Can you have more than one savings account?

Yes, it’s simple and easy to open more than one savings account. Opening multiple accounts of different types can prove beneficial as it allows savers to specialise each account towards the purpose of their funds. Some providers do limit the number of accounts a customer can hold at once. However, you can also open savings accounts with multiple providers if needed.

Could more than one account help?

Opening more than one savings account can be helpful in allowing you to specialise the purposes of your savings. For example, your emergency savings might work best with an easy access account where you can withdraw them immediately.

On the other hand, money you might not need access to for some time could be well suited for a fixed-term bond, which provides the benefit of a consistent interest rate while locking away access to your funds for an agreed period.

With a system like this, someone with more than one account could benefit from a place where they have easy access to emergency funds while also setting aside any excess money into an account where it can accumulate greater interest.

How much access do you need?

The amount of access you need will depend on what the purpose of your funds is. As noted, easy access savings accounts are often best suited to holding emergency savings as a safety net for unexpected expenses like medical bills or car repairs.

Meanwhile, other types of accounts like fixed-term bonds do limit your access for an agreed period, however this can be tailored to your future financial plans. For example, if you plan to put a deposit on a house in 2 years’ time, then a fixed-term bond lasting 2 years would mean your bond matures at the perfect time for you to then withdraw those funds, alongside the interest they’d have earned, in readiness for your purchase.

The level of access you require to any account you use is best guided by personal financial planning, to help foresee when you will next need your savings and what specifically you might be building them up to spend on.

How should you review the interest rate?

When asking can you have more than one savings account, one of the most helpful points of comparison is the interest rates. If you’re looking at multiple types of accounts, easy access accounts generally have a trade-off in the form of lower average interest rates. Meanwhile, notice accounts and fixed-rate bonds usually have more competitive savings rates, with fixed bond rates often increasing in line with the term length you select.

That said, interest rates are always changing and so it can be helpful to conduct a savings account review every 3-6 months to help make sure you’re still receiving competitive rates for your accounts.

What limits and conditions should you check?

Naturally, a key limitation of fixed-rate bonds is that they lock away access to your money for an agreed period, so planning your financial future carefully to ensure you choose the right length of time for such accounts can be very helpful.

Some banking providers may limit the number of savings accounts an individual customer can hold, so checking these conditions can also prove beneficial. You can review further details on savings accounts here.

Can you have more than one savings account?

To summarise:

• It’s simple and easy to open more than one savings account.
• Having multiple savings accounts can be beneficial in allowing savers to specialise their money for multiple purposes.
• Easy access accounts are often best suited to emergency funds, whereas fixed-bond accounts can benefit excess money that would otherwise be sitting idle and allow it to earn interest.
• It can be helpful to do a savings account review every 3-6 months to make sure you’re still receiving competitive interest rates and that your savings goals are still in line with the account you currently have.

Frequently asked questions

Can you have more than one savings account?

Yes, you’re able to open multiple savings accounts either with a single provider or across multiple banks.

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

There’s no legal limit to how many savings accounts you can have, however certain banks may restrict how many accounts an individual customer may hold.

What are the benefits of having multiple savings accounts?

Multiple savings accounts allow you to specialise accounts for the purpose of your savings. For example, easy access accounts work well with emergency funds you’d need quick access to, whereas fixed-term bonds can work well with lump sums you would not need access to for some time to maximise their interest yield.

Should I keep my emergency savings in a separate account?

It can be beneficial to keep your emergency savings in a separate account, as isolating this money will stop you from dipping into it unless necessary and allow it to earn its own separate interest.

Can I have both easy access savings and fixed-rate savings accounts?

Yes, it’s possible to hold both accounts at once. Some providers may only provide certain kinds of accounts, however, you could sidestep this by drawing on multiple banks to save your funds.

What should I compare when choosing multiple savings accounts?

Interest rates, access to your funds and conditions specific to both the accounts you’re choosing, and their specific provider are all helpful points of comparison when choosing multiple accounts.

How often should I review my savings accounts?

It’s recommended to review your savings accounts every 3-6 months to help make sure you’re still benefiting from competitive interest rates and to see if your money is still in the right place subject to any life changes.

Next steps

If you’re wondering, can you have more than one savings account, the following provide further helpful information:

View Easy Access savings

View the interest rate summary

Savings products at a glance

View Fixed Rate Bonds