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Need Multiple Savings Accounts? Here’s Where to Bank
Online banks tend to have higher savings rates and lower fees, making them good options for 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.
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If you are considering having more than one regular savings account, these six financial institutions are great options. 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. Always make sure that you’re selecting a bank that has insurance from the Federal Insurance Deposit Corp. (FDIC). If you are banking with a credit union, pick one that is insured by the National Credit Union Administration (NCUA).
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 formula incorporates coverage options, customer experience, customizability, cost and more.
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 4.35% 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.
NerdWallet's ratings are determined by our editorial team. The scoring formulas take into account multiple data points for each financial product and service.
5 tips for finding and using multiple 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 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 3%, on the other hand, would earn about $300 — which can help you build an emergency fund faster.
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.”
4.60%SoFi members with Direct Deposit or $5,000 or more in Qualifying Deposits during the 30-Day Evaluation Period can earn 4.60% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. There is no minimum Direct Deposit amount required to qualify for the stated interest rate. Members without either Direct Deposit or Qualifying Deposits, during the 30-Day Evaluation Period will earn 1.20% APY on savings balances (including Vaults) and 0.50% APY on checking balances. Interest rates are variable and subject to change at any time. These rates are current as of 10/24/2023. There is no minimum balance requirement. Additional information can be found at http://www.sofi.com/legal/banking-rate-sheet.
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.
5.50%*Base annual percentage yield (variable) is 4.75% as of 7/31/23. 5.50% APY reflects a .75% boost available as a special offer with qualifying deposit. Terms apply. Cash Reserve is only available to clients of Betterment LLC, which is not a bank, and cash transfers to program banks are conducted through clients’ brokerage accounts at Betterment Securities.
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.
5.55%All Bread Savings APYs are accurate as of 11/30/2023. APYs are subject to change at any time without notice. Offers apply to personal accounts only. Fees may reduce earnings. To open a CD, a minimum of $1,500 is required and must be deposited in a single transaction. A penalty will be imposed for early withdrawals on CDs. At maturity, your CD will automatically renew and earn the base interest rate in effect at that time.
0.50%SoFi members with Direct Deposit or $5,000 or more in Qualifying Deposits during the 30-Day Evaluation Period can earn 4.60% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. There is no minimum Direct Deposit amount required to qualify for the stated interest rate. Members without either Direct Deposit or Qualifying Deposits, during the 30-Day Evaluation Period will earn 1.20% APY on savings balances (including Vaults) and 0.50% APY on checking balances. Interest rates are variable and subject to change at any time. These rates are current as of 10/24/2023. There is no minimum balance requirement. Additional information can be found at http://www.sofi.com/legal/banking-rate-sheet.
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.
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.
FDIC and NCUA insurance typically only covers up to $250,000 per depositor, per institution and per ownership category, which means that if you have your money in multiple savings accounts at the same bank, your money might not be fully covered. If you have more than $250,000, you may want to spread it around at different banks or consider different account options.
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.
