Report both foreign accounts on a single Form 8938.
The $50,000 threshold applies to all of your foreign accounts, i.e. the total value. Once you exceed that threshold, you must report all foreign accounts.
From Instructions for Form 8938 (2020):
Use Form 8938 to report your specified foreign financial assets if the total value of all the specified foreign financial assets in which you have an interest is more than the appropriate reporting threshold.
Unmarried taxpayers.
If you are not married, you satisfy the reporting threshold only if the total value of your specified foreign financial assets is more than $50,000 on the last day of the tax year or more than $75,000 at any time during the tax year.
Married taxpayers filing a joint income tax return.
If you are married and you and your spouse file a joint income tax return, you satisfy the reporting threshold only if the total value of your specified foreign financial assets is more than $100,000 on the last day of the tax year or more than $150,000 at any time during the tax year.
