A business can operate as many bank accounts as it wants. There are pros and cons to this. Pros: •  Separate or ring-fence money for projects •  Manage money for tax and VAT liabilities •  Different accounts serve different needs •  Improves financial organisation However, there are a few disadvantages of opting for multiple bank accounts, such as taking more time and effort to manage multiple balances. It may also mean that you pay several sets of fees, which could become more expensive.