How Many Savings Accounts Should I Have?

The number of savings accounts you should have depends on your specific financial goals.

Row of three piggy banks behind a stack of coins.
(Image credit: Getty Images)

Have you ever thought to yourself, "how many savings accounts should I have?" With rates on savings accounts as impressive as they currently are, you're probably thinking about the best ways to make the most of these generous APYs and savings account bonuses

Many banks and credit unions are offering high rates on savings accounts — whether it be a 1-year CD or high-yield savings account — following a series of interest rate hikes by the Fed in order to combat inflation. And while the Fed held rates steady at their last meeting, many experts believe that the upcoming meeting will bring another rate hike, which could also bring savings rates up slightly higher. However, keep in mind that as inflation continues to cool, rates on savings accounts are likely to level off and eventually decrease.

Subscribe to Kiplinger’s Personal Finance

Be a smarter, better informed investor.

Save up to 74%

Sign up for Kiplinger’s Free E-Newsletters

Profit and prosper with the best of expert advice on investing, taxes, retirement, personal finance and more - straight to your e-mail.

Profit and prosper with the best of expert advice - straight to your e-mail.

Sign up

To continue reading this article
please register for free

This is different from signing in to your print subscription

Why am I seeing this? Find out more here

Erin Bendig
Personal Finance Writer

Erin pairs personal experience with research and is passionate about sharing personal finance advice with others. Previously, she was a freelancer focusing on the credit card side of finance, but has branched out since then to cover other aspects of personal finance. Erin is well-versed in traditional media with reporting, interviewing and research, as well as using graphic design and video and audio storytelling to share with her readers.