diff --git a/server/graphql/v2/input/TransactionsImportReferenceInput.ts b/server/graphql/v2/input/TransactionsImportReferenceInput.ts
new file mode 100644
index 000000000000..a09bc14fd2de
--- /dev/null
+++ b/server/graphql/v2/input/TransactionsImportReferenceInput.ts
@@ -0,0 +1,36 @@
+import { GraphQLInputObjectType, GraphQLNonNull } from 'graphql';
+import { GraphQLNonEmptyString } from 'graphql-scalars';
+
+import { TransactionsImport } from '../../../models';
+import { idDecode } from '../identifiers';
+
+export type GraphQLTransactionsImportReferenceInputFields = {
+  id: string;
+};
+
+export const GraphQLTransactionsImportReferenceInput = new GraphQLInputObjectType({
+  name: 'TransactionsImportReferenceInput',
+  fields: () => ({
+    id: {
+      type: new GraphQLNonNull(GraphQLNonEmptyString),
+      description: 'The id of the row',
+    },
+  }),
+});
+
+export const fetchTransactionsImportWithReference = async (
+  input: { id: string },
+  { throwIfMissing = false, ...sequelizeOpts } = {},
+): Promise<TransactionsImport> => {
+  let row;
+  if (input.id) {
+    const decodedId = idDecode(input.id, 'transactions-import-row');
+    row = await TransactionsImport.findByPk(decodedId, sequelizeOpts);
+  }
+
+  if (!row && throwIfMissing) {
+    throw new Error(`TransactionsImport not found`);
+  }
+
+  return row;
+};
diff --git a/server/graphql/v2/mutation/PlaidMutations.ts b/server/graphql/v2/mutation/PlaidMutations.ts
index 9e90c000d383..92892a5c0c1b 100644
--- a/server/graphql/v2/mutation/PlaidMutations.ts
+++ b/server/graphql/v2/mutation/PlaidMutations.ts
@@ -12,6 +12,10 @@ import {
   fetchConnectedAccountWithReference,
   GraphQLConnectedAccountReferenceInput,
 } from '../input/ConnectedAccountReferenceInput';
+import {
+  fetchTransactionsImportWithReference,
+  GraphQLTransactionsImportReferenceInput,
+} from '../input/TransactionsImportReferenceInput';
 import { GraphQLConnectedAccount } from '../object/ConnectedAccount';
 import { GraphQLTransactionsImport } from '../object/TransactionsImport';
 
@@ -106,6 +110,10 @@ export const plaidMutations = {
         type: GraphQLString,
         description: 'The name of the bank account',
       },
+      transactionImport: {
+        type: GraphQLTransactionsImportReferenceInput,
+        description: 'The transaction import to use. If not provided, a new one will be created.',
+      },
     },
     resolve: async (_, args, req) => {
       checkRemoteUserCanUseTransactions(req);
@@ -121,7 +129,13 @@ export const plaidMutations = {
         );
       }
 
-      const accountInfo = pick(args, ['sourceName', 'name']);
+      const accountInfo: Parameters<typeof connectPlaidAccount>[3] = pick(args, ['sourceName', 'name']);
+      if (args.transactionImport) {
+        accountInfo.transactionsImport = await fetchTransactionsImportWithReference(args.transactionImport, {
+          throwIfMissing: true,
+        });
+      }
+
       return connectPlaidAccount(req.remoteUser, host, args.publicToken, accountInfo);
     },
   },
diff --git a/server/lib/plaid/connect.ts b/server/lib/plaid/connect.ts
index b5eeb6e69fcd..308cf9ca36df 100644
--- a/server/lib/plaid/connect.ts
+++ b/server/lib/plaid/connect.ts
@@ -1,4 +1,4 @@
-import { truncate } from 'lodash';
+import { omit, truncate } from 'lodash';
 import { CountryCode, ItemPublicTokenExchangeResponse, Products } from 'plaid';
 
 import { Service } from '../../constants/connected-account';
@@ -39,13 +39,25 @@ export const connectPlaidAccount = async (
   remoteUser: User,
   host: Collective,
   publicToken: string,
-  { sourceName, name }: { sourceName: string; name: string },
+  {
+    sourceName,
+    name,
+    transactionsImport,
+  }: { sourceName: string; name: string; transactionsImport?: TransactionsImport },
 ) => {
   // Permissions check
   if (!remoteUser.isAdminOfCollective(host)) {
     throw new Error('You must be an admin of the host to connect a Plaid account to it');
   } else if (!host.isHostAccount) {
     throw new Error('You can only connect a Plaid account to a host account');
+  } else if (transactionsImport) {
+    if (transactionsImport.CollectiveId !== host.id) {
+      throw new Error('The transaction import must belong to the host');
+    } else if (transactionsImport.type !== 'PLAID') {
+      throw new Error('The transaction import must be of type PLAID');
+    } else if (transactionsImport.ConnectedAccountId) {
+      throw new Error('This transaction import is already connected to Plaid');
+    }
   }
 
   // Exchange Plaid public token
@@ -71,6 +83,9 @@ export const connectPlaidAccount = async (
     }
   }
 
+  // TODO: If reconnecting, make sure the connected account matches the previous one
+  // ...
+
   // Create connected account
   return sequelize.transaction(async transaction => {
     const connectedAccount = await ConnectedAccount.create(
@@ -80,25 +95,38 @@ export const connectPlaidAccount = async (
         clientId: exchangeTokenResponse['item_id'],
         token: exchangeTokenResponse['access_token'],
         CreatedByUserId: remoteUser.id,
+        data: omit(exchangeTokenResponse, ['item_id', 'access_token']),
       },
       { transaction },
     );
 
-    const transactionsImport = await TransactionsImport.createWithActivity(
-      remoteUser,
-      host,
+    if (transactionsImport) {
+      await transactionsImport.update({ ConnectedAccountId: connectedAccount.id }, { transaction });
+    } else {
+      transactionsImport = await TransactionsImport.createWithActivity(
+        remoteUser,
+        host,
+        {
+          type: 'PLAID',
+          source: truncate(sourceName, { length: 255 }) || 'Bank',
+          name: truncate(name, { length: 255 }) || 'Bank Account',
+          ConnectedAccountId: connectedAccount.id,
+        },
+        { transaction },
+      );
+    }
+
+    // Record the transactions import ID in the connected account for audit purposes
+    await connectedAccount.update(
       {
-        type: 'PLAID',
-        source: truncate(sourceName, { length: 255 }) || 'Bank',
-        name: truncate(name, { length: 255 }) || 'Bank Account',
-        ConnectedAccountId: connectedAccount.id,
+        data: {
+          ...connectedAccount.data,
+          transactionsImportId: transactionsImport.id,
+        },
       },
       { transaction },
     );
 
-    // Record the transactions import ID in the connected account for audit purposes
-    await connectedAccount.update({ data: { transactionsImportId: transactionsImport.id } }, { transaction });
-
     return { connectedAccount, transactionsImport };
   });
 };