7 Reasons to Have Multiple Bank Accounts—Especially Savings

With today’s fast-paced world, managing money wisely isn’t just about budgeting—it's about strategic compartmentalization. One of the most effective ways to do this is by opening multiple bank accounts, especially savings accounts.

1. Designated Savings Accounts Make Goals Feel Real

When you give a savings account a nickname in your mobile banking app, for example, “Japan 2026,” it feels like a commitment—a promise to yourself to make it happen. Designated accounts keep your money separated according to their purposes so your progress is easy to track.

Multiple accounts are easy to set up. Start by determining your goals. Next, prioritize your goals and decide how much money to put into each account every month. Having separate accounts can help you stay focused and avoid dipping into funds meant for something else. It also gives you a psychological win: the more progress you see, the more likely you’ll stay committed.

Example: Instead of one large account balance, you’ll see your money aligned with your goals:

• $2,000 in your Emergency Fund
• $1,200 in your Travel Fund
• $500 in your Holiday Fund

Explore Bank of Hawaii’s savings accounts.

2. A Separate Emergency Savings Account Can Protect Your Fun Fund

An emergency savings account serves as a buffer to keep you from touching the money you set aside for other uses. In addition to covering unexpected expenses, it can help you take advantage of an unanticipated opportunity, cover bills if you suddenly stop working, or give you access to cash if your primary account has been compromised or frozen.

Learn how to build an emergency fund with Bank of Hawaii.

3. Because Shared Accounts Help Strengthen Shared Dreams

Shared savings accounts are a heartwarming way to save for something special—together. Whether it’s a wedding fund, a dream vacation, or even a first home, these accounts can help couples, families, and close friends stay connected and committed to shared goals. It’s not just about pooling money—it’s about building milestones side by side.

4. Opening a CD Can Help You Earn More

One potential benefit of having multiple accounts is the ability to earn more by moving your money into a high-yield savings account or a Certificate of Deposit (CD). With a CD, you can lock in a higher rate and grow your money faster. CDs are time-deposit accounts, which means your money is locked in for a set term. This makes them ideal for longer-term goals, such as saving for a downpayment or home renovation.

Check out Bank of Hawaii’s CD rates.

5. Splitting Your Checking Accounts Can Keep You from Overspending

Want an easy way to stay in budget? Try using two checking accounts. Simply designate one checking account for bills and the other account for extras and fun. This simple strategy can protect your money for necessities—while freeing you up to splurge from your “fun fund” without any guilt!

Explore Bank of Hawaii’s checking accounts.

6. Funding Your Accounts is Simple with Automatic Transfers

The best financial plans are easy to follow. Automatic transfers offer a “set it and forget it” approach by taking monthly decision-making out of the picture. Just set up the amount, account, and timing of your automatic transfers and your money will be on its way. Once your funds are happily growing toward a goal, you’ll be less likely to spend it on an impulse buy.

Learn more about automatic transfers.

7. It’s Easy to Manage Your Bank Accounts—All in One Place

Once you’ve opened your new checking and savings accounts at your bank, use your bank’s mobile app to keep them organized. If the nicknaming feature is available, give your account a meaningful title—such as “Japan 2026” or “Our Dream Wedding.” This works best if your accounts are consolidated at one financial institution. For even more convenience, enable notifications, low balance alerts and automatic payments to simplify your banking.

Learn how to save time with mobile banking.

Ready to take the next step?

Compare our savings accounts, open an account online, or schedule a consultation with a Bank of Hawaii specialist today.