Having multiple bank accounts can be a great financial move. It gives you options for controlling or segmenting your spending, saving toward multiple goals and keeping those amounts separate. Luckily, nearly every bank will let you open two bank accounts. Not only can you set them both up when you first sign up, but you can also add a secondary account later.
When you have more than one account with the same bank, you get a variety of benefits. Transfers between accounts may be instantaneous, which can be helpful. For example, if your checking account is low and you have money in savings, you can shift money from your savings to your checking to handle an unexpected emergency. Potentially, the cash will move in seconds, which is great if you can’t afford to wait.
If you are considering two savings accounts, you could use each one for a different purpose. For example, one could hold your emergency fund while the other is used to build up cash for a major purchase or vacation. This can make it easier to track the purpose of your money, which is great for budgeting, too.