An IRA holder may have an unlimited number of IRAs with one or more financial organizations. For example, you can set-up an IRA with Bank X in Year 1 and make a contributions and then set-up another IRA with Bank Y in Year 1. Although you can establish more than one IRA, the IRA annual contribution limits applies to all IRAs together. So, if you are under 50 years old and have 3 different IRAs, as of 2015 you cannot make IRA contributions in an amount that will exceed $5,500 including all your IRA accounts ($6500 of you are over the age of 50). The contribution can be allocated to one IRA or divided among all or some of the other IRA accounts.