Can You Open Multiple Checking Accounts?
Opening multiple checking accounts is an easy process for most people. However, if you’re a student, you may have to pay an account maintenance fee or be eligible for certain offers in order to open more than one checking account.
Yes, you can open multiple checking accounts
How many checking accounts can I have? You can open multiple checking accounts at the same bank or at different banks. You can also open a checking account at a credit union, but that’s a topic for another article! According to SoFi professionals, “Having more than 1 bank account can make it simpler to manage the incoming and outgoing of funds.
It’s important to understand what types of checking accounts are available and how they differ before making your choice. Some features of each type are listed below:
- Checking account – A basic checking account with no fees or minimums that offers access to ATMs and online banking services
- Interest-bearing checking account – A basic checking account with minimal fees that offers interest on deposits up to $100 ($250 if you’re under 18 years old)
- Premium/reward/high-yield/free rewards/etc., etc., etc., deposit bonus interest rate reward bonus percentage high-yield money market savings.
Make sure opening a second account will help your finances.
When deciding whether to open a second checking account, think about the following:
- Fees. Make sure you understand all the fees associated with opening an additional account. If your current bank isn’t going to charge you any fees, that’s great! But if they do, make sure they’re still worth it, considering all of the other factors involved in this decision.
- Maintenance costs. You’ll also want to consider what it will cost you in terms of time, effort, and money when maintaining your new account(s). Do you have enough time on your hands? Are there any major changes in your life that would require more attention than usual? How much extra effort are these accounts worth for their potential benefits?
- Reasons for opening an additional bank account or prepaid card. What do you hope to accomplish with this new addition? Are there any specific goals or purposes behind adding another checking account (such as budgeting) that might be best served by having multiple accounts instead of just one?
Determine if you need a basic account or one with more benefits
If you’re just looking for a basic checking account with no frills, you can likely find a traditional bank that offers one. These accounts typically have lower monthly maintenance fees than their premium counterparts and may also come without minimum balance requirements or overdraft penalties.
Benefits of a primary account include:
- No minimum balance requirement
- No monthly fee
- No ATM fees
Compare fees between different banks and credit unions
Compare fees between different banks and credit unions.
If you want to open multiple checking accounts, you should compare the fees that each option charges, including:
- Account maintenance fees (like monthly maintenance or statement handling fees).
- Usage-based fees (like per check charges).
- Balance requirements (like minimum deposit requirements or minimum balance requirements).
Opening multiple checking accounts may seem like a good idea, but ensuring it will help your finances is important. You should also compare the fees and benefits of different banks before deciding where to open an account. Finally, if you decide to open more than one checking account, be sure that all of them are connected so that money can easily transfer between them.