As you already know, a Savings Account is a great way to safely store your money and spend it whenever needed. But you don’t have to limit to one account as multiple Savings Accounts can enrich the way you manage your finances.
Here’s why you should open more than one Savings Account:
- Setting up different accounts helps you keep track of your goals efficiently
- Automated transfer of money from your primary account to other Saving Accounts reduces the chance of spending it impulsively
- It helps you build momentum for your financial goals, monitor progress and hold yourself accountable while saving for the future
- Debit Cards linked to some Savings Accounts have a per-day limit on fund withdrawal. So, having multiple accounts comes in handy when in urgent need of cash.
Here’s how you can allocate your money across different Savings Accounts:
Main account:You should have one main account which will act as your primary account for major monthly expenditure. This account can be linked to all your EMI payments, rent, mutual fund investments, monthly shopping and other automated bill payments.
Salary account:You should have a separate account to receive your monthly salary. This can also be a temporary account which you can consider closing when you change your job. You can regularly transfer a certain amount from this account to your main account to meet investments and expenses.
Joint account:Having a joint account between spouses formulates comprehensive knowledge about financial assets. You can use this account as an avenue for 3-6 months’ worth of contingency funds. The nominee of such an account can be your children.
While there’s no limit to how many Savings Accounts you can have, there are a few things to consider before signing up for more than one. According to financial experts, it isn’t advisable to open more than three Savings Accounts, as it can be difficult to manage. Apart from having a minimum balance in each account, banks might also mark an account dormant if there is no activity for a period of time. Additionally, banks levy various charges on these accounts, and if you’re keeping them idle, the balance will decrease unnecessarily.
The money in each account depends on your comfort level. While it should be sufficient enough to have a good night sleep, it shouldn’t tempt you to splurge. It isn’t uncommon for bank balances to stagger just before your salary arrives, making it essential to have a decent balance to fund an emergency or unexpected expense.
The good thing about having many accounts in that you can prioritise your goals and save sincerely. At HDFC Bank, there is a Savings Account for all your needs.
While there’s no limit to how manySavings Accountyou can have, there are a few things to consider before signing up for more than one.
To keep up with the current times, HDFC Bank has extended an instant Savings Account facility via InstaAccount, ensuring a completely paperless account opening process. All you need is a few minutes to enter your details and upload your documents. Click here to open a newSavings Accountdigitally.
Want to know more about opening a contactless Savings Account? Click here to get started.
Click here to open a Savings Account.
*Terms and conditions apply. The information provided in this article is generic in nature and for informational purposes only. It is not a substitute for specific advice in your own circ*mstances.
FAQs
Check with your bank to learn about the process for opening a second checking account. While some allow you to open another account online and link it to your online banking, others may require you to contact them or open the account in person.
Can I open another bank account with the same bank online? ›
It depends on the bank. Some banks might allow you to open two current accounts, while others do not - but you can still open a joint account.
Can you open 2 separate accounts at the same bank? ›
You might be wondering if you can have two checking accounts with the same bank. Sometimes, this kind of arrangement can suit a person's specific needs (more on that in a minute). The good news is, yes, it is possible to have more than one checking account.
Can I have two accounts in the same bank app? ›
Yes, it is possible to register multiple accounts from the same bank on a single mobile banking app. Many banks offer this feature to their customers to provide convenience and easy access to all their accounts in one place.
Is it illegal to have two bank accounts with the same bank? ›
The number of checking accounts any one person can have is entirely up to them. There's no limit on the number of checking accounts you can open, whether you have them at traditional banks, credit unions or online banks.
Can I open another checking account with the same bank online? ›
Check with your bank to learn about the process for opening a second checking account. While some allow you to open another account online and link it to your online banking, others may require you to contact them or open the account in person.
Can I open new account in same bank online? ›
Generally, yes. You can open a checking account online in just a few minutes with an online bank or credit union or with traditional banks and credit unions that offer online banking and checking accounts.
Can we open two accounts in the same bank with the same mobile number? ›
You can have same mobile number for 2 bank accounts provided the accounts are with different banks (e. g. One with SBI and another with ICICI). If the accounts are with same bank (e. g. Both accounts are with ICICI), then it is not completely possible, you can register the same mobile number but will not ...
Can we open two current accounts in the same bank? ›
Yes, You can have two accounts in a bank: In two different branches or at the same branch.
Is it okay to have 2 accounts in one bank? ›
While the rules may vary depending on the bank, the short answer is generally yes, you can have multiple checking accounts with the same bank. However, there are some important things to keep in mind before you decide to open a second account, such as fees, interest rates, and account requirements.
Log in to Online Banking and click on 'Services & Settings' from the top of the screen and select 'Add an Account' from the drop down list. To add a branch account you will need to know the sort code, account number and account name. To add a credit card you will need to have the card number.
Can I use two accounts on my first bank app? ›
Can I access all my accounts on the App? Yes, you can.
Can you have multiple online bank accounts? ›
Opening accounts at multiple banks is fine, especially if you like a specific account elsewhere or the bank doesn't offer everything you need. Remember that each bank you use means another account login to remember and another banking app to download and use.
Can I open a second bank account with the same bank? ›
Yes, it's generally possible to hold multiple accounts with the same financial institution. Banks often have a variety of offerings to meet the diverse needs of their customers.
Can I open a new bank account if I already have one? ›
You can have as many bank accounts as you like, from any bank that's willing to let you open one. Keeping track of multiple accounts can involve extra legwork, but there are definite benefits. You may already have more than one bank account.
How many bank accounts can a person have in same bank? ›
There is no limit set to how many bank accounts you should have. However, it is advisable to have less than four bank accounts per person because it becomes difficult to manage money in multiple bank accounts. Is there any problem with having multiple bank accounts?
Can I open two current accounts with the same bank? ›
Yes, it's generally possible to hold multiple accounts with the same financial institution. Banks often have a variety of offerings to meet the diverse needs of their customers.
Can I open a bank account online without going to the bank? ›
You can apply for most checking accounts online if you're 18 or older by going to the bank's website and filling out the application. The application will ask for basic information about yourself as well as submitting some documents for verification.
