diff --git a/tokens/src/commands.rs b/tokens/src/commands.rs
index d09b618c3..7ea2bde37 100644
--- a/tokens/src/commands.rs
+++ b/tokens/src/commands.rs
@@ -21,10 +21,10 @@ use {
     solana_rpc_client_api::{
         client_error::{Error as ClientError, Result as ClientResult},
         config::RpcSendTransactionConfig,
-        request::MAX_GET_SIGNATURE_STATUSES_QUERY_ITEMS,
+        request::{MAX_GET_SIGNATURE_STATUSES_QUERY_ITEMS, MAX_MULTIPLE_ACCOUNTS},
     },
     solana_sdk::{
-        clock::{Slot, DEFAULT_MS_PER_SLOT},
+        clock::Slot,
         commitment_config::CommitmentConfig,
         hash::Hash,
         instruction::Instruction,
@@ -49,7 +49,7 @@ use {
             Arc,
         },
         thread::sleep,
-        time::{Duration, Instant},
+        time::Duration,
     },
 };
 
@@ -108,6 +108,10 @@ pub enum Error {
     ClientError(#[from] ClientError),
     #[error("Missing lockup authority")]
     MissingLockupAuthority,
+    #[error("Missing messages")]
+    MissingMessages,
+    #[error("Error estimating message fees")]
+    FeeEstimationError,
     #[error("insufficient funds in {0:?}, requires {1}")]
     InsufficientFunds(FundingSources, String),
     #[error("Program error")]
@@ -297,7 +301,27 @@ fn build_messages(
     stake_extras: &mut StakeExtras,
     created_accounts: &mut u64,
 ) -> Result<(), Error> {
-    for allocation in allocations.iter() {
+    let mut existing_associated_token_accounts = vec![];
+    if let Some(spl_token_args) = &args.spl_token_args {
+        let allocation_chunks = allocations.chunks(MAX_MULTIPLE_ACCOUNTS);
+        for allocation_chunk in allocation_chunks {
+            let associated_token_addresses = allocation_chunk
+                .iter()
+                .map(|x| {
+                    let wallet_address = x.recipient.parse().unwrap();
+                    let associated_token_address = get_associated_token_address(
+                        &wallet_address,
+                        &spl_token_pubkey(&spl_token_args.mint),
+                    );
+                    pubkey_from_spl_token(&associated_token_address)
+                })
+                .collect::<Vec<_>>();
+            let mut maybe_accounts = client.get_multiple_accounts(&associated_token_addresses)?;
+            existing_associated_token_accounts.append(&mut maybe_accounts);
+        }
+    }
+
+    for (i, allocation) in allocations.iter().enumerate() {
         if exit.load(Ordering::SeqCst) {
             db.dump()?;
             return Err(Error::ExitSignal);
@@ -311,14 +335,8 @@ fn build_messages(
 
         let do_create_associated_token_account = if let Some(spl_token_args) = &args.spl_token_args
         {
-            let wallet_address = allocation.recipient.parse().unwrap();
-            let associated_token_address = get_associated_token_address(
-                &wallet_address,
-                &spl_token_pubkey(&spl_token_args.mint),
-            );
-            let do_create_associated_token_account = client
-                .get_multiple_accounts(&[pubkey_from_spl_token(&associated_token_address)])?[0]
-                .is_none();
+            let do_create_associated_token_account =
+                existing_associated_token_accounts[i].is_none();
             if do_create_associated_token_account {
                 *created_accounts += 1;
             }
@@ -733,23 +751,18 @@ fn log_transaction_confirmations(
     Ok(())
 }
 
-pub fn get_fees_for_messages(messages: &[Message], client: &RpcClient) -> Result<u64, Error> {
-    // This is an arbitrary value to get regular blockhash updates for balance checks without
-    // hitting the RPC node with too many requests
-    const BLOCKHASH_REFRESH_MILLIS: u64 = DEFAULT_MS_PER_SLOT * 32;
-
-    let mut latest_blockhash = client.get_latest_blockhash()?;
-    let mut now = Instant::now();
-    let mut fees = 0;
-    for mut message in messages.iter().cloned() {
-        if now.elapsed() > Duration::from_millis(BLOCKHASH_REFRESH_MILLIS) {
-            latest_blockhash = client.get_latest_blockhash()?;
-            now = Instant::now();
-        }
-        message.recent_blockhash = latest_blockhash;
-        fees += client.get_fee_for_message(&message)?;
-    }
-    Ok(fees)
+pub fn get_fee_estimate_for_messages(
+    messages: &[Message],
+    client: &RpcClient,
+) -> Result<u64, Error> {
+    let mut message = messages.first().ok_or(Error::MissingMessages)?.clone();
+    let latest_blockhash = client.get_latest_blockhash()?;
+    message.recent_blockhash = latest_blockhash;
+    let fee = client.get_fee_for_message(&message)?;
+    let fee_estimate = fee
+        .checked_mul(messages.len() as u64)
+        .ok_or(Error::FeeEstimationError)?;
+    Ok(fee_estimate)
 }
 
 fn check_payer_balances(
@@ -759,7 +772,7 @@ fn check_payer_balances(
     args: &DistributeTokensArgs,
 ) -> Result<(), Error> {
     let mut undistributed_tokens: u64 = allocations.iter().map(|x| x.amount).sum();
-    let fees = get_fees_for_messages(messages, client)?;
+    let fees = get_fee_estimate_for_messages(messages, client)?;
 
     let (distribution_source, unlocked_sol_source) = if let Some(stake_args) = &args.stake_args {
         let total_unlocked_sol = allocations.len() as u64 * stake_args.unlocked_sol;
diff --git a/tokens/src/spl_token.rs b/tokens/src/spl_token.rs
index 3850e7467..c897172fa 100644
--- a/tokens/src/spl_token.rs
+++ b/tokens/src/spl_token.rs
@@ -1,7 +1,7 @@
 use {
     crate::{
         args::{DistributeTokensArgs, SplTokenArgs},
-        commands::{get_fees_for_messages, Allocation, Error, FundingSource},
+        commands::{get_fee_estimate_for_messages, Allocation, Error, FundingSource},
     },
     console::style,
     solana_account_decoder::parse_token::{
@@ -96,7 +96,7 @@ pub fn check_spl_token_balances(
         .as_ref()
         .expect("spl_token_args must be some");
     let allocation_amount: u64 = allocations.iter().map(|x| x.amount).sum();
-    let fees = get_fees_for_messages(messages, client)?;
+    let fees = get_fee_estimate_for_messages(messages, client)?;
 
     let token_account_rent_exempt_balance =
         client.get_minimum_balance_for_rent_exemption(SplTokenAccount::LEN)?;