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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.
March 6, 2019
Banking, Savings Accounts
multiple-savings-accounts
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Best banks for multiple savings accounts

If you want to have 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. They can also spare you from monthly maintenance fees and offer customer-friendly features, such as letting you nickname accounts to personalize them with your savings goals.

Alliant Credit Union

at Alliant Credit Union,

Federally insured by the NCUA

Alliant High-Rate Savings

4.5 NerdWallet rating
  • Easy to join; competitive savings APY of 1.80%

Ally Online Savings Account

4.5 NerdWallet rating
  • Responsive customer service; strong savings APY of 1.80%
Barclays

at Barclays,

Member, FDIC

Barclays Online Savings Account

4.0 NerdWallet rating
  • Low fees; strong savings APY of 1.90%
Capital One

at Capital One,

Member, FDIC

Capital One 360 Performance Savings Account

4.5 NerdWallet rating
  • Goal-setting tools; savings APY of 1.90%
Discover

at Discover,

Member, FDIC

Discover Online Savings

4.5 NerdWallet rating
  • No monthly fee; competitive savings APY of 1.85%

Synchrony High-Yield Savings Account

4.0 NerdWallet rating
  • No minimum balance requirement; excellent APY of 1.90%

» 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.

Online banks and credit unions tend to offer higher APYs than traditional brick-and-mortar banks.

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 2%, on the other hand, would earn about $100 — 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

The 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

Some banks and credit unions 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 limit holders of savings accounts to six such transactions a month per account, not including ATM or in-person withdrawals.

» Wait, only six savings withdrawals a month? Learn about Regulation D limits.

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.