As you already know, a Savings Account is a great way to safely store your money and spend it whenever needed. But you don’t have to limit to one account as multiple Savings Accounts can enrich the way you manage your finances.
Here’s why you should open more than one Savings Account:
- Setting up different accounts helps you keep track of your goals efficiently
- Automated transfer of money from your primary account to other Saving Accounts reduces the chance of spending it impulsively
- It helps you build momentum for your financial goals, monitor progress and hold yourself accountable while saving for the future
- Debit Cards linked to some Savings Accounts have a per-day limit on fund withdrawal. So, having multiple accounts comes in handy when in urgent need of cash.
Here’s how you can allocate your money across different Savings Accounts:
Main account:You should have one main account which will act as your primary account for major monthly expenditure. This account can be linked to all your EMI payments, rent, mutual fund investments, monthly shopping and other automated bill payments.
Salary account:You should have a separate account to receive your monthly salary. This can also be a temporary account which you can consider closing when you change your job. You can regularly transfer a certain amount from this account to your main account to meet investments and expenses.
Joint account:Having a joint account between spouses formulates comprehensive knowledge about financial assets. You can use this account as an avenue for 3-6 months’ worth of contingency funds. The nominee of such an account can be your children.
While there’s no limit to how many Savings Accounts you can have, there are a few things to consider before signing up for more than one. According to financial experts, it isn’t advisable to open more than three Savings Accounts, as it can be difficult to manage. Apart from having a minimum balance in each account, banks might also mark an account dormant if there is no activity for a period of time. Additionally, banks levy various charges on these accounts, and if you’re keeping them idle, the balance will decrease unnecessarily.
The money in each account depends on your comfort level. While it should be sufficient enough to have a good night sleep, it shouldn’t tempt you to splurge. It isn’t uncommon for bank balances to stagger just before your salary arrives, making it essential to have a decent balance to fund an emergency or unexpected expense.
The good thing about having many accounts in that you can prioritise your goals and save sincerely. At HDFC Bank, there is a Savings Account for all your needs.
While there’s no limit to how manySavings Accountyou can have, there are a few things to consider before signing up for more than one.
To keep up with the current times, HDFC Bank has extended an instant Savings Account facility via InstaAccount, ensuring a completely paperless account opening process. All you need is a few minutes to enter your details and upload your documents. Click here to open a newSavings Accountdigitally.
Want to know more about opening a contactless Savings Account? Click here to get started.
Click here to open a Savings Account.
*Terms and conditions apply. The information provided in this article is generic in nature and for informational purposes only. It is not a substitute for specific advice in your own circ*mstances.
FAQs
Each bank has its own policies for how many accounts you can have. But in general, having more than one checking account with the same bank is possible. For example, you may choose to have an individual account plus a joint account with a partner or teenage child.
Can I open two bank accounts with the same bank? ›
Yes, you can have multiple checking accounts at the same bank. If you opt for more than one checking account, having them at the same bank can help simplify your finances. You can likely link your accounts and see everything in one place when you log in online.
Can we open two current accounts in the same bank? ›
Yes, You can have two accounts in a bank: In two different branches or at the same branch. You will have to let them know the purpose of second account.
Can I have 2 online bank accounts? ›
Some people may think that they can only have one bank account or just bank with one provider. The truth is, you can have multiple current accounts with different providers. This doesn't mean you can have endless amounts of accounts, but you can manage your finances by splitting them.
Can we open 2 accounts in same bank with same number? ›
While the rules may vary depending on the bank, the short answer is generally yes, you can have multiple checking accounts with the same bank. However, there are some important things to keep in mind before you decide to open a second account, such as fees, interest rates, and account requirements.
How many bank accounts can you open in the same bank? ›
There's no limit on the number of checking accounts you can open, whether you have them at traditional banks, credit unions or online banks.
How many bank accounts can a person have in the same bank? ›
There is no limit set to how many bank accounts you should have. However, it is advisable to have less than four bank accounts per person because it becomes difficult to manage money in multiple bank accounts. Is there any problem with having multiple bank accounts?
Can I open a current and savings account in the same bank? ›
Both account types have their distinct features and benefits. Depending upon the requirement you may have from a bank account, you can select any one kind of bank account over the other. You can open a Savings Account to make savings and a Current Account to carry out your regular business transactions.
Can I have two checking accounts at the same bank Chase? ›
There is no limit on the number of bank accounts, whether they're checking, savings or any other, an individual can hold.
What happens if you have two current accounts? ›
A lot of people seem to think you can only have one bank account at a time. But you can actually have multiple current accounts with various banks. Having more than one bank account should not affect your credit score, unless you try to open loads of new ones in a very short space of time.
As long as you can juggle four accounts, check them at least once a month, and stay atop all correspondence from the financial institution, multiple accounts can help you keep track of how close you're getting to the finish line.
What is the maximum amount of money you can have in a bank account? ›
Minimum balances aside, how much money can you have in a checking account? There is no maximum limit, but your checking account balance is only FDIC insured up to $250,000. However, as we'll cover shortly, it makes sense to put extra cash somewhere it will earn interest.
Can I have two accounts in the iMobile app? ›
With iMobile Pay, you can link multiple bank accounts and operate the app with a single UPI ID. The app also extends features such as utility bill payments, recharge of mobile phones, travel ticket bookings, investments in mutual funds, insurance, fixed deposits, etc.
Can I open a bank account online? ›
You can directly apply in person in the bank you desire. It is a simple way as you will get seamlessly assisted by the bank employee, who is specifically dedicated to this job. Alternatively, and most conveniently, you can quickly apply online. Yes, this step is also very easy and saves a lot of time.
Does having multiple checking accounts hurt your credit? ›
Credit scores aren't affected by how many bank accounts you have. Multiple bank accounts are only bad for your credit if you repeatedly pass bad checks and those checks go to collections.
Can I open savings and current account in the same bank? ›
Both account types have their distinct features and benefits. Depending upon the requirement you may have from a bank account, you can select any one kind of bank account over the other. You can open a Savings Account to make savings and a Current Account to carry out your regular business transactions.
Is it safe to have all your money in one bank? ›
As long as that bank is FDIC-insured and your deposit doesn't exceed $250,000, you should be safe to do so. It might be worth it to maintain an account at a separate bank, however, just in case a bank error or accidental account freeze results in a loss of access to your money for a time.
Should I have a checking and savings account with the same bank? ›
Missing out on account perks elsewhere: One bank may feature a large, convenient ATM network, making it a good spot for your checking account. However, that same bank might not offer a high-yield savings account. In such a case, you might prefer keeping your checking and savings accounts at separate banks.
