Q:

Can you open multiple savings accounts under one account holder?

A:

Quick Answer

Most banks allow customers to have multiple savings accounts under the same name or account number, depending on how their system is set up. The policy can differ from bank to bank, so customers should check with their individual financial institution so that each account is set up properly.

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Full Answer

Customers should keep in mind when setting up multiple accounts that there may be fees on each separate account as well as minimum account balances. These balances have to be maintained to keep each account active and to prevent additional maintenance fees. A customer may also have the option of having savings accounts put into their children's or other family members' names and allow them access to it. This is commonly done to help save for college or other life events.

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