How Many Bank Accounts Should I Have In 2024? [GUIDE]

Updated On: 03/11/2023 is reader-supported. When you buy via links on our site, we may earn an affiliate commission at no cost to you.

It is commonplace for people to keep multiple bank accounts. Though there is no limit to how many accounts you can have, it is essential to determine the suitable number per your financial needs and goals. The answer to the question "how many bank accounts should I have in 2023?" really depends on your financial situation.

Multiple accounts can help you better manage your finances by organizing funds into different categories, such as savings, investments, retirement, and emergency funds. It can also help maximize your earning potential by taking advantage of varying interest rates and account features available.

Should I Have Multiple Bank Accounts In 2024? - Find Out

Should I Have Multiple Bank Accounts

There is no compulsion to open multiple accounts. If you believe that a single account will suffice, then go ahead and stick with it. But if you are looking for more flexibility, increased earning power, or want an extra layer of organization between your finances, then having multiple bank accounts in 2023 can prove beneficial.

Having more than one bank account can provide financial flexibility. If you're wondering how many bank accounts to have in 2023, here are a few tips to help guide your decision-making process:

Aligning your bank accounts with your goals

Financial planning is essential to achieving your goals, and aligning your bank accounts correctly can provide convenience and help make it easier to manage.

It’s a good idea to have multiple bank accounts assigned explicitly to different areas of your life to separate spending and budgeting for particular items easily. For example, having separate accounts for savings, investments, day-to-day expenses, travel expenses, or holiday shopping can simplify managing finances.

By adequately allocating funds and ensuring you are utilizing each account accordingly, you can set yourself up for success in reaching financial goals. After all, harmonizing your banking accounts with your aspirations will help you reach them faster.

Maintaining a Minimum Required Balance

Managing multiple bank accounts with different minimum required balance requirements can be challenging. Thankfully, it can quickly fulfill the minimum balance requirement in one or two accounts only.

The banks may levy charges if you fail to maintain the minimum balance. This could prove costly if taken lightly and can result in a financial burden. Therefore, you must be fully aware of the associated charges and minimum balance requirements if you open more than one account.

Benefits Being Provided by Different Banks

Banks have started providing a range of privileges to their customers to make the banking experience much more convenient and rewarding. Facilities like credit/debit card premiums, complimentary lockers, and discounts are offered on products and services.

To further acknowledge customers' loyalty, banks also provide reward points every time you use their banking services, which can be accumulated for future redemption.

Ultimately, it is worth weighing the many advantages banking services offer when deciding how many bank accounts to open.

Amount of Loans We Need

When getting the right loan amount, you will need to consider the type of loan and its duration. Loans with higher interest rates may require a larger amount to be taken out, whereas lower-interest loans may suffice with a smaller amount.

Furthermore, as some banks may offer better terms than others, it is important to analyze each institution’s offerings before making any commitments.

Depending on your needs, more than one lender account may be necessary to find the most beneficial loan with varying terms and repayment plans.

Having more than one account will allow you to compare different lenders and eventually choose a lender that best meets your specific needs.

What Types Of Bank Accounts Should I Have?

What Types Of Bank Accounts Should I Have

Having a few well-chosen bank accounts is essential, depending on your financial needs. Each type of account has specific benefits; depending on your goals, you should choose the most suitable one.

Knowing which type of bank account is right for you is essential to make the most out of it. We have mentioned the most popular types of bank accounts here:

Savings Accounts:

Savings accounts are a great way to ensure you have money for unexpected expenses. Not only will savings accounts help you budget better by keeping funds separate, but they can also encourage you to build up your saving muscle, allowing storing excess cash not needed urgently.

The money deposited in a savings account is also often accessible with relatively little notice, so when there is a need to access the funds, they are extremely convenient and efficient. A savings account can provide peace of mind, knowing that funds are available if necessary.

Benefits of Savings Accounts:

  • Competitive interest rates.
  • Money will grow over time.
  • No monthly maintenance fees.
  • Excellent online access allows you to check balances, transfer funds between accounts, pay bills, and more.

Checking Accounts:

When managing your money, checking accounts are the most basic type of account to have. Having a checking account means having a safe place for your paycheck to be deposited, paying bills quickly, and having fast access to funds when needed.

The account usually comes with a debit card, so you can purchase things from grocery stores and other places by swiping the card.

Moreover, budgeting and paying off bills is made much simpler by setting up automatic payments that will deduct straight from your checking account each time they are due. For an additional account, having a checking account is the optimal option.

Benefits of Checking Accounts:

  • No minimum balance is required to open or maintain an account.
  • Many banks offer additional benefits for customers who set up direct deposits into their accounts, such as higher interest rates or rewards programs.
  • With online banking, users can access their funds easily—through a website or bank app—to make payments, transfer money, view balances and stay on top of their financial goals.

Certificates of Deposit (CDs):

A certificate of Deposit (CD) is a form of savings account that allows you to direct a fixed amount of money for a set period. In exchange, the issuing bank will pay out interest on these deposits as a bonus.

It's important to note there are usually stringent penalties for withdrawing funds from the CD early before its maturity date, so it's best to carefully plan to get the most benefit from this popular savings vehicle.

Benefits of a CD:

  • They pay more interest than a traditional savings account.
  • Relatively low-risk investment strategy.
  • Forced savings to prevent early access to funds.

So, if you need an additional bank account to store your funds for savings or investment purposes, CDs are the perfect place to park your money.

Money Market Deposit Account:

A Money Market Deposit Account is an attractive and safe way to store any money set aside for use in your 3-6 month emergency fund. Funds are kept separate from everyday funds, often offering a higher level of interest than most savings accounts.

These accounts may come with the added benefit of a debit card, but not all banks provide customers with this feature. As another bank account option, Money Market Deposit Accounts offer a safe place to store your money when you don't need access but still want a decent rate of return.

Benefits of a Money Market Account:

  • Like CDs, Money Market Deposit Accounts can be a safe way to earn more interest on your hard-earned money.
  • With a debit card option, you can easily access your funds without worrying about carrying cash or withdrawing from an ATM.

How Many Bank Accounts Should I Have In 2024?

How Many Bank Accounts Should I Have

The answer to this question depends on your individual needs and goals. However, we can provide some general advice to help you make an informed decision.

As we look to 2023, it's wise to be strategic about our banking accounts. After all, each account comes with its own set of costs and paperwork.

That's why many financial planners recommend limiting yourself to two or three accounts, as this will make it easier to maintain and track them - resulting in fewer chances those accounts can become dormant due to a lack of supervision.

Depending on your needs and financial strategies, we recommend having a combination of different accounts to benefit from the convenience of having multiple bank accounts while keeping your finances organized and secure.

For instance, if you are a business owner, you may choose to open both Checking and Savings accounts, as having a separate account can help you track your business expenses daily.

Further, if you are a student, then having a Student Checking Account may be the best way to keep track of your finances while in school. Finally, if you are a house hunter or want to save for a big purchase, then Money Market Deposit Accounts may be the best way to save and earn interest on your money.

A good rule of thumb is that you should have one bank account for day-to-day expenses, one for savings and investments, and one for emergency funds. With the right combination of accounts, you can make the most of your money in 2023.


Let us wrap up this article on 'How many bank accounts should I have in 2024?' by reiterating that the answer depends on your individual needs and financial scenario. To make the most of your money, it's important to have a combination of bank accounts that will offer different features and benefits suited to your goals.

However, it's also important to remember that having too many accounts can be difficult to keep track of, so using no more than three is an effective guideline to live by.

We've examined the various bank accounts known and what each can offer you. We also discussed the benefits of CDs, Money Market Deposit Accounts, Checking Accounts, and Savings Accounts - all of which can be used to store your money safely while earning interest on it, depending on your financial goals.

We hope now you better understand the necessary bank accounts and how to systematize your finances in 2024. With careful consideration and research, you can find the best way to keep your money safe and grow it in 2023 and beyond.

Thank you for reading.

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Michael Restiano

I support product content strategy for Salt Money. Additionally, I’m helping develop content strategy and processes to deliver quality work for our readers.

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