Nerdy Tip: Use labels and nicknames to keep track of multiple bank accounts.<\/strong><\/h4>\n\n\n\nMany financial institutions allow you to nickname accounts in your online banking, preventing you from having to memorize whether that long account number<\/a> is your emergency fund or your joint chequing. Consider naming accounts after their purpose (like \u201cemergency fund\u201d or \u201cvacation money\u201d), so you can easily stay on top of your goals.<\/p>\n\n\n\n\u00bb See our picks:<\/strong> The best high-interest savings accounts in Canada<\/a><\/p>\n\n\n\n2. To take advantage of perks, promos and offers<\/h2>\n\n\n\n
Banks will offer bonuses to encourage new customers to sign up from time to time. Look around, and you may find a promotional interest rate on deposits into a new e-savings account, a cash bonus for setting up a new TFSA<\/a>, or reduced fees for opening a new chequing account and setting up a bill payment or pre-authorized transactions.<\/p>\n\n\n\n\u00bb Know your options:<\/strong> The different types of bank accounts in Canada<\/a><\/p>\n\n\n\n3. To easily access shared funds<\/h2>\n\n\n\n
A joint bank account<\/a> might be a good idea when it comes to sharing expenses or savings goals with your partner or family. This system allows both of you to access the funds while keeping your own chequing accounts separate.<\/p>\n\n\n\n\u00bb Ready for a change?:<\/strong> How to switch to a new bank or credit union<\/a><\/p>\n\n\n\n4. To help stay organized<\/h2>\n\n\n\n
Perhaps you\u2019re saving for a trip, paying monthly bills or quarterly tax instalments, and building your emergency fund<\/a>. Having an account geared towards each of these purposes will help you keep your money separate and allow you to track your saving or spending<\/a> in each area more easily.<\/p>\n\n\n\nNerdy Tip: Download an app.
<\/strong><\/h4>\n\n\n\nPersonal finance apps that link your banking and credit card information in one place might make it easier to track and visualize all of your account activity across multiple accounts and financial institutions.<\/p>\n\n\n\n
5. To minimize risk<\/h2>\n\n\n\n
Canada Deposit Insurance Corporation (CDIC) deposit insurance<\/a> only protects up to $100,000 of your funds per participating bank. If your funds exceed that $100,000 limit, you may want to consider maximizing your coverage by spreading your wealth to other banks with deposit insurance.<\/p>\n\n\n\nWhat to consider before setting up multiple bank accounts<\/h2>\n\n\n\nFees and transfer limits<\/h3>\n\n\n\n
Many bank accounts in Canada charge fees for monthly maintenance and some transactions. These extra costs have the potential to add up quickly with multiple accounts. According to the Canadian Bankers\u2019 Association (CBA), 45% of Canadians pay between $1 and $15 in monthly service fees.<\/p>\n\n\n\n
There\u2019s some good news, though \u2014 the CBA also reported that nearly one-third of Canadians currently do not pay any service fees at all, and there are many no- or low-fee account options<\/a> on the market.<\/p>\n\n\n\nCommon ways to waive the cost include maintaining a minimum monthly account balance, opting for a no-fee electronic banking package, or taking advantage of no-fee service packages, such as those for seniors, students, youth, newcomers to Canada or Registered Disability Savings Plan (RDSP) beneficiaries<\/a>.<\/p>\n\n\n\n\u00bb Watch out for hidden costs:<\/strong> Guide to common bank fees and charges in Canada<\/a><\/p>\n\n\n\nMinimum balance requirements<\/h3>\n\n\n\n
Some account types will waive the monthly fee if you maintain a minimum balance. Before opening a new account<\/a>, consider whether it is a good match for your objectives.<\/p>\n\n\n\n<\/h2><\/div>\nFAQs<\/h3><\/div>\nCan you have bank accounts at multiple banks?<\/div><\/div>\nNothing is stopping you from opening accounts at several banks. If you are banking at more than one financial institution, make sure you remember to regularly check your account activity via your online banking, mailed bank statements or an app.<\/p>\n<\/div>
\u00bb MORE: <\/strong>What Is a bank statement?<\/a><\/div><\/div><\/div>\n\n\n\nCan you have multiple savings accounts at one bank?<\/div><\/div>\nAbsolutely. Most banks will allow you to open multiple bank accounts, both chequing and savings. This is an easy and free way to move money around from one account to another when you need to and even schedule an automatic transfer between accounts.<\/p>\n<\/div><\/div><\/div>\n\n\n\n
Does having multiple bank accounts affect credit score?<\/div><\/div>\nNo. Credit scores<\/a> are a reflection of your borrowing activity. As your bank accounts are where you\u2019re saving and spending your money, this isn\u2019t reported to the credit agencies and having one \u2014 or multiple \u2014 bank accounts won\u2019t impact your credit score.<\/p>\n<\/div><\/div><\/div>\n<\/div><\/div><\/div>\n<\/div><\/div><\/div>\n\n\n\n\n\t\n\t\t\n\t\t\tAbout the Author\t\t<\/h4>\n\n\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\tHelen Burnett-Nichols is a freelance writer specializing in news and feature articles on a variety of business, legal and investment topics. Her work has appeared in publications such as The…<\/p>\n\t\t\t\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\tRead more about Helen Burnett-Nichols and explore their articles<\/span>\n\t\t\t\t\t\t<\/a>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t<\/div>\n\t\t\t<\/div>\n<\/div>\n\n\n\n\t\n\t\t\t\t\t\n\t\t\t\tDIVE EVEN DEEPER\t\t\t<\/h4>\n\t\t\n\t\t\n\t\t\t\n\n\t\n\t\t\t\n\t\t![\"Best](\"https:\/\/www.nerdwallet.com\/ca\/wp-content\/uploads\/sites\/2\/2021\/12\/best-savings-accounts-e1639594127221-460x191.jpg\")
\t<\/a>\n\t\t\t\n\t\t\t\n\n\t\n\t\tBest Savings Accounts in Canada for 2025: HISAs, TFSAs, RRSPs\t<\/a>\n<\/h4>\n\n\t\n\t\tChoose the best savings account from the top registered and non-registered plans in Canada by comparing interest rates, fees and convenience.<\/p>\n\t<\/div>\n\n\t
\n\t\t\t<\/div>\n\t\t<\/div>\n\t<\/div>\n<\/div>\n<\/div>\n\n\t\n\t\t\t\n\t\t![\"How](\"https:\/\/www.nerdwallet.com\/ca\/wp-content\/uploads\/sites\/2\/2021\/07\/GettyImages-1162215640-e1625175030670-460x192.jpg\")
\t<\/a>\n\t\t\t\n\t\t\t\n\n\t\n\t\tHow to Open a Bank Account\t<\/a>\n<\/h4>\n\n\t\n\t\tYou can open a bank account online, over the phone or at a branch. Make sure you have two forms of identification ready.<\/p>\n\t<\/div>\n\n\t
\n\t\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\t![\"\"](\"https:\/\/www.nerdwallet.com\/ca\/wp-content\/uploads\/sites\/2\/2021\/07\/Hannah-Logan-e1626212867388-40x40.jpg\")
Hannah Logan<\/a>![\"\"](\"https:\/\/www.nerdwallet.com\/ca\/wp-content\/uploads\/sites\/2\/2022\/03\/Headshot_Siddhi-Jahagirdar-e1648746969870-40x40.jpg\")
Siddhi Bagwe<\/a>\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t<\/div>\n\t\t<\/div>\n\t<\/div>\n<\/div>\n<\/div>\n\n\t\n\t\t\t\n\t\t![\"What](\"https:\/\/www.nerdwallet.com\/ca\/wp-content\/uploads\/sites\/2\/2021\/07\/GettyImages-1168969642-e1625174957519-460x192.jpg\")
\t<\/a>\n\t\t\t\n\t\t\t\n\n\t\n\t\tWhat Is a Credit Union?\t<\/a>\n<\/h4>\n\n\t\n\t\tA credit union is a not-for-profit financial institution owned by its customers and run as a cooperative.<\/p>\n\t<\/div>\n\n\t
\u00bb See our picks:<\/strong> The best high-interest savings accounts in Canada<\/a><\/p>\n\n\n\n Banks will offer bonuses to encourage new customers to sign up from time to time. Look around, and you may find a promotional interest rate on deposits into a new e-savings account, a cash bonus for setting up a new TFSA<\/a>, or reduced fees for opening a new chequing account and setting up a bill payment or pre-authorized transactions.<\/p>\n\n\n\n \u00bb Know your options:<\/strong> The different types of bank accounts in Canada<\/a><\/p>\n\n\n\n A joint bank account<\/a> might be a good idea when it comes to sharing expenses or savings goals with your partner or family. This system allows both of you to access the funds while keeping your own chequing accounts separate.<\/p>\n\n\n\n \u00bb Ready for a change?:<\/strong> How to switch to a new bank or credit union<\/a><\/p>\n\n\n\n Perhaps you\u2019re saving for a trip, paying monthly bills or quarterly tax instalments, and building your emergency fund<\/a>. Having an account geared towards each of these purposes will help you keep your money separate and allow you to track your saving or spending<\/a> in each area more easily.<\/p>\n\n\n\n Personal finance apps that link your banking and credit card information in one place might make it easier to track and visualize all of your account activity across multiple accounts and financial institutions.<\/p>\n\n\n\n Canada Deposit Insurance Corporation (CDIC) deposit insurance<\/a> only protects up to $100,000 of your funds per participating bank. If your funds exceed that $100,000 limit, you may want to consider maximizing your coverage by spreading your wealth to other banks with deposit insurance.<\/p>\n\n\n\n Many bank accounts in Canada charge fees for monthly maintenance and some transactions. These extra costs have the potential to add up quickly with multiple accounts. According to the Canadian Bankers\u2019 Association (CBA), 45% of Canadians pay between $1 and $15 in monthly service fees.<\/p>\n\n\n\n There\u2019s some good news, though \u2014 the CBA also reported that nearly one-third of Canadians currently do not pay any service fees at all, and there are many no- or low-fee account options<\/a> on the market.<\/p>\n\n\n\n Common ways to waive the cost include maintaining a minimum monthly account balance, opting for a no-fee electronic banking package, or taking advantage of no-fee service packages, such as those for seniors, students, youth, newcomers to Canada or Registered Disability Savings Plan (RDSP) beneficiaries<\/a>.<\/p>\n\n\n\n \u00bb Watch out for hidden costs:<\/strong> Guide to common bank fees and charges in Canada<\/a><\/p>\n\n\n\n Some account types will waive the monthly fee if you maintain a minimum balance. Before opening a new account<\/a>, consider whether it is a good match for your objectives.<\/p>\n\n\n\n Nothing is stopping you from opening accounts at several banks. If you are banking at more than one financial institution, make sure you remember to regularly check your account activity via your online banking, mailed bank statements or an app.<\/p>\n<\/div> Absolutely. Most banks will allow you to open multiple bank accounts, both chequing and savings. This is an easy and free way to move money around from one account to another when you need to and even schedule an automatic transfer between accounts.<\/p>\n<\/div><\/div><\/div>\n\n\n\n No. Credit scores<\/a> are a reflection of your borrowing activity. As your bank accounts are where you\u2019re saving and spending your money, this isn\u2019t reported to the credit agencies and having one \u2014 or multiple \u2014 bank accounts won\u2019t impact your credit score.<\/p>\n<\/div><\/div><\/div>\n<\/div><\/div><\/div>\n<\/div><\/div><\/div>\n\n\n\n Helen Burnett-Nichols is a freelance writer specializing in news and feature articles on a variety of business, legal and investment topics. Her work has appeared in publications such as The…<\/p>\n\t\t\t\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\tRead more about Helen Burnett-Nichols and explore their articles<\/span>\n\t\t\t\t\t\t<\/a>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t<\/div>\n\t\t\t<\/div>\n<\/div>\n\n\n\n\t Choose the best savings account from the top registered and non-registered plans in Canada by comparing interest rates, fees and convenience.<\/p>\n\t<\/div>\n\n\t You can open a bank account online, over the phone or at a branch. Make sure you have two forms of identification ready.<\/p>\n\t<\/div>\n\n\t A credit union is a not-for-profit financial institution owned by its customers and run as a cooperative.<\/p>\n\t<\/div>\n\n\t2. To take advantage of perks, promos and offers<\/h2>\n\n\n\n
3. To easily access shared funds<\/h2>\n\n\n\n
4. To help stay organized<\/h2>\n\n\n\n
Nerdy Tip: Download an app.
<\/strong><\/h4>\n\n\n\n5. To minimize risk<\/h2>\n\n\n\n
What to consider before setting up multiple bank accounts<\/h2>\n\n\n\n
Fees and transfer limits<\/h3>\n\n\n\n
Minimum balance requirements<\/h3>\n\n\n\n
<\/h2><\/div>
FAQs<\/h3><\/div>
\n\t\t\tAbout the Author\t\t<\/h4>\n\n\t\t\t\t\t
\n\t\t\t\tDIVE EVEN DEEPER\t\t\t<\/h4>\n\t\t\n\t\t
\t<\/a>\n\t\t\t\n\t\n\t\tBest Savings Accounts in Canada for 2025: HISAs, TFSAs, RRSPs\t<\/a>\n<\/h4>\n\n\t
\t<\/a>\n\t\t\t\n\t\n\t\tHow to Open a Bank Account\t<\/a>\n<\/h4>\n\n\t
Hannah Logan<\/a>Siddhi Bagwe<\/a>\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t<\/div>\n\t\t<\/div>\n\t<\/div>\n<\/div>\n<\/div>\t<\/a>\n\t\t\t\n\t\n\t\tWhat Is a Credit Union?\t<\/a>\n<\/h4>\n\n\t
![\"\"](\"https:\/\/www.nerdwallet.com\/ca\/wp-content\/uploads\/sites\/2\/2021\/11\/Nora-Dunn-The-Professional-Hobo-0035-e1637619627161-40x40.jpg\")
Nora Dunn<\/a>\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t<\/div>\n\t\t<\/div>\n\t<\/div>\n<\/div>\n<\/div>![\"Bank](\"https:\/\/www.nerdwallet.com\/ca\/wp-content\/uploads\/sites\/2\/2021\/11\/GettyImages-1304492231-e1638296823897-460x192.jpg\")
\t<\/a>\n\t\t\t