A simple guide to smarter saving
Opening more than one savings account? That’s not just okay, it can be a smart, strategic move. Mixing different types of savings accounts can help you stay in control, reach your financial goals, and build saving habits that last. Whether you're planning for something big or just want to feel more financially confident, multiple savings accounts can help you get there.
Let’s explore how this approach can work for you.
Why more than one savings account?
Think of each savings account as a “bucket” for your goals. One might be for your next vacation. Another for emergencies. Maybe one for a future home — or even just a rainy-day treat.
Here’s why having more than one can be helpful:
- Stay on track. Labeling accounts keeps your goals clear and your money focused.
- Reduce temptation. When funds are set aside for a purpose, you’re less likely to dip into them for everyday spending.
- Earn more. Different account types may offer better interest rates depending on your goals.
- Build peace of mind. Spreading your savings across accounts can add an extra layer of security.
Bottom line: multiple accounts = more control, more clarity, and more confidence in your financial future.
What kinds of savings accounts are there?
Each bank can have different names and types of savings accounts. Here’s a quick tour of M&T savings account options:
Relationship Savings Account
- Great for: Easy access. For example, you’re saving for an emergency fund
- Good to know: You can easily move money between your M&T bank accounts
Learn more about opening an M&T Relationship Savings Account.
Certificates of Deposit (CDs)
- Great for: Longer-term goals where you won’t need the cash right away
- Good to know: You can open a CD at M&T Bank with a minimum deposit of $1,000
Learn more about M&T CDs to see what term works best for you.
Starter Savings Account
- Great for: Designed with kids and anyone under the age of 18 in mind
- Good to know: No minimum balance requirement to open the account and no monthly maintenance charge
Learn more about the M&T Starter Savings Account.
Easy Save
- Great for: Saving for unforeseen expenses such as medical bills and car repairs
- Good to know: Allows you to transfer money from your M&T checking account to your M&T savings account at the intervals you choose
Learn more about M&T’s Easy Save program.
How many savings accounts do you need?
There’s no one-size-fits-all answer. It depends on your goals, income, and how you like to manage your money. But here’s a helpful way to think about it:
- One account for emergencies – Your “just in case” fund
- One for short-term goals – Think vacations, weddings, or big purchases
- One for long-term goals – Like buying a home or saving for retirement
- One for fun – Yes, saving for joy is just as important!
You might start with two or three and add more as your needs grow. Visit our Savings Calculator Library to get tips on saving for a new home, retirement, vacation, or something else.
Make your savings goals work for you
Setting clear goals helps you stay focused and can make saving feel more rewarding. Here are five tips to make your goals stick:
- Be specific. Instead of “save more,” try “save $1,000 for a trip to Banff.”
- Set a timeline. When do you want to reach your goal? Give yourself a deadline
- Check in often. Life changes, and your goals might too. Review them every few months
- Celebrate progress. Hit a milestone? Treat yourself (responsibly!)
- Stay flexible. If something throws you off track, that’s okay. Adjust and keep going
Saving is a journey. You're in control.
Smart tips for managing multiple savings accounts
Juggling multiple accounts doesn’t have to be complicated. A few simple systems can make it smooth:
- Automate your transfers. Set up automatic contributions to each savings goal, set it and forget it!
- Use a budgeting app. Tools like Mint, YNAB, or even M&T’s Mobile Banking App can help you track everything in one place
- Review your interest rates. If your accounts aren’t earning as much as they could, it might be time to explore your options
Ready to start?
Opening multiple savings accounts can be a smart, simple way to take charge of your financial future. Start small, stay consistent, and always keep your goals in sight.
And remember - whether you’re saving for something big, small, or somewhere in between, we’re here to help.
The minimum deposit required to open the CD account is $1,000. The maximum deposit is $1,000,000 per account.
There is no monthly maintenance charge for M&T Starter Savings. Even when no monthly maintenance charge applies, M&T checking, savings and money market accounts may be subject to other transaction and service fees, including overdraft fees, as noted in the Specific Features and Terms for each account and the Additional Fees and Fees for Use of Electronic Banking Card for Consumer Checking and Savings Accounts, which are available on request at any M&T banking office or through M&T’s Contact Center. Overdraft fees will not be charged to a MyWay Banking account.
For educational purposes only. Always consult a qualified professional about your personal situation.
Unless otherwise specified, all advertised offers and terms and conditions of accounts and services are subject to change at any time without notice. After an account is opened or service begins, it is subject to its features, conditions and terms, which are subject to change at any time in accordance with applicable laws and agreements. Please contact an M&T representative for details.