There are no rules about having multiple IRAs. However, when you are considering having more than one IRA, you need to understand that the total contribution amount of all your IRAs cannot exceed the maximum limit for the year. You can contribute a total of $6,000 to traditional or Roth accounts, and if you are age 50 and above, you can contribute a total of $7,000. Note that this is the total amount you can contribute. You cannot contribute that much to each of the IRAs you own.