Can you have more than one current account?

Can you have more than one current account?

So, recently Genome dedicated the whole article to the topic of current accounts. What is the current account, how to open it, what documents you need, and all that good stuff.

But now, after reading that article, you wonder: “how many current accounts can I have?” Well, we are here to answer! Let’s dive into the topic and help you decide if you need multiple current accounts.

Reasons you should have more than one current account

There are some common cases in which people choose to start additional current accounts. Here are some of them:

Testing the waters

Imagine the situation: you started a current account at a bank a while ago and have been using it for ages. But then you hear that another payment system offers current accounts with a lot more features, bonuses, or more affordable fees. You read about the payment system, maybe consult people that already use it, and start feeling that you want to try this new exciting account out. But at the same time, leaving the bank you have been using for a long time may be stressful. So, opening a second current account without closing the first one will be a good decision. You can always change accounts in the future or keep them both.

And it not only goes for different financial institutions. You might want to start a second current account at your original bank just because this second current account provides different features, etc. 

A “just in case” scenario

We are talking about a backup account here. Sometimes, even the most reliable and stable financial institutions have technical mishaps. Due to them, you can lose access to your main current account for a couple of hours or even longer. And if you need money urgently, this turns into a very unpleasant and worrisome situation. 

Having an additional current account at another financial institution with money on it can definitely be a situation saver! And some cases can be more severe, like hackers stealing all your money. 

A better grasp on budgeting

Sometimes you need multiple current accounts to budget your finances better. For instance, you want to make sure that there’s always enough money for emergency or utility payments. But your everyday spendings may interfere with this, and it is harder to track every little thing. So, in this case, a person may start another account to store payments for emergencies/utilities to be sure they definitely have the full sum necessary.  

Not to mention that nowadays banks and PSPs offer many kinds of current accounts with different benefits attached. And some of them aimed at better money tracking and management like Genome accounts do. Not only can you open additional accounts within our platform in minutes, but you can overlook all of them, as well as your every transaction, via the app – any time you’d like to!

Going international 

Some people have to travel to other countries for work, others enjoy traveling worldwide. Either way, they might face a problem: high foreign transaction fees. 

This is when opening a second current account might come in handy! Some PSPs and financial institutions offer special current accounts that have low fees for use abroad. There are also foreign currency accounts, which allow you to perform transactions in different currencies. 

Make it joint

Here’s another scenario: you and your significant other want to buy a car, so you start saving funds for it. But, the problem is, both of you have separate current accounts, and you don’t want to deal with constant back-and-forth transfers. Opening an additional, joint account might be the best solution for you! More on the topic of joint accounts and how to use them – in this article. 

Also, using another current account as a savings one might be a good idea, even if you don’t share it with anybody. You see, the main difference between them and savings accounts is that the number of transactions you can make with the latter is usually limited. Thus, you can start an additional current account instead and withdraw money whenever you want. Moreover, some banks offer high-interest current accounts for this purpose. Learn more about high-interest accounts in Genome’s article on the types of current accounts. 

So, can you have 2 current accounts? Yes, you definitely can, and, as you can see, there are plenty of reasons people do so. Still not convinced? Let’s go through the advantages of having more than one account. 


Open an account

in Genome online

Get Started

Advantages of multiple current accounts

There are many benefits you can get from using multiple current accounts:

  • Flexible payments. The more current accounts you have the more transactions you can make monthly – from these different accounts. 
  • A backup plan. If anything happens to your main account, you can always use money from your other current accounts for payments.
  • More bonuses. Can you have a current account with two different banks? You can and you definitely should, if you enjoy looking for the best deals. Financial institutions offer different advantages of opening a current account: some provide great cashbacks on purchases, others – discounts for certain products. Combining all the bonuses from the accounts may be highly beneficial. 
  • Different features. This point is similar to the previous one – you can experience various services within various banks and PSPs. For instance, you can have a current account at an EMI that offers low maintenance fees while profiting from a high-interest account at another bank.  
  • Convenient money savings. You can use one of the current accounts as a savings one, as some of them also offer interest, and you will have more access to your funds.

Disadvantages of multiple current accounts

No matter the benefits, some people, unfortunately, face drawbacks when starting more accounts. Opening a second current account (or more) might not be such a good idea if:

  • You are not too keen on managing them. Operating accounts in different banks might be confusing, and if you are a busy person you may not be able to catch up on all of them. 
  • The maintenance fees are too high. Remember that most current accounts require a minimum balance being stored on them. If you can’t keep up with the balance, you are likely to get higher maintenance fees. Not only that, but some financial institutions can have high charges or even some hidden fees. That is why you need to carefully evaluate the pricing before starting an account at a new bank.  
  • The banks are not secure enough. Unfortunately, not all financial institutions are reliable enough to keep your money in. You need to make sure that the PSP/bank you want to open an account at abides by PCI DSS and other regulations, has anti-fraud and other security tools to protect your funds and data. 

How to open up additional current accounts

The process is similar to opening your first current account. If you choose to apply for an account at your bank, the process will be easier: you already know how your financial institution operates, what the fees are, and what documents are required.

But, if you are opening a second current account with another bank/PSP, the application rules might differ. Generally, you need to provide basic information about yourself, your employment, and your residence status, along with an application form.

But some PSPs make the application process simple, like Genome! If you still don’t have a personal wallet on our platform, it is a great time to open one. 

All you need is a phone, an ID, and an internet connection! 

  • Go to, sign up, and choose a personal wallet;
  • Enter your full name, address, phone number, and date of birth;
  • Take a picture of the document you can be identified by and record a video selfie so that we can confirm your identity;

You can check out our detailed tutorial on how to open a personal account

And you know what is the best part? You can start additional multi-currency accounts as soon as you get your personal wallet. With Genome, you can open up to 5 accounts in each currency: EUR, USD, GBP. And you don’t even need to pass any more onboarding procedures: just go to your dashboard after getting a personal wallet and add accounts within minutes! 

Manage all your accounts and transactions from one dashboard. Multiple multi-currency accounts are also available for business wallet users, the application process is simple as well!


Open an account

in Genome online

Get Started

What do I need to be aware of when opening multiple current accounts?

  1. Determine, if you really need the account. We have listed many reasons why a person may require one, but we advise weighing the pros and cons before making the ultimate decision;
  2. If you enjoy the bank you have the main account in, ask the manager “how many current accounts can I have?” directly, or browse the bank’s website. 
  3. If you want an account at another bank, research the market: find the most suitable offers for you. When looking into different PSPs and banks, take note of the following:
  • The minimum balance requirement for a current account;
  • The fees for account opening and maintenance;
  • The security features an institution provides;
  • The possible bonuses; 
  • The 24/7 support;
  1. Read the reviews to determine if the bank/PSP provides quality services and operates stably. 

How to manage multiple current accounts

As we have mentioned before, you first need to make sure you can keep up with all the accounts you start.

There are a couple of ways you can expedite the multiple account management:

  • Find out if your financial institution has a mobile banking app – this can definitely make operating the account easier, as you will have access to them from your phone. Genome also has an app that simplifies account management significantly! 
  • Switch on phone notifications that will help you remember every time you need to top up your account;
  • Set limits if necessary. Sometimes, you may forget that you don’t want to spend more than a certain sum from one account. In this case, setting limits can help you avoid unpleasant overdrafts. 


Can you have multiple current accounts?

Yes, you can. It depends on whether you really need more than one. For instance, if you have an all-encompassing current account, that you have no issues with and don’t pay too many fees for, then you are good. But again, if you need more services, want to try accounts with more preferable features, or for any other reason we listed in the article prior, you can definitely get more accounts.  

Is it bad to have multiple bank accounts?

Having multiple bank accounts is not defined by the “good” or “bad” metrics. To put it simply, you should have as many current accounts as you need. But, you also have to make sure you:

  • Will be able to manage them properly;
  • Will be profiting from having this many accounts, not losing money, and paying too many fees for maintenance;

For instance, with Genome, you can open additional accounts within minutes – no matter if you are a personal or a business user, and manage them all from one dashboard. 

How many current accounts can I have

You can have as many current accounts as you need. But, it is likely that you will do so in more than one financial institution. Generally, banks and Fintechs allow multiple accounts opening, but they limit the number depending on their policies. 

Can I have two current accounts with the same bank?

It depends on whether your bank provides such an option. Many banks nowadays do but may have different conditions about you opening it. All in all, opening a second current account in your bank makes sense if, for instance, you want to separate your funds, or save money for a special occurrence on one of the accounts.