How many bank accounts are you allowed to have?
It can be useful in various situations to open multiple accounts. Perhaps you want certain fixed costs to be debited neatly from a separate account, or you are saving for specific goals for which you would rather keep separate pots. Even if you want to share expenses with your partner, an extra joint account is a solution.
But how many accounts are you actually allowed to have? And are there rules you need to take into account when you want to open more than one bank account? In this article, we take a closer look at these questions, so you are well informed about how many accounts you are actually allowed to have.
Are you allowed to have multiple bank accounts?
In the Netherlands, you may open as many bank accounts as you like. There is no legal maximum on how many bank accounts you may have. Whether you choose extra accounts to structure different expenses, want to share a joint account with someone, or simply like to keep an overview by separating finances, the choice is yours.
How many savings accounts may you have?
In the Netherlands, there is no legally set maximum for the number of savings accounts you may open. So you can keep as many as are convenient for your situation.
Bear in mind that different providers have their own terms and sometimes set certain limits or requirements. However, that does not mean the law limits the number of savings accounts you can open.
How many current accounts may you have?
Just like with savings accounts, there is no legal limit in the Netherlands on the number of current accounts you may own. In practice, most banks and financial institutions do set their own limits on the number of current accounts a single account holder may open.
They do this, among other things, to streamline their internal processes and manage security and fraud risks. Even so, it remains your choice to open current accounts with different providers, as long as you meet the terms they set. Want to know more? Then see the differences between business and personal accounts.
What should you consider if you have multiple accounts?
When you decide to open more than one account, there are a few things you need to bear in mind. This helps you avoid unpleasant surprises and ensures that your financial management continues to run smoothly. Below you can read more about the main points to consider.
Deposit guarantee
Please note that the deposit guarantee scheme has a limit of € 100,000 per account holder. If you have more than this amount, it may be beneficial to spread your balance across several savings accounts with different providers.
Also note that some providers share the same licence, meaning your total balance still falls under a single deposit guarantee scheme. This is important to keep in mind if you want to diversify and protect your assets.
Additional costs
Not every provider offers unlimited accounts without extra charges. Sometimes they charge a fixed amount per month or per additional account. It may therefore be wise to compare the terms and rates a provider applies. Consider for yourself whether the benefits of an extra account outweigh any costs, so that you do not pay unnecessarily.
Income tax return
When filing your annual tax return, you must declare all assets, whether they are held in one account or in several. Banks pass this information on to the tax authorities, but it can happen that not all information is automatically included.
With multiple accounts, your tax return can therefore take more time, because you need to check whether each amount has been recorded correctly. Anyone who intentionally provides incorrect or incomplete information may face penalties.
Limitation period for inactive accounts
If you open several accounts and then do not use them for years, they may expire. In the Netherlands, savings accounts can become time-barred after a period of 20 years if there is no balance on the account and you have not had any contact with the provider. It is therefore advisable to open only accounts that you really need and to close them as soon as you no longer use them.
Children's accounts
For children, different rules sometimes apply than for adults. With some providers, you may open a maximum of one account for a child, while other providers allow several accounts. If you want to manage different savings goals for your child separately, it is wise to ask about the possibilities. That way, you avoid running into restrictions later on. Want to know more? Then read about opening an account if you are under 18.
Opening multiple payment accounts with GoDutch
Do you want to open multiple current accounts, while still benefiting from ease of use and low costs? GoDutch offers an all-in-one platform that lets you manage your finances efficiently and always keep an overview.
You’ll receive a local IBAN within three hours, a GoDutch card for in-store and online payments, and 24/7 support from real people. Thanks to the flexible setup, you can easily create more than one current account, so you can put in place exactly the structure you need.
That leaves you with more time and the benefit of a fair fee. Does that sound like the solution for you? Then feel free to get in touch or sign up directly via the app to open your new GoDutch account(s) today.
