How many savings accounts should I have?

Ideally you should have at least one savings account to get the benefit of interest that comes with a savings account, how many additional savings accounts you should have though is unique to you and your financial goals. Opening multiple savings accounts for different things you want to save up for whether it’s a house, a car, or whatever you like can be a great way to ensure that you are always making progress towards those savings goals without having to think about it. You can set up your direct deposit to put some money into each savings account every pay period or set up an automatic draft to move money from your checking account into one or multiple savings accounts. This way, you can save up money for a financial goal or set up an emergency fund without having to move money manually.


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