Why Have Two Checking Accounts
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Would having more than one checking account make your life easier or harder? Check out the pros and cons of having multiple bank accounts.
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- Is It Smart to Have Multiple Checking Accounts?
- Why Is It Good to Have Multiple Checking Accounts?
- Is There a Downside to Having Multiple Bank Accounts?
- Can I Have Two Checking Accounts at the Same Bank?
- Can I Have Two Checking Accounts at Different Banks?
- Compare Checking Accounts
- How to Open a Checking Account
Bank of America Advantage Banking - Up to $500 Cash Offer
- The cash offer up to $500 is an online only offer and must be opened through the Bank of America promotional page.
- The offer is for new checking customers only.
- Offer expires 1/31/2026.
- To qualify, open a new eligible Bank of America Advantage Banking account through the promotional page and set up and receive Qualifying Direct Deposits* into that new eligible account within 90 days of account opening. Your cash bonus amount will be based on the total amount of your Qualifying Direct Deposits received in the first 90 days.
Cash Bonus Total Qualifying Direct Deposits $100 $2,000 $300 $5,000 $500 $10,000+ - If all requirements are met 90 days after account opening, Bank of America will attempt to deposit your bonus into your new eligible account within 60 days.
- Bank of America Advantage SafeBalance Banking® for Family Banking accounts are not eligible for this offer.
- Additional terms and conditions apply. See offer page for more details.
- *A Qualifying Direct Deposit is a direct deposit of regular monthly income – such as your salary, pension or Social Security benefits, which are made by your employer or other payer – using account and routing numbers that you provide to them.
- Bank of America, N.A. Member FDIC.
It's tough to get everything you need from just one checking account.
So why not have two?
Maybe one bank is offering a new bonus for qualifying new customers. Or you're looking for a high APY or want to be able to visit physical branches.
If that's on your mind, find out why you should or shouldn't get a second checking account.
Is it smart to have multiple checking accounts?
As long as you keep your bank accounts in good standing, it's perfectly fine to have multiple checking accounts. This means you need to keep a positive balance and avoid excessive overdrafts.
In fact, how many checking accounts you have and the amount in those accounts will not affect your credit score.
HSBC Premier - Earn Up to $3,500
- Get a $1,000 Cash Bonus: Add and maintain New Deposits of $150,000 to $249,999
- Get a $2,500 Cash Bonus: Add and maintain New Deposits of $250,000 to $499,999
- Get a $3,500 Cash Bonus: Add and maintain New Deposits of $500,000+
Earn a $25 Extra Cash Bonus when you register and logon to the HSBC US Mobile Banking App3 by December 31, 2025.
If all offer requirements are met, Cash Bonuses will be paid by May 31, 2026.
The average American owns 5 accounts across all types of financial situations (banks, credit unions, etc.) Most consumers will have multiple accounts with three different banks.[1]
Below, discover 7 compelling reasons why you might want to open another checking account.
Why is it good to have multiple checking accounts?
There are a few reasons why checking accounts can actually help your finances:
- Better organize your spending - A simple way to budget your money is the 50/30/20 rule.
- You might get new customer promotions and bonuses - If you're in the market for a new bank account, take a look at these bank bonuses (no direct deposit required).
- Separate your emergency fund from the rest of your budget - Everyone should have a rainy day fund. Use this calculator to get started, if you haven't already.
- Online banks pay higher interest and have fewer fees - Here's how to find the best online bank for you.
- Makes it easier to manage FDIC coverage limits - In a single bank account, you can get up to $250,000 insured by the federal government.
- Keep your business and personal finances separate - The right bank can help your business grow.
- You can have an individual and joint checking account - This is ideal if you're married and don't want to close your own account. Free checking accounts make it a lot easier to juggle more than one bank.
Wells Fargo Everyday Checking Account - $325 Bonus
- Get a $325 new checking customer bonus when you open an Everyday Checking account and receive $1,000 or more in qualifying direct deposits.
- Wells Fargo Bank, N.A.
Member FDIC
Is there a downside to having multiple bank accounts?
Be careful. You need to stay organized and vigilant with a second checking account. Look out for the following:
- More vulnerable to overdraft fees - You could be charged as much as $35 each time.
- Keeping track of deposits and withdrawals is tricky - You'll also need to look over separate debit cards, checkbooks, and online banking information (login, password, PIN, etc.).
- Beware of accumulating monthly service fees - Good thing banks with no maintenance fees or minimum deposits exist.
- More difficult to meet minimum balance requirements for multiple accounts - And thus harder to waive the monthly service fees (which can range from $4 - $20+, depending on the account).
Can I have two checking accounts at the same bank?
You can have multiple of the same checking account type at one bank. Your accounts will have different reference numbers and your bank may charge additional fees for the extra maintenance.
Keep in mind that some banks offer "relationship benefits" if you bundle your savings and checking accounts at their bank. This could mean a higher savings interest rate or waiving the monthly fee (or both).
Can I have two checking accounts at different banks?
You can have checking accounts at more than one bank. Not all banks are equal, so different financial institutions may offer perks like branch access or interest on checking accounts.
Here are some reasons why you might need (or want) an account with a different bank:
- Other banks might offer interest-bearing checking
- Other banks may have more convenient branch access
- You may have a separate joint account with a spouse at a different bank than your personal account
Compare Checking Accounts
Bank of America Advantage Banking - Up to $500 Cash Offer
- The cash offer up to $500 is an online only offer and must be opened through the Bank of America promotional page.
- The offer is for new checking customers only.
- Offer expires 1/31/2026.
- To qualify, open a new eligible Bank of America Advantage Banking account through the promotional page and set up and receive Qualifying Direct Deposits* into that new eligible account within 90 days of account opening. Your cash bonus amount will be based on the total amount of your Qualifying Direct Deposits received in the first 90 days.
Cash Bonus Total Qualifying Direct Deposits $100 $2,000 $300 $5,000 $500 $10,000+ - If all requirements are met 90 days after account opening, Bank of America will attempt to deposit your bonus into your new eligible account within 60 days.
- Bank of America Advantage SafeBalance Banking® for Family Banking accounts are not eligible for this offer.
- Additional terms and conditions apply. See offer page for more details.
- *A Qualifying Direct Deposit is a direct deposit of regular monthly income – such as your salary, pension or Social Security benefits, which are made by your employer or other payer – using account and routing numbers that you provide to them.
- Bank of America, N.A. Member FDIC.
HSBC Premier - Earn Up to $3,500
- Get a $1,000 Cash Bonus: Add and maintain New Deposits of $150,000 to $249,999
- Get a $2,500 Cash Bonus: Add and maintain New Deposits of $250,000 to $499,999
- Get a $3,500 Cash Bonus: Add and maintain New Deposits of $500,000+
Earn a $25 Extra Cash Bonus when you register and logon to the HSBC US Mobile Banking App3 by December 31, 2025.
If all offer requirements are met, Cash Bonuses will be paid by May 31, 2026.
Wells Fargo Everyday Checking Account - $325 Bonus
- Get a $325 new checking customer bonus when you open an Everyday Checking account and receive $1,000 or more in qualifying direct deposits.
- Wells Fargo Bank, N.A.
Member FDIC
Free Checking Account for Small Business Owners
- Sign up in 3 minutes; no credit check
- No account fees - $0 monthly fee, overdraft fee, foreign transaction fee, or ATM fees at approximately 40,000 locations
- Automatic Savings
- Get paid up to 2 days early
U.S. Bank Business Essentials - $400 Bonus
Promo code Q4AFL25 MUST be used when opening a U.S. Bank Business Essentials®, or Platinum Business Checking account. Limit of one bonus per business. A $100 minimum deposit is required to open one of the referenced accounts.
Earn your $400 Business Checking bonus by opening a new U.S. Bank Business Essentials account between 10/01/2025 and 1/14/2026. You must make deposit(s) of at least $5,000 in new money within 30 days of account opening and thereafter maintain a daily balance of at least $5,000 until the 60th day after account opening. You must also complete 5 qualifying transactions within 60 days of account opening.
Qualifying transactions include debit card purchases, ACH credits, Wire Transfer credits and debits, Zelle credits and debits, U.S. Bank Mobile Check Deposit or Bill Pay or payment received via U.S. Bank Payment Solutions. Other transactions such as (but not limited to) other Person to Person payments, transfers to credit card or transfers between U.S. Bank accounts are not eligible.
New money is considered money that is new to U.S. Bank. Funds must come from outside U.S. Bank and cannot be transferred from another U.S. Bank product or a U.S. Bank Affiliate. For accounts opened on non-business days, weekends or federal holidays, the open date is considered the next business day. Account fees (e.g., monthly maintenance, paper statement fee, etc.) could reduce the qualifying daily balance, therefore you must make deposit(s) to cover the fees to maintain the daily balance during the qualifying period to be awarded the bonus. Refer to the Business Pricing Information or Business Essentials Pricing Information Document for a list of fees.
Bonus will be deposited into your new eligible U.S. Bank Business Checking account within 30 days following the last calendar day of the month you complete all of the offer requirements, as long as the account is open and has a positive available balance.
Offer may not be combined with any other business checking account bonus offers. Existing customers (businesses) with a business checking account or customers (businesses) who had an account in the last 12 months, do not qualify.
All regular account-opening procedures apply. For a comprehensive list of checking account pricing, terms and policies, reference your Business Pricing Information or Business Essentials Pricing Information and YDAA disclosure. These documents can be obtained by contacting a U.S. Bank branch or calling 800.872.2657.
Bonus will be reported as interest earned on IRS Form 1099-INT and recipient is responsible for any applicable taxes. Current U.S. Bank employees are not eligible. U.S. Bank reserves the right to withdraw this offer at any time without notice. Member FDIC
How to Open a Checking Account
Once you've done your research on the best bank for you, opening a checking account is easy-peasy.
- Have all the required documents on hand:
- Government issued ID, like a driver's license
- Social Security number
- Proof of address (lease or utility bill)
- Contact information (name, home address, email address, phone number)
- Date of birth
- Government issued ID, like a driver's license
- Have enough money for the opening deposit (if required).
- Fill out an application online or in-person.
- Sign any necessary paperwork.
- Make opening deposit (if required).
- Use your shiny new checking account!
- Utilize money management apps to see everything in one place
- Set up regular direct deposits to maintain the required minimum balance
- Divvy up your spending money appropriately with online budgeting tools
- Consider opening checking accounts with fewer fees to keep track of
- Always keep personal accounts and business bank accounts separate
Bottom Line
You can certainly have more than one checking account. In fact, it may even benefit you. The number of accounts you should have will ultimately depend on your specific financial needs. Are you looking for interest bearing accounts and physical branches/ATMs? Or are you hoping to open a separate business checking account?
Do your due diligence when finding a good checking account for you and be sure to keep it in good standing and waive the monthly fees.
References
- ^ "ATM Banking: It's Not Just About Cash Withdrawal Anymore": Mercator Advisory Group, 2019.
Amber Kong is a content specialist at CreditDonkey, a bank comparison and reviews website. Write to Amber Kong at amber.kong@creditdonkey.com. Follow us on Twitter and Facebook for our latest posts.
Note: This website is made possible through financial relationships with some of the products and services mentioned on this site. We may receive compensation if you shop through links in our content. You do not have to use our links, but you help support CreditDonkey if you do.
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