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How Many Savings Accounts Should I Have?

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There are a number of reasons you might be trying to save money. Maybe you’re getting married soon, or perhaps you are building up an emergency fund in case another year like 2020 happens.

But if you have savings on the brain, there is also a good chance that you are saving up for more than one thing at a time.

So how do you keep track of saving for multiple things at once?

One option that Landmark National Bank can help you with is opening a savings account—or two or three!

Why Should I Open a Savings Account?

A savings account is simple to open and earns you interest on the money that you put into the account. You might already have a savings account open at Landmark or maybe you’re new to the whole process of saving.

Whatever the case, opening a savings account, or another savings account, might be the next step for you.

But why would you open another savings account if you already have one?

The main reason is to keep track of your savings in a simple way.

The Benefits of Having Multiple Savings Accounts

Suppose you are saving for both a down payment on a home and also a family trip to Disney. While both aren’t cheap purchases, a down payment will require much more money and time spent saving.

Opening two savings accounts—one to keep track of saved money for your house and another to keep track of saved money for your vacation—will keep that money separate and allow you to track your savings.

Having separate accounts for these future purchases helps you better track your progress toward your financial goals. Tracking progress toward individual goals, rather than the lump sum of all your goals combined, can be beneficial in reaching those target savings numbers. It also may help you be more mindful of how much you spend and put into your accounts each month.

Keep Your Accounts Organized

However, it is good to be aware of how many accounts you have open and how much money is saved in each. Landmark’s online and mobile banking allow you to set nicknames for each account, like “Vacation Fund”, so you can easily distinguish the accounts with a quick glance. Most savings accounts have a minimum balance required in the account to waive fees attached to each account. To avoid those fees, keep the minimum balance in your savings accounts at all times.

You may also choose to stick with a singular savings account, depending on your account’s interest rate. Some accounts reward higher savings with higher interest rates, so read the fine print on your account and even use one of our financial calculators to find out what options will yield you the most money.

How Many Savings Accounts Can I Have at One Bank?

In general, there is no limit to how many savings accounts you can open with a bank. The number of savings accounts you can have open comes down to personal preference on how you can best keep track of your money.

Don’t hesitate to contact us if you have questions regarding savings accounts, interest rates, or any of the other services Landmark National Bank can offer you.

Schedule an appointment to talk to one of our knowledgeable team members today to find out the best saving account options for you!

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