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Can You Have Two Checking Accounts at the Same Bank?

Can You Have Two Checking Accounts at the Same Bank
Melissa Brock
Melissa BrockUpdated July 30, 2023
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Editor’s note: Lantern by SoFi seeks to provide content that is objective, independent and accurate. Writers are separate from our business operation and do not receive direct compensation from advertisers or partners. Read more about our Editorial Guidelines and How We Make Money.
A checking account is a type of deposit account that allows you to save, deposit, and withdraw money for everyday expenses, such as monthly bills and groceries.You can have as many checking accounts at the same bank as you want, as banks do not put limits on the number of accounts you open at their institution. However, it's worth considering the reasons to have multiple accounts at the same bank, the pros and cons, and whether doing so fits your particular needs.

Reasons to Have Multiple Checking Accounts at the Same Bank

Consider a few reasons to have multiple checking accounts at the same bank:
  • Individual accounts for couples: Two checking accounts allow couples to have money separately and independently of their partners to attain personal goals, without having to discuss the expenses with the other person.
  • Accounts for family members: If you have a teenage child you believe should start managing money, you may want to open another account within your family.    
  • Dedicated accounts: You may also want to identify specific checking accounts to pay for dedicated expenses. For example, you may want to use one checking account to pay for loan payments or other debts, while another account may go strictly toward everyday expenses.

Managing Multiple Checking Accounts

Managing multiple checking accounts may require you to pay special attention to your accounts, especially if money automatically comes out of each account — you probably don't want to spend more than what you have in your account. A mobile banking app can help you zero in on what's going on in your account. It also allows you to check balances, transfer funds, pay bills, deposit checks, and more. Also, read through the fine print on your account and your bank's website to understand how your bank charges fees, including out-of-network ATM fees, overdraft, insufficient funds, paper statement fees, wire transfer fees, and more. A budgeting app can also help you stay organized. It can give you a 360-degree view of all your accounts, including your checking accounts, savings accounts, and retirement accounts. Plus, you can track everything in real time. 

Pros of Multiple Checking Accounts

Rewards Benefits

Banks often reward loyal customers with higher interest on savings accounts, discounts on loans, lower ATM fees, waived fees, and more. Having multiple accounts can help propel you toward these customer loyalty benefits. Perks such as checking account bonuses can give you cash in exchange for opening a new account.

Keep Business and Personal Accounts Separate

You can divvy up money in separate accounts to meet various goals. For example, if you have a small business, you may have one account for your business and another for your personal needs. Keeping your business and personal accounts separate can also help you manage better at tax time.

Easy Transfers

Having two checking accounts at the same bank can allow for easy transfers between banks. For example, if you're close to overdrawing on one account, you can add money to that account from the other account. Your bank may also offer overdraft protection as a service to cover you if you have insufficient funds in your account. 

Manage Various Goals

Two or more checking accounts can help you pull money from specific accounts for budgeting purposes. For example, you can set aside an account to pull money for everyday expenses and also set aside money in another account to allocate for another purchase, such as a vacation or Christmas funds. Keeping them within the same bank can help you visually see what's going on in one glance.Recommended: Guide to Setting Savings Goals

Cons of Multiple Checking Accounts

Extra Attention Required

It can take extra time to manage multiple accounts, including managing fees, the potential for fraudulent activity, ensuring you won't overdraw, and more. When you split your attention between two different accounts, you could overlook one account or the other.

Harder to Meet Minimum Requirements

Some checking accounts have a minimum balance requirement you must maintain to earn interest or avoid fees, though your bank may take both accounts into consideration to evaluate whether you meet the requirements. Check with your bank on their policies when deciding whether or not to have two checking accounts.

Additional Fees

Your bank may charge extra fees for the additional maintenance required to keep multiple checking accounts at one bank. Your bank accounts may also have different reference numbers, as well, potentially making them more challenging to manage.

Could Miss Out on More Beneficial Investments

Putting your money into checking accounts might cause you to miss out on other investment opportunities which could yield higher returns. In other words, you can't earn money on your money as well as you could if you put it in the stock market. Investing has higher potential for returns than deposit accounts like savings and checking accounts. However, it’s important to note that there is a risk of loss when investing. It’s not recommended to take risks that you cannot afford. 

Might Be Unnecessary

Do you really need two checking accounts? Checking accounts were originally created for day-to-day financial management — for paying bills and for other daily needs. Would you benefit more from a savings account instead? Carefully evaluate your motivations for having multiple checking accounts. You can still withdraw from a savings account, but not as regularly. Recommended: How much do people keep in checking accounts?

Should You Have Multiple Checking Accounts at the Same Bank?

There's no right or wrong answer as to whether you should have multiple checking accounts at the same bank or not. Ask yourself why you need more than one checking account, the pros and cons of having multiple accounts, and whether you should consider other investment opportunities that may offer larger returns. You may want to consider a money market account as another option, as well. 

The Takeaway

Yes, you can have two checking accounts at the same bank. In fact, there is no limit as to how many checking accounts you can have. You may be happy with just one, or you may choose to have separate accounts for fixed expenses, variable expenses, and savings goals.Multiple checking accounts at one bank may make sense for your personal situation. However, it's worth considering the pros and cons of opening more than one account, and reviewing the fees and perks, as well.For money you plan on saving, a high-yield savings account can earn you more interest than traditional savings and checking accounts. Compare high interest savings accounts with Lantern by SoFi today!

Frequently Asked Questions

Is it good to have two checking accounts?
Do too many bank accounts hurt your credit?
Can I have two debit cards for the same account?
Photo credit: iStock/Drazen_

About the Author

Melissa Brock

Melissa Brock

Melissa Brock is a higher education and personal finance expert with more than a decade of experience writing online content. She spent 12 years in college admission prior to switching to full-time freelance writing and editing. Her work has appeared on Yahoo Finance, Entrepreneur, Investopedia, The Balance, FinanceBuzz, The Journal of College Admission, MarketBeat, College Finance, Rocket Mortgage, LeverageRx, Benzinga, Morty, Ally, and more.
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