How Many Bank Accounts Should I Have?

Here are some examples of accounts you could have tied to your savings goals:

  • Emergency fund savings account
  • Giving fund savings account
  • Sinking fund savings account
  • House down payment savings account
  • Savings account for short term goals e.g. vacation, wedding, etc

Assigning a savings account for each goal helps you easily track your progress and to keep the lines clear on what the funds are for.

Additionally, savings accounts come with the added benefit of earning interest. Even though it may just be a small amount, you don’t want to miss out on that perk!