Can I open checking or savings accounts with more than one bank at a time? | Consumer Financial Protection Bureau (2024)

FAQs

Can I open checking or savings accounts with more than one bank at a time? | Consumer Financial Protection Bureau? ›

Yes, it is legal to open up multiple bank accounts in the US. Many people in the US have both a Checking and Savings account with one bank.

Having at least one checking account is a good place to start, but it's possible to have multiple checking accounts at the same bank or at different banks. There are various reasons for having more than one checking account. Figuring out the right number of accounts to open depends on your financial needs and goals.

Key Takeaways. Having multiple savings accounts can help you keep track of various savings goals. Consider how many accounts you're comfortable managing when deciding if you should open more savings accounts. You can have multiple savings accounts with one bank or spread them across several institutions.

There are no restrictions on the number of checking and savings accounts you can open or the number of banks or credit unions with which you can have accounts.

Having multiple checking accounts could also mean more maintenance — and more fees — from the bank if you fall below the minimum balance requirements or inactivity thresholds.

Spreading your money out across different savings accounts from various banks could help you take advantage of higher interest rates. For example, your brick-and-mortar bank may pay a lower APY for a regular savings account versus a high-yield savings account at an online bank.

There is no limit set to how many bank accounts you should have. However, it is advisable to have less than four bank accounts per person because it becomes difficult to manage money in multiple bank accounts. Is there any problem with having multiple bank accounts?

You can have more than one regular savings account, but not usually with the same provider. Most banks only let you open one regular saver with them at a time.

For example, if you apply for a loan or a credit card from a bank, they may ask for your financial information, including information about your other bank accounts. In such cases, you may need to provide the relevant details, and the bank may verify the information through credit bureaus or other sources.

The act of closing a bank account, such as a checking or savings account, does not directly affect your credit score. Your credit score is not directly affected by your checking and savings account activity. That includes account closures.

Can I have 2 checking accounts with Chase? ›

There is no limit on the number of bank accounts, whether they're checking, savings or any other, an individual can hold.

Having multiple savings accounts could help you keep your money covered by FDIC insurance, keep your emergency fund safe from spending, and help you better track your goals.

Both CDs and money market accounts are safe investments. They typically include FDIC insurance and don't involve the purchase of securities that may fluctuate in value. The only situation in which your investment could be at risk is if the financial institution at which you open the account declares bankruptcy.

In general, bank accounts don't affect your credit score, and they don't show up on your credit report.

The ideal number of bank accounts depends on your financial habits and needs. You might be happy with just two accounts – checking and savings – or you may want multiple accounts to separate business and personal expenses, share a bank account with a partner or maintain separate accounts for various financial goals.

Most of the time, opening a checking account does not affect your credit score. If the bank pulls your credit before opening your account, it will likely make a soft inquiry. The bank could make a hard inquiry, which would lower your score slightly, but that's unusual.