Banking Checking Accounts

How Many Checking Accounts Can I Have?

Having more than one checking account can be an excellent way to keep your finances organized and set yourself up for success.

By Kate Daugherty

Edited by Yahia Barakah, CEPF

Updated Jan. 8, 2025

Having multiple checking accounts is possible and can be incredibly beneficial for managing your finances effectively. I discovered this firsthand when I started my side hustle and opened a separate account to keep my freelance income distinct from my day job earnings. This made it easy to set aside money for taxes, track business expenses, and avoid accidentally spending money I wanted to save.

But even if you don't have a side gig, multiple checking accounts can help you stay organized, prevent overspending, and you can take advantage of perks like higher interest rates and sign-up bonuses.

Limited-Time Offer

AWARD WINNER Best Checking and Savings Combo

SoFi Checking and Savings

5.0

Learn More on SoFi's secure website, Member FDIC

Bonus Offer

Up to $300

Minimum Opening Balance

Monthly Fee

Why We Like It

Earn a $50 or $300 bonus and up to 4.00% APY¹ 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 during the Direct Deposit Bonus Period) OR $300 (with at least $5,000 total Eligible Direct Deposits received during the Direct Deposit Bonus Period). Cash bonus will be based on the total amount of Eligible Direct Deposit. 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 12/7/2023 and will be available through 1/31/2026. Full terms at sofi.com/banking. SoFi Checking and Savings is offered through SoFi Bank, N.A., Member FDIC.SoFi members with Eligible Direct Deposit can earn 3.30% 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 3.30% 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 12/23/25. There is no minimum balance requirement. Fees may reduce earnings. Additional information can be found at <a href="http://www.sofi.com/legal/banking-rate-sheet">http://www.sofi.com/legal/banking-rate-sheet</a>. on your money with eligible direct deposit
Limited-Time Offer: +0.70% Boost on Savings APY for up to 6 months on new accounts. Terms Apply.² Earn up to 4.00% Annual Percentage Yield (APY) on SoFi Savings with a 0.70% APY Boost (added to the 3.30% APY as of 12/23/25) for up to 6 months. Open a new SoFi Checking and Savings account and pay the $10 SoFi Plus subscription every 30 days OR receive eligible direct deposits OR qualifying deposits of $5,000 every 31 days by 1/31/26. Rates variable, subject to change. Terms apply at <a href="https://www.sofi.com/banking/#2">sofi.com/banking#2</a>. SoFi Bank, N.A. Member FDIC.
No account, overdraft, or monthly fees³ We do not charge any account, service or maintenance fees for SoFi Checking and Savings. We do charge a transaction fee to process each outgoing wire transfer. SoFi does not charge a fee for incoming wire transfers, however the sending bank may charge a fee. Our fee policy is subject to change at any time. See the SoFi Checking & Savings Fee Sheet for details at <a href="http://sofi.com/legal/banking-fees/">sofi.com/legal/banking-fees/</a>
Get your paycheck up to two days early with direct deposit⁴ Early access to direct deposit funds is based on the timing in which we receive notice of impending payment from the Federal Reserve, which is typically up to two days before the scheduled payment date, but may vary.
Access additional FDIC insurance up to $3 million⁵ 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 <a href="http://sofi.com/banking/fdic/sidpterms">SoFi.com/banking/fdic/sidpterms</a>. See list of participating banks at <a href="http://sofi.com/banking/fdic/participatingbanks">SoFi.com/banking/fdic/participatingbanks</a>.

Learn More on SoFi's secure website, Member FDIC

In this article

How many checking accounts can I have?
Here's a look at the benefits of multiple checking accounts.
The drawbacks of having more than one account
My checking account recommendations
How to keep track of multiple accounts
FAQ
Bottom line

How many checking accounts can I have?

There are no rules about the number of checking accounts you can have at one or multiple banks. While some banks may limit the number of checking and savings accounts you can open simultaneously, you can generally have as many checking accounts as you can effectively manage.

Why I opened more than one checking account

When I started my side hustle, I knew I wanted to keep the money I earned separate from the money I received from my full-time job. I knew I needed to set aside money for taxes and that I wanted to keep those funds completely separate from my other income.

Since I had a traditional checking and linked savings account at a brick-and-mortar bank, I knew if I just deposited those funds like any other money, the urge to spend it all would be strong. It would also make my emergency fund look inflated since I hadn't paid taxes on my side hustle earnings yet.

After some research, I opened an online bank account with a reasonable signup bonus and deposited my freelance earnings directly into it. I pay my quarterly taxes from that checking account, then move the remaining money into my various savings and retirement accounts to help me reach my goals. If I need to make a purchase, I use the debit card associated with the checking account.

I still use this method, and it's been a great way to organize my financial life. With two checking accounts, I can quickly calculate my quarterly taxes and keep them separate from my everyday money. Using the debit card to make purchases related to my side hustle lets me see the related expenses and tally any tax deductions I may be entitled to.

Here's a look at the benefits of multiple checking accounts.

While you don't want to go crazy opening bank accounts, having more than one checking account can help you manage tricky financial situations.

Here are some reasons to consider having multiple checking accounts.

Better organization

Keeping your money in different accounts can help you stay organized. If you're like me and your tax situation is a little complex, using multiple checking accounts can be a great way to remember what amount came from which source. Separate accounts can also help you track relevant expenses.

Using more than one checking account can also be an excellent way to keep your everyday and discretionary spending separate. If you and your partner share household expenses but also want to have your own money, two checking accounts can be beneficial.

Many couples use a joint checking account for household expenses like a mortgage, utilities, and insurance. To make life easier and avoid arguments, both people have an individual checking account for their personal expenses, like clothing, entertainment, and eating out. This method can be an excellent way to ensure the bills get paid and avoid arguments about each other's spending habits.

Easier budgeting

Having multiple checking accounts can also make budgeting easier. Much like having a savings account for your goals, using a checking account separate from your main account can help ensure you don't overspend.

For example, many people use a high-yield savings account (HYSA) to hold their emergency or vacation funds since HYSAs often earn better interest than those at a traditional bank. HYSAs are generally connected to an online checking account and usually come with access to a debit card.

When you're ready to travel, move the money from your HYSA into the associated checking account and challenge yourself to only use the debit card to that account while you're on the road. That way, you know you have only the funds you set aside for travel, which can help you avoid dipping into money you have earmarked for other expenses or using a credit card.

Manage FDIC coverage

The Federal Deposit Insurance Corporation (FDIC) insures up to $250,000 per depositor per FDIC-insured bank. If you tend to keep large amounts of money in your checking account, using different FDIC-insured banks can help better protect you from (the relatively unlikely) event of a bank failure.

Having accounts at multiple banks can also be a good way to ensure you have funds available anytime. Although bank failures are rare, if you have money in a failed bank, your money may be unavailable for a few days while the FDIC works to arrange a sale to a healthy bank. Having funds in a separate bank can ensure you can access at least some money during that time.

Making cash deposits to an online-only bank

Many online-only banks offer better perks than some traditional banks and can be a great way to help your money earn more. However, one drawback of an online-only bank is that it can be difficult to deposit cash. While many banks offer remote deposits of checks, if you have cash to deposit, you may be out of luck or have to jump through hoops to get it into your account.

Setting up two checking accounts — one at an online bank with better interest rates and the other at a more traditional bank — lets you deposit cash in the traditional bank and then move it to the online account. This can be a good way to take advantage of higher interest rates while still keeping the ability to deposit cash, especially if cash tips are a large part of your income.

Account bonuses

As you consider how to choose a bank, you may notice that many banks offer sign-up bonuses to attract new customers. Depending on how sweet the deal is and your current financial situation, opening an account with a cash bonus or better interest rates could be worthwhile.

Before you sign up, however, be sure to read the fine print and note any minimum balance requirements to open the account or receive the total bonus. Read the fee schedule and account disclosures carefully so your bonus doesn't evaporate because of monthly fees.

The drawbacks of having more than one account

While multiple checking accounts can be helpful, you should also consider the downsides before opening a new account.

Extra fees

Many checking accounts have monthly maintenance fees, minimum balance fees, or other associated costs. While there are often ways around the monthly fees, the more accounts you have, the more fees you will likely pay. It's worth researching the best checking accounts and seeking out those without extra (or any!) fees. Be cautious about signing up for an account with an attractive welcome bonus but has fees or high minimum balance requirements.

More complexity

Unfortunately, the more checking accounts you have, the more complex your financial picture will likely be. You'll need to understand each account's requirements, manage bank login credentials, and monitor each account periodically for signs of fraud or other issues. It probably won't be too painful if your checking accounts are all with the same bank, but using multiple banks means managing various platforms.

Develop a system to help you manage the different banks you use. You can log in to each platform on a different day, use an app to track your various accounts, or even manually track your accounts using a spreadsheet or accounting software.

Risk of overdrafts

Similarly, having multiple accounts increases your chance of overdrafting. You'll need to carefully decide where to place your incoming funds across your various accounts to help you avoid fees and potential overdrafts. Be cautious about spreading yourself too thin, and consider your complete financial picture before opening any new accounts.

My checking account recommendations

Account name	Main features	Monthly maintenance fee
SoFi Checking and Savings	0.50% APY with direct deposits on checking balances⁶ <p>Annual percentage yield (APY) is variable and subject to change at any time. Rates are current as of 12/23/25. There is no minimum balance requirement. Fees may reduce earnings. Additional rates and information can be found at <a href="https://www.sofi.com/legal/banking-rate-sheet">https://www.sofi.com/legal/banking-rate-sheet</a></p> Simple and straightforward banking experience Member benefits program Joint account option Member, FDIC⁵ <p><b style="font-family: Rubik, -apple-system, BlinkMacSystemFont, "Segoe UI", Roboto, "Helvetica Neue", Arial, sans-serif;">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 <a href="http://sofi.com/banking/fdic/sidpterms">SoFi.com/banking/fdic/sidpterms</a>. See list of participating banks at <a href="http://sofi.com/banking/fdic/participatingbanks">SoFi.com/banking/fdic/participatingbanks</a>.</b></p>	$0³ <p>We do not charge any account, service or maintenance fees for SoFi Checking and Savings. We do charge a transaction fee to process each outgoing wire transfer. SoFi does not charge a fee for incoming wire transfers, however the sending bank may charge a fee. Our fee policy is subject to change at any time. See the SoFi Checking & Savings Fee Sheet for details at <a href="http://sofi.com/legal/banking-fees/">sofi.com/legal/banking-fees/</a></p>
Chime® Checking	Fee-free overdraft up to $200 for eligible members via SpotMe®⁷ <p>SpotMe® on Credit is an optional, no interest / no fee overdraft line of credit tied to the Secured Deposit Account available to qualifying members with an active Chime Card Account. To qualify for the SpotMe on Chime Card service, you must receive $200 or more in qualifying direct deposits to your Chime® Checking Account each month and have activated your physical secured Chime Visa® Credit Card or Chime Visa® Debit Card.</p><br> <p>Qualifying members will be allowed to overdraw their Secured Deposit Account up to $20, but may later be eligible for a higher limit of up to $200 or more based on Chime account history, direct deposit frequency and amount, spending activity and other risk-based factors. The SpotMe on Chime Card Limit will be displayed within the Chime mobile app and is subject to change at any time, at Chime’s or its banking partners’ discretion. Although Chime does not charge any overdraft fees for SpotMe on Chime Card, there may be out-of-network or third-party fees associated with ATM transactions and fees associated with OTC cash withdrawals. SpotMe on Chime Card won’t cover non-card transactions. <a href="https://www.chime.com/policies/" style="background-color: rgb(255, 255, 255);">SpotMe on Chime Card Terms and Conditions</a>.</p> Cash deposits available at Walgreens⁸ <p>Once the retailer accepts your cash, the funds will be transferred to your Chime account. Cash deposit fees may apply if using a retailer other than Walgreens and Duane Reade. </p> Paycheck available up to two days early with direct deposit⁹ <p> Early access to direct deposit funds depends on the timing of the submission of the payment file from the payer. We generally make these funds available on the day the payment file is received, which may be up to 2 days earlier than the scheduled payment date.</p>	$0¹⁰ <p>There’s no fee for the Chime Savings Account. Cash withdrawal and Third-party fees may apply to Chime Checking Accounts. You must have a Chime Checking Account to open a Chime Savings Account.</p>
Axos Rewards Checking	Up to 3.30% APY with qualifying activities¹¹ <p>APY means Annual Percentage Yield. APY is accurate as of June 7, 2024. Interest rate and APY may change after initial deposit depending on the terms of the specific product selected. Minimum opening deposit is $0.</p> Unlimited U.S. ATM fee reimbursement	$0
Betterment Checking	ATM and foreign transaction fee refunds No overdraft fees Joint account option	$0
Upgrade Rewards Checking Plus	Up to 2% cash back on eligible purchases¹² <p>Rewards Checking Plus customers who set up monthly direct deposits of $1,000 or more earn 2% cash back on common everyday expenses at convenience stores, drugstores, restaurants and bars - including deliveries - and gas stations, as well as recurring payments on utilities and monthly subscriptions including phone, cable, TV and other streaming services, and 1% cash back on all other debit card purchases. 2% cash back is limited to $500 in rewards per calendar year; after $500, customers earn 1% cash back on all eligible debit card purchases for the remainder of the year. Rewards Checking Plus accounts with less than $1,000 in monthly direct deposits 60 days after account opening will earn 1% cash back on common everyday expenses and 0.50% cash back on all other eligible debit card purchases. Some limitations apply. Please refer to the applicable Upgrade VISA® Debit Card Agreement and Disclosures for more information.</p> Paychecks available up to two days early with direct deposits¹³ <p>Early direct deposit requires set up of recurring electronic direct deposit from your employer, payroll, or benefits provider and is limited to direct deposits under $5000. Early access to direct deposit funds depends on the timing in which we receive notice of impending direct deposit, which is generally up to two days before the scheduled deposit date.</p> Fee-free withdrawals at 55,000+ Allpoint ATMs Joint account option	$0

How to keep track of multiple accounts

Using multiple accounts can be worth it, but having a plan to manage each account you open is essential. Consider the following to help you keep track of multiple accounts.

Use mobile banking: Streamline your financial life and use online and mobile banking whenever possible. Set up your login and passwords (make sure the passwords are strong and unique for each account), and familiarize yourself with the bank's dashboard. If you use an online-only bank, link your primary checking account to fund the new account and make moving funds easier.
Set up alerts: One of the benefits of mobile banking is that you can customize alerts about your bank account specific to your needs. To help keep you informed, consider adding low-balance notifications, alerts for unusual activity, and reminders about upcoming automatic withdrawals, among other things.
Use an app: Many of the best budgeting apps, like You Need a Budget (YNAB) or PocketGuard, can help keep track of everything going in and out of each account using one dashboard. Look for an app that securely connects to your various bank accounts using industry-standard or higher encryption levels and automatically updates your transactions.
Check-in frequently: While apps and software are great ways to monitor everything, ensure you periodically check in on each account. How often you check in will vary based on your situation. Even if you're using an app, try to physically log in to each account at least once every couple of weeks to ensure everything is correct. If you don't use an app, you likely need to log in more frequently to ensure everything is on track.
Reevaluate: Even the best accounts may no longer be helpful if your financial picture changes. Review your bigger-picture finances once or twice a year and evaluate your account needs. Check your transaction history to see how often you used the account and where you primarily spent the funds. Review the fees and interest earned and decide whether the account still meets your needs.

4.6

Use Cash App As Your All-in-One Financial Services Platform

Bank¹⁴ without all the fees—save, send, and spend your money the way you want.¹⁵ Get paid up to 2 days early – up to 2 days earlier than most banks¹⁶

Download Cash App

5.0

AWARD WINNER Best Checking and Savings Combo

SoFi Checking & Savings - Earn Up to $300 When You Set Up Direct Deposit

Limited-Time Offer: Earn a $50 or $300 bonus with eligible direct deposit and up to 4.00% APY on Savings (3.30% APY¹with +0.70% APY Boost) for up to 6 Months on new accounts. Terms Apply.² FDIC Insured.⁵

Learn More

4.8

Bank of America Advantage Banking

Up to $500 cash offer. Click ‘Learn More' for more details. Bank of America, N.A. Member FDIC.

Learn More

FAQ

Can I open checking accounts at different banks?

Yes, you can open checking accounts at different banks. You can also generally open multiple checking accounts at the same bank.

Is it illegal to have two bank accounts with different banks?

No, it is not illegal to have two bank accounts with different banks. There are generally no limits or restrictions on the number of bank accounts you can have at different banks or credit unions.

Does having multiple checking accounts hurt your credit?

No, having multiple checking accounts won't hurt your credit. The number of bank accounts you have does not affect your credit score, although your score may be affected if you write bad checks or have a negative account balance that goes to collections.

Bottom line

Using more than one checking account can help you stay organized, avoid overspending, and take advantage of extra perks or signup bonuses. But before you open multiple accounts, consider your financial picture and the best way to manage your money. Read the fine print, pay attention to fees and other account costs, and occasionally reevaluate your needs to ensure your accounts are still working for you.

It might not seem like much in the big picture of your financial life, but using two checking accounts has made my finances more manageable and given me peace of mind that I haven't forgotten or overlooked important details.

Learn More

5.0

AWARD WINNER Best Checking and Savings Combo

High APY of up to 4.00% on Savings (3.30% APY¹ with +0.70% APY Boost) for up to 6 Months on new accounts. Terms Apply.²

Paycheck access up to 2 days early with direct deposit⁴

No monthly maintenance or overdraft fees³

Streamlined savings and savings goals with Vaults

Access to a large ATM network¹⁷