Absolutely. It can make "mental accounting" easier to do because you can probably nickname an account online and know exactly how much is in it and what the intended purpose is.
For example, I have several different accounts currently at Ally and each one is named something different, which indicates the goal of that money. I have different amounts of money automatically going into each one to reach a certain amount by a certain point in time, and if necessary, I could always transfer amounts between them immediately.
All in all, the total amount is the same as if I kept it in one account, but I get the same amount of interest and it is easier to see exactly what each account is for and the balance on each.
I'm a fan of multiple savings accounts for that and similar reasons. From a logistics standpoint, as Larry suggested, it may be easier to have one account and keep a ledger tracking how much of the larger balance is dedicated to different goals. However, like almost everything else in financial planning, everyone is different and approaches things differently, so you will likely just have to decide what method works best for you.