How Many Checking Accounts Are Too Many?

A checking account can be a good tool for organizing your money and making daily transactions. But if one checking account is good, are multiple accounts even better? How many accounts do you really need? And how can a checking account help you build better financial health?

We’re here to give you the information you need to make the right financial decisions for you, your money, your budget, and your future goals. Learn all about having multiple checking accounts and choose the best option to live and bank your way.

A checking account is a type of bank account that is used for day-to-day transactions, like depositing your paycheck, paying your bills, and withdrawing cash. You can add money to your account in advance and then access it whenever you need to via debit card purchases, checks, and ATMs.

A checking account is different from a savings account, which allows you to accumulate interest on your money. Savings accounts are usually not intended for day-to-day purchases and deposits, and can have stricter withdrawal limits.

Banking basics

Banking jargon can be confusing—but it doesn't have to be. Find simple explanations to popular banking terms.

Learn the basics

It depends on your situation. Some people choose to have more than one account for various reasons:

• They want to take advantage of certain perks, products, or services that are offered at different banks.
• They have a joint account with their spouse and a personal account for themselves.
• They have one account at their parents’ bank and another somewhere else.
• They need a separate account for their small business or freelancing work.
• They want different accounts for different money-saving goals.
• They just like to spread their money out between different banks.

Honestly, yes. Juggling multiple accounts makes it more difficult to keep track of your money, which can lead to costly fees for overdrafts and bounced checks. It’s also very time-consuming, as you need to monitor every account regularly. If you have too many bank statements to review, you’re more likely to overlook inaccurate transactions and become a victim of fraud. Having too many accounts can be confusing and expensive.

A better idea is to choose quality over quantity with a smaller number of checking accounts or even just one that meets all your needs. When you find an account that fits, it can actually help you manage your money better. 

The right account will work for your needs and your lifestyle, with convenient features, extra security, and helpful and intuitive financial tools.

• Look for an account with no fees. Some bank accounts are loaded with sneaky hidden fees that can really add up. You could be charged a fee every time your balance drops below a certain amount, every time you make a transaction abroad, or every month just for having the account. Unlike most banks, N26 doesn't charge hidden fees.
• Look for an account that helps you track your money. By tracking your transactions, you’ll be able to budget efficiently and better manage your finances. The N26 app automatically categorizes your expenses for you so that you don’t have to. You can see a simple visual breakdown of your spending statistics anytime. You can also customize your banking experience by tagging your transactions, so you’re able to find them down the road.  
• Look for an account that gives you access to ATMs. ATM fees are no fun, and can certainly add up.  Get access to over 5000 fee-free ATMs with N26 through our partnership with Allpoint®. You’ll also get two free out-of-network withdrawals each month so you don’t have to stress if you need cash right away. 
• Look for an account with perks. Your N26 debit card gives you exclusive discounts and cashback rebates on subscriptions from brands you love, like TIDAL, Headspace, Udemy, adidas, Fiverr, Headout, and more. 
• Look for an account that helps you reach your savings goals. With N26 Spaces, you can keep your money separate as you  work towards individual financial goals. Personalize each goal with an icon, add targets, and transfer money from your main account with a single swipe.
• Look for an account that is secure. A secure account gives you confidence and control over your money. You’ll enjoy innovative security benefits with N26, like automatic alerts on all account activity via push notifications. You can also customize your account access with a few taps, and switch into discreet mode when someone’s lurking nearby.
• Look for an account that offers powerful mobile banking. Never miss a beat with a checking account that’s as on-the-go as you are. The N26 app gives you convenient access to your account whenever and wherever you need it.

The bank you'll love

✓ 100% mobile ✓ No hidden fees ✓ No paperwork ✓ Free virtual Mastercard ✓ Free ATM withdrawals

Get started (new tab)

Discover an account that empowers you to manage your money in a way that fits your life, from spending less to saving more. Get exclusive Perks and fee-free ATM withdrawals. It just takes 5 minutes to sign up with N26 and experience simple, beautiful banking that works for you.