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Are you allowed to have multiple bank accounts?

What should you consider if you have multiple accounts?

Opening multiple payment accounts with GoDutch

It can be useful to open multiple accounts in different situations. Perhaps you want to have certain fixed expenses debited from a separate account for clarity, or you are saving for specific goals for which you prefer to keep separate pots. Additionally, if you want to share expenses with your partner, an extra joint account can be a solution.

But how many accounts are you actually allowed to have? And are there rules you need to consider when you want to open more than one bank account? In this article, we will delve deeper into these questions so that you are well-informed about how many accounts you are actually allowed to have.

Are you allowed to have multiple bank accounts?

You may open as many bank accounts as you like in the Netherlands. There is no legal maximum on how many bank accounts you can have. Whether you choose to have extra accounts to structure different expenses, want to share a joint account with someone, or simply prefer to keep finances separated for clarity, the choice is yours.

How many savings accounts can you have?

In the Netherlands, there is no legally established maximum for the number of savings accounts you can open. You can therefore maintain as many as is convenient for your situation.

Do keep in mind that different providers have their own conditions and may set certain limits or requirements. However, this does not mean that the law restricts you on the number of savings accounts you can open.

How many current accounts can 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, however, most banks and financial institutions do set their own limits on the number of active accounts that a single account holder may open.

They do this, among other reasons, to streamline their internal processes and manage safety and fraud risks. Nevertheless, it remains your own choice to open current accounts with different providers, as long as you meet the conditions they set for that. Want to know more? Then take a look at the differences between business and personal accounts.

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Open gratis zakelijke rekening

Gratis rekening vanaf €0 bij GoDutch

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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 keep in mind. This way, you can avoid unpleasant surprises and ensure that your financial management runs smoothly. Below, you can read more about the main points of attention.

Deposit Guarantee

Bear in mind 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 over multiple savings accounts with different providers.

However, do note that some providers share the same licence, meaning your total balance may still fall under one deposit guarantee scheme. This is important to keep in mind if you want to diversify and protect your assets.

Extra Costs

Not every provider offers unlimited accounts without additional costs. Sometimes they charge a fixed amount per month or for each extra account. It may be wise to compare what terms and rates a provider offers. Consider whether the benefits of an extra account outweigh any costs, so you do not pay unnecessarily high fees.

Income Tax Return

In your annual return, you must declare all assets, regardless of whether they are in one or multiple accounts. Banks pass this information on to the tax authorities, but it can happen that not all information is automatically transferred.

Having multiple accounts may therefore take more time for your declaration, as you must check whether each amount is accurately recorded. Anyone who knowingly provides incorrect or incomplete information may face penalties.

Expiration of Inactive Accounts

If you open multiple accounts and then do not use them for years, they may expire. In the Netherlands, savings accounts can expire after 20 years if there is no balance and you have had no contact with the provider. It is therefore advisable to only open accounts that you really need and to close them as soon as you no longer use them.

Children's Accounts

Different rules may apply for children compared to adults. With some providers, you may open a maximum of one account for a child, while with others, multiple accounts may be possible. If you want to manage different savings goals for your child separately, it is wise to inquire about the options. This way, you can avoid running into limitations later. Want to know more? Read about opening an account if you are under 18 years old.

When you decide to open more than one account, there are a few things you need to keep in mind. This way, you can avoid unpleasant surprises and ensure that your financial management runs smoothly. Below, you can read more about the main points of attention.

Deposit Guarantee

Bear in mind 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 over multiple savings accounts with different providers.

However, do note that some providers share the same licence, meaning your total balance may still fall under one deposit guarantee scheme. This is important to keep in mind if you want to diversify and protect your assets.

Extra Costs

Not every provider offers unlimited accounts without additional costs. Sometimes they charge a fixed amount per month or for each extra account. It may be wise to compare what terms and rates a provider offers. Consider whether the benefits of an extra account outweigh any costs, so you do not pay unnecessarily high fees.

Income Tax Return

In your annual return, you must declare all assets, regardless of whether they are in one or multiple accounts. Banks pass this information on to the tax authorities, but it can happen that not all information is automatically transferred.

Having multiple accounts may therefore take more time for your declaration, as you must check whether each amount is accurately recorded. Anyone who knowingly provides incorrect or incomplete information may face penalties.

Expiration of Inactive Accounts

If you open multiple accounts and then do not use them for years, they may expire. In the Netherlands, savings accounts can expire after 20 years if there is no balance and you have had no contact with the provider. It is therefore advisable to only open accounts that you really need and to close them as soon as you no longer use them.

Children's Accounts

Different rules may apply for children compared to adults. With some providers, you may open a maximum of one account for a child, while with others, multiple accounts may be possible. If you want to manage different savings goals for your child separately, it is wise to inquire about the options. This way, you can avoid running into limitations later. Want to know more? Read about opening an account if you are under 18 years old.

When you decide to open more than one account, there are a few things you need to keep in mind. This way, you can avoid unpleasant surprises and ensure that your financial management runs smoothly. Below, you can read more about the main points of attention.

Deposit Guarantee

Bear in mind 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 over multiple savings accounts with different providers.

However, do note that some providers share the same licence, meaning your total balance may still fall under one deposit guarantee scheme. This is important to keep in mind if you want to diversify and protect your assets.

Extra Costs

Not every provider offers unlimited accounts without additional costs. Sometimes they charge a fixed amount per month or for each extra account. It may be wise to compare what terms and rates a provider offers. Consider whether the benefits of an extra account outweigh any costs, so you do not pay unnecessarily high fees.

Income Tax Return

In your annual return, you must declare all assets, regardless of whether they are in one or multiple accounts. Banks pass this information on to the tax authorities, but it can happen that not all information is automatically transferred.

Having multiple accounts may therefore take more time for your declaration, as you must check whether each amount is accurately recorded. Anyone who knowingly provides incorrect or incomplete information may face penalties.

Expiration of Inactive Accounts

If you open multiple accounts and then do not use them for years, they may expire. In the Netherlands, savings accounts can expire after 20 years if there is no balance and you have had no contact with the provider. It is therefore advisable to only open accounts that you really need and to close them as soon as you no longer use them.

Children's Accounts

Different rules may apply for children compared to adults. With some providers, you may open a maximum of one account for a child, while with others, multiple accounts may be possible. If you want to manage different savings goals for your child separately, it is wise to inquire about the options. This way, you can avoid running into limitations later. Want to know more? Read about opening an account if you are under 18 years old.

Opening multiple payment accounts with GoDutch

Do you want to open multiple payment accounts while benefiting from ease of use and low costs? GoDutch offers an all-in-one platform that allows you to manage your finances efficiently and always keep an overview.

You will 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 payment account, allowing you to establish the exact structure you need.

This way, you have more time left and benefit from a fair rate. Does that sound like the solution that suits you? Feel free to get in touch or directly sign up via the app to open your new GoDutch account(s) today.

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De rekening die je tijd en geld bespaart

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De rekening die je tijd en geld bespaart

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