3 reasons you should have more than one savings account

When it comes to savings accounts, sometimes more is better.

With a single savings account, you might have trouble managing all of your goals in one place, or you might be too tempted to spend from that account.

Those problems won't worry you when you have multiple accounts. And while an individual bank or financial institution may limit how many savings accounts you can have with them, there's no limit to how many accounts you can have at different places.

When you look for the right savings account, it's important to consider fees, the annual percentage yield or APY (the amount of interest an account earns in a year), and functionality. Several of CNBC Select's favorite high-yield savings accounts offer high interest rates with minimal fees — Synchrony Bank's High Yield Savings, for example, doesn't require a minimum deposit or balance and has no monthly fees. SoFi's Checking and Savings is another option that ranked highly for its welcome bonus and strong APY with a direct deposit. 

Here's what else you need to know if you're considering opening another savings account, and several scenarios where it might be helpful to have more than one.

If you're having trouble keeping track of your different savings goals, it may be time to open another savings account. 

"Having multiple savings accounts allows you to visualize certain goals," says Andrea Woroch, a consumer and budgeting expert based in California. "You could create different savings accounts for different goals, and then there's no mudding of your savings." 

Using a separate savings account, or one that allows you to have "buckets" for different goals like Ally Online Savings Account, could help keep your savings more organized. These buckets are all within the same savings account, but can still help you visualize how much progress you've made toward each of your goals.

An emergency fund is a pool of cash saved for unforeseen expenses, such as home repairs or a job loss, and is generally equal to three to six months' worth of your expenses. It's meant to be kept accessible in an emergency. 

If you're often tempted to dip into that emergency fund, it might be time to open another savings account at a bank or financial institution that's separate from your checking account or other accounts that you regularly monitor.

"If it's not at the same bank as your checking account, it's not going to be as easy to dip into," Woroch says. "It's still liquid and you can access it in an emergency, but it just makes it a little harder to touch on a daily basis when you feel a temptation to buy something that you might not be able to cover otherwise." 

By keeping your emergency fund out of sight and out of mind, you may be able to better maintain it for when it's needed, and avoid the temptation to spend it. 

Federal Deposit Insurance Corporation (FDIC) coverage is limited to $250,000 per person, per account ownership category, and per insured bank. Having multiple savings accounts across different banks or fintechs is one way to get more than $250,000 in FDIC protection.

Some institutions will help do this work for you, taking deposits and distributing them across several partner banks. Wealthfront uses this model for its Cash Accounts to offer up to $5 million for individual Cash accounts ($10 million for joint accounts) through partner banks. Betterment, another fintech company, offers up to $2 million in coverage for individual Cash Reserve accounts by distributing deposits to partner banks. 

While this can be useful for those with large savings account balances, you'll need to double-check that the banks the fintech company works with aren't ones where you currently bank. Since you only get $250,000 of FDIC coverage at each institution, any deposits you already have with a bank will count toward that limit. Check your statements to see where your cash is deposited to ensure you'll get the full coverage amount.

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. To get the best savings account, consider the APY, functionality of the account, and opt for a fee-free account.

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Information about the Synchrony Bank High Yield Savings Account has been collected independently by CNBC and has not been reviewed or provided by the bank prior to publication.

* New and existing Checking and Savings members who have not previously enrolled in Direct Deposit with SoFi are eligible to earn a cash bonus of either $50 (with at least $1,000 total Eligible Direct Deposits received within 25 calendar days of your first Eligible Direct Deposit of $1 or more) OR $400 (with at least $5,000 total Eligible Direct Deposits received within 25 calendar days of your first Eligible Direct Deposit of $1 or more). Cash bonus amount will be based on the total amount of Eligible Direct Deposit received within 25 calendar days of your first Eligible Direct Deposit of $1 or more. If you have satisfied the Eligible Direct Deposit requirements but have not received a cash bonus in your Checking account, please contact us at 855-456-7634 with the details of your Eligible Direct Deposit. Direct Deposit Promotion begins on 5/15/2026 and will be available through 12/31/26. See full bonus and annual percentage yield (APY) terms at sofi.com/banking/checking-offer/ *SoFi Checking and Savings is offered through SoFi Bank, N.A., Member FDIC. SoFi members with Eligible Direct Deposit can earn up to 3.10% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. There is no minimum Eligible Direct Deposit amount required to qualify for the 3.10% APY for savings (including Vaults). Members without Eligible Direct Deposit will earn 1.00% APY on savings balances (including Vaults) and 0.50% APY on checking balances. Interest rates are variable and subject to change at any time. These rates are current as of 5/28/26. There is no minimum balance requirement. Fees may reduce earnings. Additional information can be found at http://www.sofi.com/legal/banking-rate-sheet. *SoFi Bank is a member FDIC and does not provide more than $250,000 of FDIC insurance per depositor per legal category of account ownership, as described in the FDIC's regulations. Any additional FDIC insurance is provided by the SoFi Insured Deposit Program. Deposits may be insured up to $3M through participation in the program. See full terms at SoFi.com/banking/fdic/sidpterms. See list of participating banks at SoFi.com/banking/fdic/participatingbanks. *Earn up to 3.80% Annual Percentage Yield (APY) on SoFi Savings with a 0.70% APY Boost (added to the 3.10% APY) for up to 6 months. Open a new SoFi Checking & Savings account with Eligible Direct Deposit by 12/31/26. Rates variable, subject to change. Terms apply at sofi.com/banking#2. SoFi Bank, N.A. Member FDIC *Annual percentage yield (APY) is variable and subject to change at any time. Rates are current as of 5/28/26. There is no minimum balance requirement. Fees may reduce earnings. Additional rates and information can be found at https://www.sofi.com/legal/banking-rate-sheet