Can you open several current accounts? Here’s what you need to know!



Many customers might think that there is a limit to the number of bank accounts they can open with the same institution. However, it is possible to open several current accounts with the same bank, under certain conditions. open more than one current account With a bank there are pros and cons, so it will be important to understand what you can get out of this arrangement before making your final decision.

What are current accounts?

A checking account is a type of bank account that gives you access to an operating line of credit. In other words, you can use the account as an unsecured loan source. The credit limit provided through a checking account is usually lower than that of a regular loan. Most checking accounts come with a variety of features, such as a debit card, internet banking, and access to a savings account. The main advantage of opening a current account is the ability to access short-term credit, which can be useful if you need money quickly.

Why open several current accounts in the same bank?

In general, there is no reason to open multiple checking accounts at the same bank unless you are a business owner. If you are a business owner, you may want to open multiple checking accounts with the same bank to take advantage of the business account features. These features may include a business credit card, overdraft protection, or a business savings account. Business owners may also wish to open multiple checking accounts with the same bank if they are looking for a short-term loan.

Some banks may have a lower credit limit for a business account compared to a personal account. This could force a business owner to seek another bank if they need a larger line of credit. If you’re an individual with good credit, you might want to open a second checking account to take advantage of the features that come with it. For example, you might want to open a rewards checking account that will give you money every time you use your debit card.

Limitations when opening multiple current accounts

It is important to note that some banks may have limits on the number of accounts you can open. This could prevent you from opening several current accounts with the same bank. There are also regulatory limits that limit the number of current accounts a person can open. For example, you cannot open a new checking account if you have more than Rs. 80,0000 in assets and liabilities with the same bank. This is because the Federal Deposit Insurance Corporation (FDIC) requires banks to maintain an asset-to-liability ratio of less than 45 to 1. In general, you can open up to eight accounts at the same time with the same bank if you have a credit score of 700 or higher and no negative ratings on your credit report. If you don’t meet these criteria, you may be restricted when trying to open another account with the same bank.

Other Benefits of Opening a Second Current Account

  • Better interest rates: Many banks offer better interest rates on savings accounts when you have multiple accounts with them. You may also benefit from a higher interest rate on your current account.
  • Reduced service fees: Some banks may waive monthly maintenance fees on a second account if you open it with them. This may apply to accounts such as a small business account, joint account, or sub-account.
  • Higher credit limit: If you open a second account with the same bank and meet their credit requirements, they may increase your credit limit. This can help you save money on interest payments and pay off your loans faster.
  • Commercial advantages: some banks may offer better conditions to companies that have several accounts with them. This may include lower fees and interest rates.
  • Additional rewards: Many banks have loyalty programs that give you additional rewards when you have multiple accounts with them. You can earn more points for each purchase and have the option to transfer them to cash.
  • Better overdraft protection: If you open a second account with overdraft protection, the bank can cover overdrafts on both accounts. This can help protect your finances and avoid high fees.

Disadvantages of opening a second current account with the same bank

  1. Increased credit usage: If you decide to open a second account with the same bank, you can reach the maximum credit usage limit faster. This can negatively impact your credit score and make it harder to get a loan.
  2. More paperwork: If you open a second account with the same bank, you may need to submit additional documents. This may include applying for credit and written authorization to access your first account.
  3. Hourly overdraft fees: If you are overdrawn on a second account that has overdraft protection, the bank may charge you an hourly fee. This can add up quickly and can be more expensive than a simple overdraft fee.
  4. Lower interest rate: If you want to open a second savings account with the same bank, you may not qualify for the same interest rate. This may be the case if you open a sub-account or a joint account with the bank.

How do you know if you can open a second current account?

If you wish to open a second current account with the same bank, it is important to inquire beforehand. You can do this by logging into your account and checking the terms and conditions. You can also call the customer service team and ask about account features or if you are eligible to open a second account.

You can also search for information online. You can search the bank’s website and find out more about their account features and requirements. You can also check review sites to see what other customers have to say about their experience with the bank. Finally, you can speak to someone at the bank in person if you have any questions.


It is possible to have two or more current accounts for the same company. However, you can have these accounts in different banks. You can even have two or more checking accounts for the same company at different branches of some banks. In other words, there is no rule that says a business can only have one checking account.

You can open multiple business current accounts with the same bank to oversee your overall cash flow. Just sign up with OPEN Dashboard, if you need to create multiple current accounts and they will share the requirements with their banking partners accordingly.

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