Can You Have Multiple Accounts in the Same Bank?

Most of us start dealing with banks when we open a bank account especially saving accounts as they give interest rates and can be linked to certificates, deposits, and even loans. With the added benefit of having salaries and pensions directly transferred to bank accounts more people started wanting to have bank accounts.

The question is can we have multiple accounts in one bank?

 The answer is definitely yes. In fact you may even need to have more than one bank account in the same bank.

When to open multiple bank accounts:

• If you want to have a savings account to save up for a specific purchase or a trip and want to keep this account separate from your regular account.
• If you want to open an account just for emergencies and keep it separate from your regular account that you use on a daily basis.
• Open an account for your underage children and save up on their behalf till they reach their majority at 21 years of age and gain access to the account.
• If you do a lot of work online you may want an account just for your online transactions.
• Joint accounts which are accounts managed by 2 people at the same time where all parties can withdraw or deposit as needed. Joint accounts are mostly for married couples or business partners.

Open an account for your underage children and save up on their behalf till they reach their majority at 21 years of age and gain access to the account.

Downside of having multiple accounts:

• Since your money is divided over multiple accounts you won’t really benefit from any increase in interest rates especially if you are the sole depositor.
• Each bank account has its own administrative fees. More accounts mean more fees to be paid.