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Need Multiple Savings Accounts? Here’s Where to Bank
Online banks tend to have higher savings rates and lower fees than brick-and-mortar banks, making them good places to keep multiple savings accounts.
Tony Armstrong leads the banking team at NerdWallet. He has covered personal finance for nearly a decade. Tony began his NerdWallet career as a writer and worked his way up to assistant assigning editor and then to lead assigning editor. His writing has been featured by the Los Angeles Times, MarketWatch, Mashable, Nasdaq.com, USA Today and VentureBeat. Tony lives in Minneapolis, Minnesota.
Alice Holbrook Assigning Editor | Homebuying, savings and banking products
Alice Holbrook edits homebuying content at NerdWallet. She has covered personal finance topics for almost a decade and previously worked on NerdWallet's banking and insurance teams, as well as doing a stint on the copy desk. She is based in Ann Arbor, Michigan.
Many or all of the products featured here are from our partners who compensate us. This influences which products we write about and where and how the product appears on a page. However, this does not influence our evaluations. Our opinions are our own. Here is a list of our partners and here's how we make money.
Best banks for multiple savings accounts
If you are considering having more than one regular savings account, these six financial institutions should be at the top of your list. They offer some of the highest annual percentage yields, or APYs, on the market. And none of them have monthly fees. Some even offer extra features, such as letting you nickname accounts to personalize them with your savings goals.
Compare top savings accounts
Find a high-yield savings account with a great rate. Compare rates side-by-side.
NerdWallet's ratings are determined by our editorial team. The scoring formulas take into account multiple data points for each financial product and service.
NerdWallet's ratings are determined by our editorial team. The scoring formulas take into account multiple data points for each financial product and service.
NerdWallet's ratings are determined by our editorial team. The scoring formulas take into account multiple data points for each financial product and service.
Barclays Online Savings Account
Savings APY of 3.60% with a minimum account balance of $0 to earn APY
NerdWallet's ratings are determined by our editorial team. The scoring formulas take into account multiple data points for each financial product and service.
NerdWallet's ratings are determined by our editorial team. The scoring formulas take into account multiple data points for each financial product and service.
Discover Online Savings Account
No excessive withdrawal fees; savings APY of 3.60%
NerdWallet's ratings are determined by our editorial team. The scoring formulas take into account multiple data points for each financial product and service.
If you’re serious about making the most of multiple savings accounts, we recommend going with one of these options. Looking elsewhere can’t hurt, as long as you keep these four tips in mind:
1. Avoid monthly maintenance fees
Using multiple savings accounts can be less of a bonus and more of a costly burden if you’re hit with monthly maintenance fees. If a savings account has monthly surcharges, look for ways to get them waived. That might include keeping balances above a certain dollar amount or scheduling automatic transfers to savings.
2. Lock in strong rates
Avoiding monthly fees should be a priority, and securing a competitive rate should be, too. Online banks and credit unions tend to offer higher APYs than traditional brick-and-mortar banks, which makes them ideal for multiple savings accounts.
Look at it this way: Keeping $10,000 at a bank that offers a 0.01% APY would earn an annual yield of just a dollar. An APY of 2%, on the other hand, would earn about $200 — not enough to get rich, but a welcome addition to an emergency fund.
Some banks and credit unions listed above let people nickname their accounts based on their savings goals. You can name these accounts whatever you’d like, but we recommend keeping it simple: “vacation fund,” “emergency fund,” “new dishwasher fund.”
4.00%SoFi members with direct deposit can earn up to 4.00% annual percentage yield (APY) on savings balances (including Vaults) and 1.20% APY on checking balances. There is no minimum direct deposit amount required to qualify for the 4.00% APY for savings. Members without direct deposit will earn 1.20% APY on all account balances in checking and savings (including Vaults). Interest rates are variable and subject to change at any time. These rates are current as of 03/17/2023. Additional information can be found at http://www.sofi.com/legal/banking-rate-sheet
3.75%3.75% APY (annual percentage yield) with $0 minimum balance to earn stated APY. Accounts must have a positive balance to remain open. APY valid as of 02/14/2023.
These cash accounts combine services and features similar to checking, savings and/or investment accounts in one product. Cash management accounts are typically offered by non-bank financial institutions.
These cash accounts combine services and features similar to checking, savings and/or investment accounts in one product. Cash management accounts are typically offered by non-bank financial institutions.
4.00%Annual percentage yield (variable) is as of 02/06/2023.
Min. balance for APY
$0
CDs (certificates of deposit) are a type of savings account with a fixed rate and term, and usually have higher interest rates than regular savings accounts.
CDs (certificates of deposit) are a type of savings account with a fixed rate and term, and usually have higher interest rates than regular savings accounts.
3.30%Your annual percentage yield can be as high as 3.30% based on the following combined rate rewards: direct deposits (not including intra-bank transfers from another account) totaling $1,500 or more each month will earn 0.40%. A qualifying direct deposit is required for the remaining interest rate qualifications to apply. Ten (10) point-of-sale transactions per month using your Rewards Checking Visa® Debit Card for normal everyday purchases with a minimum of $3 per transaction, or enrolling in Account Aggregation/Personal Finance Manager (PFM) will earn 0.30%; maintaining an average daily balance of at least $2,500 per month in an Axos Self Directed Trading Invest account will earn 1.00%; maintaining an average daily balance of at least $2,500 a month in an Axos Managed Portfolio Invest account will earn 1.00%; and making a monthly payment to an open Axos Bank consumer loan (commercial and business loans excluded) via transfer from your Rewards Checking account will earn a maximum of 0.60%.
Monthly fee
$0
Money market accounts pay rates similar to savings accounts and have some checking features.
Money market accounts pay rates similar to savings accounts and have some checking features.
Banks and credit unions generally limit the number of savings accounts people can have, though our favorites often let you open more than 15. Policies vary from bank to bank.
“Some banks limit savings account customers to six withdrawals a month per account, not including ATM or in-person withdrawals.”
No matter how many savings accounts you have, make sure you won’t get hit with fees for excessive withdrawals. A federal banking rule — called Regulation D — used to limit savings account customers to six such transactions a month per account, not including ATM or in-person withdrawals. The rule was relaxed because of the pandemic, but banks could still charge for excessive transactions. Know your bank’s policy before moving your money.
There is no one-size-fits-all answer to where you should open multiple savings accounts. But by exploring your options and keeping the above tips in mind, you can set yourself up for success.
