There is no hard and fast rule dictating how many savings accounts that you must have. But you might find that as your needs change, that you will need more accounts.
You might decide you can’t have a savings account attached to your checking account because lo and behold the temptation to move the money over is too great and it is super easy to move it. So you might get a separate savings account for your savings.
And then you might decide you need a savings account (still a separate one) for your emergency fund. That’s all you might have at first, but maybe down the road, you might decide you need to open up accounts for various sinking funds.
For me, right now:
I Have Two Savings Accounts
I have two different savings accounts at my credit union. (And nope not a bank. I hate banks. Story for another day.)
My first savings account is a checking/savings combo. I would keep savings in that account and then realized it was way too easy to access. And I would find myself moving money over from the savings to my checking account way too often.
So, I opened up a separate savings account. This account makes it harder to access my money. Which is a good thing because it means I can’t just move money over willy-nilly or on a whim. Which has saved me on more than one occasion especially before I got my impulse spending under control.
Now, I still keep money in the savings account that is attached to my checking, mainly because I can’t stand when there is no money in an account marked savings. (Weird, pet peeve but true.)
I’m starting to get better at not accessing that money, so when I don’t need to so I have started to keep more in that account. It’s a way I can prove to myself that I am starting to trust myself more when it comes to handling money, in general, but especially saving it.
But the majority of the money that I save is in the separate one. Which has become more of my emergency fund. I make sure when my paycheck comes in, I pay myself first.
A small portion is put in the separate savings account for my emergency fund and another small portion is put in the connected savings account.
Right now the amounts are quite small because it is all I can afford, but I find it important to put something in my savings and emergency fund, no matter how small it seems. Every little bit adds up.
If my needs ever change, then I might add another savings account, but I don’t anticipate ever getting rid of my separate savings account. But never say never.
What about you, do you have multiple savings accounts? If so, what are they used for? Do you just have a savings and a checking account combination?