With savings rates still hovering near historic highs, many consumers are wondering: Should I open multiple savings accounts to maximize my returns? While spreading your money across several banks might seem like a smart move, it’s not always the best strategy — and most experts say simpler is better.
We spoke to Nick Craven, Senior VP at TAB Bank and a 15-year veteran of the banking industry, who offered a clear recommendation: Stick to one well-chosen savings account — in most cases, it’s all you need.
Opening more accounts doesn’t necessarily help your money grow faster. In fact, it can do the opposite.
“The best advice for most people is to have just one savings account,” Craven explains. “It keeps your finances streamlined and helps you track your goals more easily.”
It’s common advice to open separate accounts for specific savings goals. But modern banking has evolved past that.
Many high-yield savings accounts now offer “buckets” or sub-accounts — digital dividers within one account. These let you:
When shopping for the right savings account, prioritize features like:
“Find an account that works hard for your money and doesn’t chip away at your balance with fees,” says Craven.
While one account is ideal for most, consider a second if:
The savings game doesn’t have to be complicated. With one high-yield account and smart tools like savings buckets, you can stay organized, earn more, and reach your financial goals faster — without juggling multiple accounts.
