Yes, you can open a second savings account at Wells Fargo
Wells Fargo lets you open more than one savings account, and there is no rule against it. You can have multiple savings accounts at the same time, each with its own balance and interest rate. The main thing to know is that each account counts separately toward Wells Fargo's limits on how many accounts you can hold in total.
The reason people open a second savings account is usually to separate money by purpose — one for emergencies, one for a vacation, one for a down payment. Keeping the money in different accounts can make it easier to see how much you have set aside for each goal without having to do math in your head.
Key Takeaways
- Wells Fargo allows you to open multiple savings accounts, and you can do this online, by phone, or in a branch.
- Each savings account you open will have its own monthly fee structure, so check whether the account type charges a monthly maintenance fee.
- Wells Fargo has limits on the total number of accounts you can hold across all account types combined, which varies depending on your account history.
- A second savings account earns interest on its own balance separately, so the interest you earn depends on how much money sits in each account.
- You will need a valid ID and proof of address to open a new account, whether you do it online or in person.
How to open a second savings account
If you already have a Wells Fargo account, opening a second savings account takes about 10 minutes online. Log into your Wells Fargo account, go to the "Open an Account" section, and select the savings account type you want. You will answer questions about your income and employment, review the account terms, and sign electronically. The account opens right away, though it may take a day or two for the account number to show up in your online banking.
You can also open an account by phone by calling Wells Fargo customer service, or by walking into a branch with your ID and proof of address. A branch employee can open the account while you wait. If you do not yet have a Wells Fargo account, you will need to open a checking account first — Wells Fargo requires this before you can open a savings account.
What documents you will need
To open a second savings account, have these items ready: a valid government-issued ID (driver's license, passport, or state ID card), proof of your current address (a recent utility bill, lease, or bank statement), and your Social Security number. If you are opening the account online, you can upload these documents or answer questions about them. If you are opening in a branch, bring the physical documents with you.
Wells Fargo may also ask about your employment and income, though this is not always required for a second account if you already have a relationship with the bank. Be honest about what you report — the bank verifies this information.
Monthly fees and account types
Wells Fargo offers several types of savings accounts, and each one has different rules about monthly fees. The most common option is the Wells Fargo Savings Account, which charges a monthly maintenance fee unless you meet certain conditions — usually keeping a minimum balance or setting up direct deposit. Some accounts waive the fee if you maintain a balance of $300 or more, while others waive it if you have a linked checking account.
Before you open a second account, check the current fee structure for the account type you want. If you already pay a fee on your first savings account, opening a second one of the same type means you will pay the fee twice — unless you meet the waiver conditions for both accounts. Some people open a second account specifically because it has different fee rules or a higher interest rate.
Interest rates on multiple savings accounts
Each savings account earns interest on its own balance. If you have $5,000 in your first savings account and $3,000 in your second, the bank calculates interest on each amount separately. The interest rate is the same for both accounts if they are the same account type, but the total interest you earn depends on how much money is in each one.
Interest rates change over time and vary based on market conditions, not on how many accounts you have. Opening a second account does not change the rate you earn on either account. If you are trying to earn more interest, moving money between accounts will not help — what matters is the total amount you have saved and the rate the bank is currently paying.
Account limits and how many you can hold
Wells Fargo has a limit on the total number of accounts you can hold at one time across all account types — checking, savings, money market, and others combined. This limit is not published as a single number because it depends on your account history and relationship with the bank. Most customers can hold between 10 and 20 accounts, but the exact number varies.
If you already have a checking account and one savings account, opening a second savings account will not hit this limit. However, if you have many accounts already, you may need to close one before opening another. Call Wells Fargo customer service or ask at a branch if you are unsure whether you have room for another account.
Transferring money between your savings accounts
Once both accounts are open, you can move money between them online, by phone, or at a branch. In online banking, go to "Transfer Money" and select the two accounts you want to use. You can set up a one-time transfer or a recurring transfer that happens on a schedule — for example, $100 every payday to your vacation savings account.
Transfers between your own Wells Fargo accounts happen right away and do not count toward the federal limit on savings account transfers. (That limit applies only to transfers to accounts outside Wells Fargo.) This makes it straightforward to move money around as your needs change without any penalty or delay.
Frequently Asked Questions
Will opening a second savings account hurt my credit score?
No. Opening a savings account does not trigger a hard credit inquiry and does not affect your credit score. Wells Fargo may do a soft inquiry to check your banking history, but this does not show up on your credit report and has no impact on your score.
Can I have two savings accounts with different interest rates?
Only if they are different account types. Two Wells Fargo Savings Accounts will earn the same interest rate. However, Wells Fargo also offers a Money Market Account, which is a type of savings account with a higher interest rate — you could have one regular savings account and one money market account earning different rates.
What happens if I do not keep a minimum balance in my second account?
If your second account charges a monthly maintenance fee and you do not meet the waiver conditions, the fee will be deducted from your balance each month. If your balance drops below zero because of fees, Wells Fargo may close the account and report it to ChexSystems, a banking history database.
Can I open a second savings account online if I only have a checking account?
Yes. If you already have any Wells Fargo account, you can open a savings account online without visiting a branch. The process takes about 10 minutes and you can do it from your phone or computer.
Do I need a second debit card for my second savings account?
No. Your existing debit card is linked to your checking account, not your savings account. You manage your second savings account through online banking, by phone, or at a branch — you do not need a separate card.