priorities, opening more than one bank account can make managing your money easier.

Why would I need multiple bank accounts?

You might need multiple bank accounts if you're running a business and need a separate account or want to open a joint account with a partner or spouse to pay household expenses. Having more than one account can simplify money management by organizing your income, spending, and savings.

For instance, you might have your paychecks deposited into a checking account that you use to pay rent, utility bills, and groceries. Then, you could open a savings account for an emergency fund. If you decide to start saving for a trip to Hawaii, opening a third account, such as a BMO Savings Builder account, can help you grow your savings while separating your vacation fund from your emergency savings.

Whether you're saving for a specific goal, managing everyday expenses, or sharing finances with someone else, BMO offers a selection of bank accounts designed for a range of financial needs.

Multiple bank accounts can help you organize spending, savings, and shared expenses around your financial goals!

Things to consider before opening multiple checking accounts

Before opening multiple checking accounts, there are several factors you’ll want to pay attention to:

→ Account’s intended purpose

It is important to have a clear purpose for your bank accounts. What exactly do you need additional bank accounts for? Managing shared bills? Separating business and personal income? Saving up for a new car? Whatever your reasons, knowing how your account will be used can help keep your finances organized.

→ Maintaining accounts

In order to properly maintain accounts you’ll need to track balances, monitor transactions and make sure you don't miss any monthly or annual account fees.

One way to stay organized is to open all your accounts with a single bank. If you have multiple accounts at BMO, you can view them all together using BMO Digital Banking. When your accounts are spread across different banks, it can be harder to stay on top of all the details.

→ Interest Rates and Other Perks

While all bank accounts offer value, some come with promotional interest rates and other perks when you open them. For example, the BMO Savings Builder account we mentioned earlier gives you an extra $5 every month you grow your balance by $200 during your first year with the account (see the Savings Builder product disclosure for details). Other accounts, such as the BMO Growth Money Market account, waive monthly maintenance fees when you maintain a minimum balance. Some business accounts, such as a BMO business checking account may even offer cash promotions when you open them.

→ Services and Account Features

Understanding the tools, features, limitations and capabilities of the accounts available to you is also important. One account may charge a monthly maintenance fee, while another may waive the fee if you maintain a minimum balance. Other accounts might set daily limits on the number or value of transactions you can make or require a waiting period before a deposited check clears.

→ Mobile Banking Options & Features

Most banks allow you to view all your account balances, set up automated payments and transfer money from account to account by simply logging in to mobile banking. Need to quickly move cash from a savings account to a checking account at the grocery store? No problem. You can transfer the money while the cashier rings in your purchases.

Can you have more than one account at the same bank?

Yes, in most cases you can open more than one account at the same bank. In fact, opening multiple accounts at the same bank can make things a lot easier to organize. Whether you like to bank in person at a financial center or online, having your accounts in the same place is much easier than bouncing back and forth between different sites or apps.

All that said, account policies can vary from bank to bank, and some may limit the number of accounts you can open or have conditions that need to be met to open them. Some banks may also require a credit check if you want to open an account that includes overdraft protection.

What are some tips for managing multiple bank accounts?

If you’ve decided that opening multiple bank accounts is right for you, there are practical steps you can take to make sure everything goes as smoothly as possible.

Keep track of all your accounts in one place

Keeping track of all your accounts in one place can provide clarity into where your money is going and how much you’ve got on hand. These days, there are a few ways to do it including using your bank’s online dashboard or mobile app.

Automate payments and transfers

Another great way to manage multiple accounts is to automate payments and transfers. Building on the paycheck example, if your salary lands in your primary checking account each month, you could choose to set up an automatic transfer so 20% of it goes directly into savings. Or you could set up automatic bill payments to ensure you’re never late on a phone or energy bill. As an added bonus, making your bill payments on time can improve your credit score.

Reduce the risk of missed payments or fraud

Setting alerts to notify you when your account balances get too low or when unusual or large transactions occur is another way to add a layer of control across multiple bank accounts. If you accidentally transfer more money than you intended, you'll know right away. You'll also be alerted if fraudulent activity is detected in one of your accounts.

Avoid unnecessary accounts

It’s always good practice to periodically take stock of all your accounts and determine whether they still suit your needs. Still have an open business account for a business you closed down? No longer need the joint account you opened with a family member? Closing accounts you no longer use gives you fewer things to worry about and reduces the risk of paying unnecessary fees or leaving cash in a long-forgotten account.

What types of accounts does BMO offer?

BMO offers a range of options, from checking accounts designed to handle everyday cash flow to savings accounts to save for an upcoming purchase or emergency fund. If you see one that fits your needs, simply apply online or speak with a BMO representative to find the account that's right for you.

Multiple bank accounts FAQs

There’s typically no limit to how many bank accounts you can have. However, individual banks may set their own policies about the number of accounts you can open or the requirements for opening them. Before opening an additional bank account, it’s always a good idea to review your bank’s eligibility requirements and terms.
No, simply opening and maintaining multiple bank accounts won’t affect your credit score. However, if you apply for an account that includes overdraft protection or a line of credit, a bank may perform a credit check as part of the application process.
No, it is not bad to have multiple checking accounts. In fact, there are many instances where having multiple checking accounts may be beneficial to you. Having multiple accounts can make it easier to organize your finances by separating your cash flow for different purposes, such as household expenses, business income or shared bills.
Having multiple bank accounts doesn’t necessarily mean multiple fees. While some bank accounts charge monthly or annual fees, many accounts have no fees. In some cases, fees can be waived if you meet certain requirements, such as maintaining a minimum monthly balance.
The number of bank accounts you should have depends on your money goals and how you organize your finances. For many people, one checking account and one savings account meet their needs, while others find that having multiple accounts makes it easier for them to save, stick to a budget or pay their bills. Business owners may find it helpful to open a business account in addition to their personal accounts.