How many savings accounts can I have?

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Whether you're saving for a rainy day, a new car or want to earn more interest, having more than one savings account can help. But how many is too many? And what are the rules? Here, we explain everything you need to know to set up and manage the right number of accounts for your goals.

Here’s what you’ll learn:

  • How many savings accounts you can open
  • The rules for different types of accounts, like ISAs and fixed-rate savings
  • Why having more than one account can be useful
  • Easy tips to manage multiple accounts
  • Real-life examples of how to use separate accounts for different goals.

Is there a limit to how many savings accounts you can have?

There’s no legal limit on how many savings accounts you can open. In theory, you can have as many as you like. But some banks may limit how many accounts you can open with them.

It’s also worth knowing that while you can open more than one ISA, there’s a limit to how much you can put in. You can save up to £20,000 per tax year across all your ISAs. And you can only pay into one Lifetime ISA each year.

How many savings accounts are too many?

You can open as many savings accounts as you like – but it’s important to stay organised. Having too many accounts can get confusing. You might lose track of where your money is, forget how much is in each account or struggle to manage all the different login details.

To keep things simple, only open as many accounts as you need for your savings goals. This ensures you can manage them easily.

How many of each type of savings account can I have?

Not sure how many of each type of savings account you’re allowed? Let’s break it down.

Easy access savings accounts

You can open as many easy access savings accounts as you like across different banks and building societies. There’s no overall limit.

However, some providers may set their own rules on how many accounts you can have with them. So, it’s a good idea to check before opening multiple accounts.

Fixed-rate savings accounts

There’s no limit to how many fixed-rate savings accounts you can open. You can have several accounts with the same provider or spread them across different ones. Some banks may limit the number of accounts you can have with them, so check the terms and conditions.

You can also mix and match account types based on your goals. For example, you might open a 3-month account for short-term savings, like a holiday, and a 12-month account for longer-term savings.

Cash ISAs

You can have more than one cash ISA at the same time – there’s no limit. That means you can open accounts with different providers and pay into any of them.

However, you can’t pay in more than a total of £20,000 across all your ISAs in a single tax year.

Stocks and shares ISAs

The same rule applies to Stocks and shares ISAs. You can open as many as you like, but you can only pay in up to £20,000 per tax year across all your ISAs.

You can also split your allowance between different types of ISAs. For example, you could pay into two cash ISAs and two stocks and shares ISAs in the same year – as long as the total stays within the £20,000 limit.

As your money is invested, the value of your investments can rise and fall, so you could get back less than you invest. Tax rules can change and the value of any tax benefits depends on your personal circumstances.

Benefits of having multiple savings accounts

Wondering why you would use more than one savings account? There are benefits to having multiple savings accounts, from separating money for different goals to targeting higher interest rates.

Saving for different goals

One of the main reasons to open multiple savings accounts is to save for different goals. Instead of keeping all your money in one place, you can split it into separate accounts – each with its own purpose.

For example, you might have an instant access account for emergency expenses. At the same time, you could open a 6-month fixed-rate account to save for a holiday, letting it earn interest while it’s locked away.

Maximising interest rates and offers

Opening different types of savings accounts with various providers can help you get better interest rates. Some accounts offer higher rates, while others include bonus or introductory offers for new customers.

By spreading your savings across different products and providers, you can take advantage of the best deals and boost the interest you earn.

How do you manage multiple savings accounts?

If you have several savings accounts, staying organised is key. Here are a few tips to help you manage them effectively:

  • Automate deposits. Set up automatic transfers from your current account to your savings accounts. This helps you stay consistent, as you won’t forget to save.
  • Set clear goals. Assign a specific goal to each account – like an emergency fund, holiday savings or a house deposit. This makes it easier to stay focused and avoid dipping into the wrong pot.
  • Label your accounts. If your provider allows it, give each account a name. Labels like ‘New Car Fund’ or ‘Wedding Savings’ can help you keep track.
  • Prioritise your goals. Decide which goals matter most. If one is more urgent, you might want to save more into that account each month compared to others.

Examples of when separate savings accounts may be right for you

Having more than one savings account can be a smart move if you’re working towards different goals at the same time.

Example: 

You might want an easy access savings account for your emergency fund. This gives you quick access to money if something unexpected comes up.

At the same time, you could open a fixed-rate savings account – like a 6-month term – to save for a holiday. Since you know you won’t need that money right away, you can lock it away and earn a higher interest rate.

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