How Many Bank Accounts Should I Have?

There’s no strict rule or legal limit on how many bank accounts you should have.

The real goal is to have enough accounts to stay organized, but not so many that you lose track of your money.

For most people, somewhere around 2–4 accounts works well.

KOHO Essential as Your Everyday Account

A simple way to start is to choose one account where your day-to-day money lives.

With KOHO Essential, you get:

• With KOHO Essential:

• It has a low monthly plan fee that can be waived when you set up direct deposit or add +$1,000.

• You can opt into KOHO Credit Building for $10/month and build your credit history

• Quickly and easily check your credit score for free, anytime

• Grow your savings with a 2% interest savings rate on your entire balance.

• Earn 1% cash back on groceries, eating & drinking, and transportation.

• Enjoy unlimited transactions (never worry about sending money to someone again)

From there, you can add 1–3 more accounts for specific purposes—without making your setup complicated.

A Simple Setup That Works for Most People

Here’s a clean, easy structure:

1. Everyday Spending Account

   • Use it for paycheques, bills, groceries, subscriptions, and card purchases.

   • KOHO Essential can be this account—your day-to-day money hub.

2. Emergency Fund / Main Savings Account

   • Separate from everyday spending so you’re not tempted to use it.

   • Keep 3–6 months of essential expenses here if you can.

3. Goal-Based Account (Optional)

   • For specific goals: travel, a new laptop, car, or future home.

   • Having a separate “goal” bucket makes progress more visible and harder to spend by accident.

4. Joint or Business Account (Optional)

   • Joint: if you share expenses with a partner or family.

   • Business: if you run a business or side hustle and want clean separation from personal money.

You don’t need all of these—but this gives you a sense of what a healthy 2–4 account setup can look like.

Signs You Might Need More Than One Account

You might benefit from extra accounts if:

• Your savings keep getting mixed with spending money

• You want a joint pool with someone else while keeping personal money separate

• You run a business or side hustle and need cleaner records for taxes

• You have big, distinct goals (like a down payment and a wedding) and want each tracked separately

In those cases, adding one clearly labelled account per purpose can actually make things simpler.

Signs You Have Too Many Accounts

You may have gone too far if:

• You don’t know how many accounts you currently have

• You’re regularly forgetting passwords, cards, or balances

• You’re paying multiple sets of fees you don’t need

• Money is scattered and you have no clear picture of your total savings

The Bottom Line

You don’t get bonus points for having more accounts—only for having money that’s organized and easy to manage.

For most people, a great starting point is:

• 1 main everyday account

• 1 main savings account

• 1–2 extra accounts only if they serve a clear goal

If every account has a job and you can explain it in one sentence, you’re probably at the right number.