What are the pros and cons of having multiple bank accounts?

Mark Bristow

Mark Bristow

( 3 min read )

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They say you shouldn’t keep all your eggs in one basket. But does this “tried-and-true” advice still hold up when you replace “eggs” with “money” and “basket” with “bank account”? When can having multiple accounts with one or more banks be beneficial, and when can it be problematic?

  • Different accounts for different purposes
  • Keep your wealth organised
  • Access special features and bonuses
  • Can be confusing and hard work to manage
  • Multiple fees
  • You may not get all the bonuses



Pros of having multiple bank accounts:

Different accounts for different purposes

Not every bank account is created equal. Savings accounts maximise the interest you earn when you put away your cash, while transaction accounts offer easy and convenient access to your everyday funds. There are also offset accounts for managing mortgage interest, and a wide range of other options to suit your unique financial requirements.  

Keep your wealth organised

Highly organised folks say that if you can measure something, you can manage something. This includes your money – by organising your available cash and savings into multiple bank accounts, you can make active progress towards achieving the financial goals you set yourself.

Access special features and bonuses

Depending on who you bank with, and which accounts you’re interested in, you may be eligible for rewards and bonuses when you open or use different bank accounts. Whether it’s a low introductory fee, or a special interest rate, your selection of bank accounts and financial products can deliver significant rewards on top of their normal value.

Some banks even offer package deals that provide unique benefits when you take out multiple financial products, including bank accounts, allowing you to benefit from waived fees, bonus interest, or other exclusive offers.

Cons of having multiple bank accounts:

Can be confusing and hard work to manage

“Wait… my money is WHERE, exactly?” If you have multiple accounts with one or more banks, you may find yourself asking this question. Rather than sticking all your money into a single oversized cartoon vault, dividing your wealth between multiple bank accounts can prove much more complicated to manage.

This may be less of a problem if you don’t mind committing some time and energy to organising your money, but if you prefer a more “hands off” approach to finances, a smaller number of accounts may feel simpler.

Multiple fees

Bank accounts can be a bit like superannuation accounts in at least one way – if you have more than one, you’ll likely need to pay more than one set of fees.

Depending on your bank and the accounts you’re interested in, your bank may charge you fees to enjoy its benefits and features. The more accounts you open, the more you may have to pay in fees, to the point where you may be paying more than what the benefits being offered are worth.

You may not get all the bonuses

When it comes to features and special bonus offers, remember the rule of “one per customer”. Some banks may offer special rewards with their bank accounts and financial products, but you only get to enjoy them the once. Even if you open a second account with the same bank, you may not get to benefit from the same introductory offers you enjoyed when you first signed up to the bank.


^Words such as "top", "best", "cheapest" or "lowest" are not a recommendation or rating of products. This page compares a range of products from selected providers and not all products or providers are included in the comparison. There is no such thing as a 'one- size-fits-all' financial product. The best loan, credit card, superannuation account or bank account for you might not be the best choice for someone else. Before selecting any financial product you should read the fine print carefully, including the product disclosure statement, fact sheet or terms and conditions document and obtain professional financial advice on whether a product is right for you and your finances.

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