As you already know, a Savings Account is a great way to safely store your money and spend it whenever needed. But you don’t have to limit to one account as multiple Savings Accounts can enrich the way you manage your finances.
Here’s why you should open more than one Savings Account:
- Setting up different accounts helps you keep track of your goals efficiently
- Automated transfer of money from your primary account to other Saving Accounts reduces the chance of spending it impulsively
- It helps you build momentum for your financial goals, monitor progress and hold yourself accountable while saving for the future
- Debit Cards linked to some Savings Accounts have a per-day limit on fund withdrawal. So, having multiple accounts comes in handy when in urgent need of cash.
Here’s how you can allocate your money across different Savings Accounts:
Main account:You should have one main account which will act as your primary account for major monthly expenditure. This account can be linked to all your EMI payments, rent, mutual fund investments, monthly shopping and other automated bill payments.
Salary account:You should have a separate account to receive your monthly salary. This can also be a temporary account which you can consider closing when you change your job. You can regularly transfer a certain amount from this account to your main account to meet investments and expenses.
Joint account:Having a joint account between spouses formulates comprehensive knowledge about financial assets. You can use this account as an avenue for 3-6 months’ worth of contingency funds. The nominee of such an account can be your children.
While there’s no limit to how many Savings Accounts you can have, there are a few things to consider before signing up for more than one. According to financial experts, it isn’t advisable to open more than three Savings Accounts, as it can be difficult to manage. Apart from having a minimum balance in each account, banks might also mark an account dormant if there is no activity for a period of time. Additionally, banks levy various charges on these accounts, and if you’re keeping them idle, the balance will decrease unnecessarily.
The money in each account depends on your comfort level. While it should be sufficient enough to have a good night sleep, it shouldn’t tempt you to splurge. It isn’t uncommon for bank balances to stagger just before your salary arrives, making it essential to have a decent balance to fund an emergency or unexpected expense.
The good thing about having many accounts in that you can prioritise your goals and save sincerely. At HDFC Bank, there is a Savings Account for all your needs.
While there’s no limit to how manySavings Accountyou can have, there are a few things to consider before signing up for more than one.
To keep up with the current times, HDFC Bank has extended an instant Savings Account facility via InstaAccount, ensuring a completely paperless account opening process. All you need is a few minutes to enter your details and upload your documents. Click here to open a newSavings Accountdigitally.
Want to know more about opening a contactless Savings Account? Click here to get started.
Click here to open a Savings Account.
*Terms and conditions apply. The information provided in this article is generic in nature and for informational purposes only. It is not a substitute for specific advice in your own circ*mstances.
FAQs
Each bank has its own policies for how many accounts you can have. But in general, having more than one checking account with the same bank is possible. For example, you may choose to have an individual account plus a joint account with a partner or teenage child.
Can I open 2 bank accounts with the same bank? ›
Yes, you can have multiple checking accounts at the same bank. If you opt for more than one checking account, having them at the same bank can help simplify your finances. You can likely link your accounts and see everything in one place when you log in online.
Can I open two bank account online? ›
You may be wondering: Can I have Multiple Savings Accounts or not? The answer is 'Yes,' you can.
Can you open two current accounts with the same bank? ›
Some banks might allow you to open two current accounts, while others do not - but you can still open a joint account. Is there a limit to how many bank accounts you can have? Legally you can have as many bank accounts as you like - as long as you meet the bank's criteria and you can keep track of them all!
Can 2 people use the same online banking? ›
Multiple users for the same service/bank account:
If you and your family members or business partners share e-services, you need to contact the service provider and give additional users a mandate/authorization (or a power of attorney, depending on the service) to access that account.
Which banks allow multiple checking accounts? ›
There is no rule in place limiting how many different bank accounts a consumer can open at banks or credit unions. Consumers can open as many bank accounts as they want.
Can we open 2 accounts in same bank with same number? ›
While the rules may vary depending on the bank, the short answer is generally yes, you can have multiple checking accounts with the same bank. However, there are some important things to keep in mind before you decide to open a second account, such as fees, interest rates, and account requirements.
Can I open a dual bank account online? ›
Opening a joint bank account is similar to setting up individual accounts. Most banks will allow you to sign up online or in person as long as you have the required information for both owners.
How can I open another bank account online? ›
- Choose the account.
- Gather personal documents and information.
- Fill out the application.
- Fund your new account.
- See more banking guides.
Best Savings Bank Accounts of 2024
| Sr.No. | Bank Name | Rates of Interest(p.a.) |
|---|
| 1 | State Bank of India | 2.70% - 3.00% |
| 2 | Union Bank of India | 2.75% - 3.55% |
| 3 | HDFC Bank | 3.00% - 3.50% |
| 4 | ICICI Bank | 3.00% |
6 more rowsJun 5, 2024
Bank secrecy laws protect the privacy of bank account holders, making it difficult to obtain information about these accounts without the account holder's consent.
Can you open another bank account if your account is closed? ›
Once a bank account is closed, it usually can't be reopened. You'll have to open a new bank account with your institution or bank somewhere else. Some banks have second chance bank accounts, which allow you to open a bank account regardless of whether you have a negative banking history.
Does opening multiple bank accounts affect credit score? ›
Will having two or more current accounts damage my credit score? Not necessarily, no. However, having two or more current accounts won't necessarily damage your credit score, but it could have a negative impact if you start dipping into multiple overdrafts – making it look as if your finances are becoming stretched.
Can I add a second person to my bank account online? ›
The procedure for adding someone to your bank account varies by financial institution. Typically, it includes the following: Visit a bank branch together or call together (though some banks or credit unions allow you to do it online). Request to add the other person to your savings or checking account.
Can I have 2 bank accounts at the same bank? ›
Each bank has its own policies for how many accounts you can have. But in general, having more than one checking account with the same bank is possible. For example, you may choose to have an individual account plus a joint account with a partner or teenage child.
Can I use the same email for two bank accounts? ›
You can register multiple email addresses per account for Interac e-Transfer Autodeposit. However, once an email is registered, it cannot be used again with another account.
Is there a downside to having multiple bank accounts? ›
While there are some clear advantages to having multiple bank accounts, there are also some potential drawbacks to consider: Minimum balance requirements: Some banks and credit unions require that you keep a certain amount in your account to keep the account open or to avoid a monthly fee.
Can you have 2 joint bank accounts with the same bank? ›
It's not uncommon for customers to have both individual and joint accounts under their name within the same bank. This could be a mix of current accounts, savings accounts, and other specialized accounts, depending on the bank's criteria and the customer's financial goals.
Can you join two existing bank accounts? ›
Keep the process simple if you and your spouse already have accounts at the same bank. You'll both have to show up with valid ID. Then you can close one spouse's accounts completely, transfer their money to the other spouse's accounts, and add their name.
