How many bank accounts can I have?
Short answer
You can have as many bank accounts as you want. The CFPB says there are no restrictions on the number of checking or savings accounts you open or how many banks you use. Each bank can still set its own rules. FDIC insurance covers up to $250,000 per depositor, per bank, per ownership category.
By Alex Thomas · Founder of ITIN Club
Updated
Is there a limit?
No law caps it. The CFPB says you can open any number of checking and savings accounts, at the same bank or at different banks and credit unions. Two accounts at two banks is fine. So is five at one.
What can stop you is the bank. BMO notes that each bank may limit how many accounts you open or set conditions for them. Opening a plain checking or savings account doesn't touch your credit score. An account with overdraft protection or a line of credit can mean a credit check.
How FDIC insurance counts your accounts
The FDIC doesn't insure each account on its own. It adds up everything you hold at one bank in the same ownership category.
| What you have | How much is insured |
|---|---|
| A checking and a savings account in your name at Bank A | Up to $250,000 for both combined |
| Plus a joint account with your partner at Bank A | Your share is insured separately, up to $250,000 |
| Plus an IRA at Bank A | Insured separately, up to $250,000 |
| Plus an account in your name at Bank B | Another $250,000 at that bank |
That's the one case where the number of banks matters: if you hold more than $250,000 in your own name, spreading it across banks keeps it all insured.
How many make sense
BMO says one checking and one savings account meet many people's needs. Add more when each has a job: an emergency fund, a joint account for shared bills, a business account.
Want the full picture?
How to open a US bank account as a non-resident
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