How many accounts you should have will vary. Though some savers are better off keeping all their funds in one account others may benefit from having multiple savings accounts for different goals. Putting money into different buckets can be a more effective strategy for those looking to save for specific purposes or who want to keep emergency funds separate from other savings. And some banks help by encouraging customers to create multiple accounts for specific saving purposes. Regardless of how many accounts you decide to open, avoiding accounts with monthly maintenance fees or minimum account balance requirements that may result in fees is one of the most effective ways to grow your savings. "If you prefer simple, safe and secure, you likely will prefer just one account. Less statements to review, less login credentials to remember, less risk for fraudulent behavior, etc." - Ronald Guay, President And Founder Of Rivermark Wealth Management. Deposit accounts, such as savings accounts, aren’t reported to the three credit bureaus and don’t appear on credit reports. Some banks run a soft credit inquiry when a deposit account is opened. That inquiry may appear on your credit report, but it won’t affect your credit score, according to Experian.