How can I archive old contacts out of My Contacts?
Just with one account also you can achieve this.


In contacts app, go to menu and create a new label like "Archive"
Tap on label and add contacts.
From menu go to settings, and in "contacts to display" select customized, and expand your google account, now here all labels will be shown. Select all labels except Archive.


Now contacts moved to Archive label will not be shown in list.