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 ArmstrongMarch 9, 2020
Need Multiple Savings Accounts? Here's Where to Bank
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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.

Alliant Credit Union High-Rate Savings
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Alliant High-Rate Savings

  • Easy to join; savings APY of 0.55%

Ally Bank Online Savings Account
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Ally Online Savings Account

  • 24/7 customer support; savings APY of 0.50%

Barclays Online Savings Account
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Barclays Online Savings Account

  • No minimum balance requirement; savings APY of 0.40%

Capital One 360 Performance Savings™
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Capital One 360 Performance Savings Account

  • No fees; savings APY of 0.40%

Discover Bank Online Savings
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at Discover Bank, Member FDIC

Discover Online Savings

  • No fees; savings APY of 0.40%

Synchrony Bank High Yield Savings Account
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Synchrony High-Yield Savings Account

  • No minimum balance requirement; APY of 0.50%

» Can’t find what you’re looking for? See more of our favorite high-yield savings accounts.

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 more of a burden than a bonus if you’re hit with monthly maintenance fees. If you want to open an account at a bank that charges these fees, there usually are ways to avoid getting dinged. These can include keeping balances above a certain dollar amount or scheduling automatic transfers between checking and savings accounts.

2. Lock in strong rates

Avoiding monthly fees should be a priority, and securing a high 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 $5,000 at a bank that offers a 0.01% APY would earn an annual yield of just 50 cents. An APY of 1.50%, on the other hand, would earn about $75 — not enough to quit your job, but a welcome addition to an emergency fund. (Here’s how to start one.)

3. Use nicknames to personalize accounts

Some banks and credit unions listed above let people nickname their accounts based on what their savings goals are. You can name these accounts whatever you’d like, but we recommend keeping it simple — “vacation fund,” “emergency fund,” “new dishwasher fund.”

4. Be aware of limits

Banks and credit unions generally limit the number of savings accounts people can have, though our favorites often let you open more than 20. Policies vary from bank to bank.

Federal banking regulations limit holders of savings accounts to six withdrawals a month per account, not including ATM or in-person withdrawals.

No matter how many accounts you have at a bank, make sure you won’t get hit with surprise fees for excessive withdrawals. Federal banking regulations — called Regulation D — limit holders of savings accounts to six such transactions a month per account, not including ATM or in-person withdrawals.

» Looking for savings options that don’t limit withdrawals? See how cash management accounts compare with high-yield savings accounts

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.