How many savings accounts can I have in the UK?There is no legal limit on the number of savings accounts you can open in the UK. You can hold accounts with multiple banks and building societies simultaneously. The only restriction relates to Cash ISAs — you can only subscribe to one Cash ISA per tax year, though you can hold multiple ISAs from previous years. No limit on the number of savings accounts — but you can only pay into one Cash ISA per tax year. FSCS protection covers up to £85,000 per institution, so spreading large savings across providers is worth considering. Rules on multiple savings accounts
Why have multiple savings accounts?
FSCS protection across multiple accountsFSCS protection covers up to £85,000 per authorised institution per person (£170,000 for joint accounts). Some banks share a banking licence — Halifax and Bank of Scotland both fall under Lloyds Banking Group and share a single £85,000 limit. Check the FSCS website to confirm which institutions share a licence before splitting large amounts. Tax on interest from multiple accountsInterest from all your savings accounts is added together and assessed against your Personal Savings Allowance (PSA). Basic rate taxpayers have a PSA of £1,000; higher rate taxpayers £500; additional rate taxpayers £0. Having multiple accounts does not give you multiple allowances — it all counts as one combined total. Verdict No limit — but manage FSCS and tax carefully Open as many savings accounts as you like. Focus on spreading large balances across institutions for FSCS protection, track total interest against your Personal Savings Allowance, and only subscribe to one new Cash ISA per tax year. Frequently asked questionsCan I have two ISAs with the same bank? You can hold multiple ISAs from previous years with the same bank, but you can only open and pay into one new Cash ISA per tax year regardless of provider. You can hold one Cash ISA and one Stocks and Shares ISA in the same tax year. Does having multiple savings accounts affect my credit score? No. Savings accounts do not appear on your credit report and opening multiple savings accounts has no impact on your credit score. Only credit applications leave hard footprints. What happens to my savings if a bank goes bust? The FSCS covers up to £85,000 per authorised institution per person. If you have savings above this with one institution, amounts over £85,000 are at risk. Spreading savings across institutions ensures each balance stays within the protected limit. Can I have savings accounts in my children's name? Yes. Children's savings accounts can be opened in a child's name. The FSCS limit applies separately to the child's own accounts — they are not counted against your own £85,000 limit. |
How Many Savings Accounts Can I Have in the UK? 2026
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