Can You Have Two Checking Accounts at the Same Bank?

  • Banks will allow you to open up more than one checking account at the same time.
  • Multiple checking accounts may be ideal for couples or parents.
  • Keep track of account minimum balance requirements if your bank charges a monthly service fee.

Banks allow you to have more than one checking account at the same time. There aren’t any restrictions in place for how many accounts you can open at a financial institution.

But is it a wise decision to open multiple accounts at the same bank? Here’s how to determine if it might be worth exploring for your situation.

Who should consider opening two checking accounts?

First, you’ll want to evaluate whether opening several


checking accounts

is a suitable option.

Grace Yung, CFP® professional and managing director of Midtown Financial Group, says it may be a good fit for couples.

“Many times couples have joint checking accounts because naturally, it makes sense that they may have shared expenses,” says Yung. “That’s great, but I am a strong believer that everyone should have their own individual account as well.”

You can open a second checking account for personal goals, and use the account without having to discuss withdrawals or deposits with another person, Yung adds.

Parents might also consider opening a checking account with their teens to teach them about money.

“This gives your children lessons on how to manage their finances,” Yung explains. “Unfortunately, many schools do not teach the basics of financial management. That is one reason we see people bounce checks or get hit with overdraft fees.”

If you open up a checking account for a minor, most financial institutions will specify that an adult must open the account with the minor. Financial institutions may set age restrictions for teen checking accounts. Generally, banks require the child to be at least 13 years old.

Pros and cons of opening two checking accounts at the same bank

Yung says opening up checking accounts at the same bank can be convenient since you are establishing relationship banking.

Banks often reward customers who apply for multiple bank products. You may earn higher interest rates on savings accounts or waive monthly service fees on other bank accounts.

Relationship banking may also help you with long-term goals like applying for a car loan or a mortgage.

However, Yung also notes it’s also good to have relationships with multiple financial institutions, so you have more flexibility.

“A good recent example of this is when PPP first came out. Existing clients of financial institutions received preferred service and access,” adds Yung.

How to manage multiple checking accounts

Yung says having multiple checking accounts can be an effective way to manage overall cash flow. You may assign a specific purpose for each checking account — one account for fixed expenses and another for miscellaneous expenses.

Depending on your bank, you’ll want to be mindful of bank charges. Several brick-and-mortar banks charge monthly service fees if you don’t maintain a specific daily account balance. Yung advises keeping track of minimum balance requirements to avoid monthly service fees.

Yung also says you might consider adding beneficiaries to your bank account.

When one joint bank account owner dies, the surviving owner can take complete control of a bank account. However, if you assign a beneficiary, both the surviving owner and beneficiary would have access to the bank account.

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