How Many Savings Accounts Can I Have?

In Canada, there’s no legal limit to how many savings accounts you can open. You can have multiple accounts at the same bank or spread across different banks and fintechs.

What really matters isn’t the number, but why each one exists and whether you can manage them without confusion or fees.

Common reasons people open multiple savings accounts:

• Different goals: e.g. emergency fund, travel, home down payment, car, wedding

• Different features: some accounts are great for high interest, others for quick access

• Spending control: keeping “do not touch” savings separate from day-to-day money

KOHO High Interest Savings

If you’re going to have multiple savings accounts, it makes sense for at least one of them to work extra hard for you.

With KOHO, you can earn high interest on your money while still keeping it flexible and easy to access through the app.

That makes it a strong option for things like:

• Your main high savings hub

• An emergency fund you don’t want to lock in

• Short term goals where every bit of extra interest helps

Pros of Having Multiple Savings Accounts

Having more than one savings account can actually make your money easier to manage:

• Clear buckets for each goal – You always know how much is for what.

• Better motivation – Seeing progress toward a specific goal is encouraging.

• Rate shopping – You can park larger balances in higher-interest accounts.

A lot of people find that naming each account (e.g. “Emergency Fund,” “Vacation 2026,” “Car”) helps keep them on track.

What to Watch Out For

Multiple accounts are helpful, but there are a few things to keep an eye on:

• Fees and minimum balances – Some traditional banks charge if you don’t keep a minimum.

• Too much complexity – If you can’t remember where your money is, you’ve gone too far.

• Insurance limits – CDIC coverage applies per institution and product type; if you hold large balances, it’s worth understanding those limits.

The goal is organization, not chaos. If more accounts start making things harder instead of easier, it’s time to simplify.

So, How Many Should You Have?

There’s no perfect number, but a simple setup for many people is:

1. One main high-interest savings account

2. 1–2 “goal” accounts for specific priorities like emergency, travel, or a down payment

If each account has a clear purpose and is easy to track, you’re in a good spot—whether that’s two accounts or six.