Explore the pros and cons of multiple savings accounts with our guide.
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Multiple savings accounts
How many savings accounts can I have?
Tax reliefs referred to are those applied under current legislation, which may change. The availability and value of any tax relief will depend on your individual circumstances.
Instant access accounts
There’s no official limit on the number of instant access accounts you can open with different providers.
However, some banks might limit how many you can have open at the same time with them.
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Fixed term accounts
Just as their name suggests, these give you a fixed interest rate, in exchange for locking your money away for a fixed term.
Different products offer different terms. So, you could open multiple fixed accounts – with one and two-year terms, for example.
Just keep an eye out for any limits set by individual banks.
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Regular savers
Regular savers let you put aside the same amount of money every month by setting up a standing order.
Many banks only allow you to open one of these accounts with them.
This is the case with NatWest and our Digital Regular Saver.
Specific account eligibility criteria applies.
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Cash ISAs
You can now open and fund more than one cash ISA in the same tax year with different providers.
But you can only subscribe to one NatWest Cash ISA in any tax year.
There’s a £20,000 limit on what you can save across all your ISAs too. This is called the annual allowance. It resets at the start of each new tax year.
Specific account eligibility criteria applies.
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Why use more than one savings account?
Opening more than one account can help you target different savings goals by separating your money.
Rather than pooling all your savings in just one account, you could split them across multiple products. This might make it easier to track your progress towards each goal.
For example, instant access accounts could help with rainy day savings or short-term goals. On the other hand, fixed term savings accounts lock your money away for a set time. So, they might help with longer-term goals.
Emergency savings
Instant access accounts, like our Flexible Saver, let you take cash out whenever you need it. This might help if the unexpected strikes.
Specific account eligibility criteria applies.
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Life milestones
Budgeting for a wedding or university fees? A fixed term account may be an option if you don’t need to access your cash straight away.
We offer a Fixed Term Savings Account and Fixed Rate ISA.
Specific account eligibility criteria applies.
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One-off purchases
You might be saving up for a new car, an overseas family holiday, or home improvements, for instance.
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House deposit
Along with other savings accounts, the Government’s Lifetime ISA could help first time buyers get into the property market.
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Pros
- Keeps emergency savings separate. Ring-fencing a rainy day savings pot could help you cover unexpected costs, like a new washing machine or car repairs.
- Shows your progress for each goal. With different accounts for specific goals, you can quickly see how you’re getting on.
- Options to mix and match. Since you’re not limited to one product, you could access a range of account types and interest rates.
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Cons
- Risk of overdoing it. Opening lots of accounts could become confusing, with too many balances and login details to remember.
- Lower interest. Some savings accounts offer higher interest rates on bigger balances. So, splitting your money means you might miss out.
- Forgetting old accounts. As time goes on and you open more accounts, you could lose sight of older savings pots.
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Cash ISAs
Choose from an instant access Cash ISA or a Fixed Rate ISA.
Earn tax-free interest.
Subscribe up to £20,000 across your ISAs each tax year. You can hold more than £20,000 in them from previous tax years.
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You must be a UK resident aged 18+. You can only subscribe to one Cash ISA with NatWest in any tax year up to £20,000. Tax-free interest means interest payable is exempt from UK income tax.
Digital Regular Saver
Make regular monthly savings of between £1 and £150.
Take your cash out at any time.
Access savings tools, such as Round Ups. Eligibility criteria and conditions apply.
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To apply, you must be 16+ and hold a NatWest current account, and this must be your only Digital Regular Saver account.
Flexible Saver
Instantly access your money.
Pay cash in whenever it suits you.
Earn variable interest on your savings.
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To apply, you must be 16+ and hold a NatWest current account and be a UK resident.
Fixed Term Savings Account
Fix your interest rate for a set term.
Choose between different terms.
Pay in a lump sum, rather than saving regularly.
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To apply, you must be 16+ and a UK resident. Early closure charges may apply.
How many savings accounts can I have? FAQs
Browse our full savings range
Check out all our savings accounts to see their key features and interest rates.
View instant access, fixed and ISA accounts at a glance.
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Read our latest saving guides
Learn how different accounts and interest rates work with our handy guides. And get the latest research from NatWest.
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Use Round Ups to save spare change
Send spare change from everyday purchases straight to your savings account.
Round Ups is available to customers who have an eligible current account, an eligible instant access savings account and are registered for the NatWest Mobile App. Round Ups can only be made on debit card and contactless payments in sterling.
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