You can open a second savings account at Wells Fargo online, by phone, or in a branch, and the process takes about 15 minutes
Wells Fargo lets you open multiple savings accounts under the same login, each with its own balance and interest rate. You do not need to be an existing customer — new customers can open a second account at the same time they open their first. The account opens when ready if you do it online or by phone, though it may take one business day to appear in your mobile app.
The main reason people open a second savings account is to separate money by purpose: one for emergencies, one for a vacation, one for a car down payment. Each account earns interest independently, so you can compare which one grows faster. You can also set different spending rules for each account — some people link one to a debit card and keep the other untouched.
Wells Fargo does not charge a monthly fee for savings accounts, but the interest rate you earn depends on the account type you choose and the balance you keep in it. Rates change, so check the current rate before you open.
Key Takeaways
- You can open a second savings account online at wellsfargo.com, by calling 1-800-869-3557, or by visiting a branch in person.
- Online and phone accounts open when ready, but the new account may take one business day to show up in your mobile app.
- You will need your Social Security number, a government ID, and a funding source (another account or debit card) to complete the process.
- Wells Fargo offers different savings account types with different interest rates, so compare the rates before you choose which one to open.
- You can have up to 10 savings accounts under one login, though most people use two or three.
Opening a second account online through your Wells Fargo login
If you already have a Wells Fargo account, the fastest route is to log in to wellsfargo.com or the Wells Fargo mobile app and open the new account from there. Click "Open an Account" or "Add an Account" — the exact wording changes depending on which app version you use. Select "Savings Account" and choose which type of savings account you want (see the next section for the difference between them).
You will be asked to name the account — something like "Vacation Fund" or "Emergency" helps you keep track of what the money is for. Then you choose how much to deposit to start. Wells Fargo does not require a minimum opening deposit for most savings accounts, but some account types do, so read the details before you confirm. You can fund the account from another Wells Fargo account you own, or from an external bank account using your routing and account number.
The account number generates when ready and appears in your online banking dashboard. If you are using the mobile app, refresh it or log out and back in to see the new account. The account will be fully functional within one business day.
Opening a second account by phone or in a branch
Call Wells Fargo at 1-800-869-3557 to open a savings account over the phone. A representative will ask you which type of savings account you want, how much you want to deposit, and how you want to fund it. The account opens while you are on the call, and you will receive a confirmation number. The representative can also answer questions about interest rates and account features before you commit.
If you prefer to open the account in person, visit any Wells Fargo branch with a government-issued ID and your Social Security number. Bring a debit card or checkbook from another bank if you want to fund the account from an external source, or you can transfer money from another Wells Fargo account you own. The branch representative will complete the paperwork and the account opens the same day.
Opening in a branch takes longer than online — usually 20 to 30 minutes — but the representative can walk you through the account types and help you choose the right one for your situation.
Understanding Wells Fargo savings account types and their interest rates
Wells Fargo offers several savings account types, and the one you choose affects how much interest you earn. The Wells Fargo Way2Save Savings Account is the most common choice for a second account. It has no monthly fee and no minimum balance requirement, though the interest rate is typically lower than accounts that require a larger balance. The rate changes based on the Federal Reserve's decisions, so it varies month to month.
The Wells Fargo Gold Savings Account requires a higher opening deposit and minimum balance — usually $500 or more, depending on your state — but it pays a higher interest rate. If you are opening a second account specifically to save for something and you can keep a larger balance in it, this account may earn you more money over time.
The Wells Fargo Premier Savings Account is for customers with larger balances and higher account activity. It requires a much larger minimum balance — often $25,000 or more — and pays the highest interest rate of the three. Most people opening a second account do not need this one.
Check wellsfargo.com or call 1-800-869-3557 to see the current interest rates for each account type in your state. Rates vary by location and change frequently, so the rate you see today may not be the rate you get next month.
What information you need to have ready
Before you start the process, gather your Social Security number, a government-issued ID (driver's license, passport, or state ID), and information about how you want to fund the account. If you are funding it from another Wells Fargo account, you will need the account number. If you are funding it from an external bank account, you will need that bank's routing number and your account number at that bank.
You will also need to decide on a name for the account — something that tells you what the money is for. This is optional but helpful if you plan to open more than one savings account. Wells Fargo will ask you to confirm your address and phone number, so have those ready as well.
If you are opening the account as a new Wells Fargo customer, you will also need to provide your date of birth and employment information. The process takes about 15 minutes online or by phone, and 20 to 30 minutes in a branch.
Moving money between your savings accounts
Once both accounts are open, you can move money between them at any time through online banking or the mobile app. Log in, select the account you want to transfer from, and choose "Transfer Money." Select the second savings account as the destination and enter the amount. The transfer completes when ready if both accounts are at Wells Fargo.
You can also set up automatic transfers — for example, moving $50 from your checking account to your second savings account every payday. This helps you save without thinking about it. Set up automatic transfers in the "Transfers" or "Scheduled Transfers" section of your online banking dashboard.
Wells Fargo does not charge a fee for transfers between your own accounts, and there is no limit on how many times you can transfer per month. However, federal rules used to limit savings account withdrawals to six per month — Wells Fargo removed this limit, but it is worth checking the current rules on their website to be sure.
Frequently Asked Questions
Can I open a second savings account if I have bad credit or a closed account history with Wells Fargo?
Wells Fargo does not run a credit check to open a savings account, so bad credit will not stop you. However, if you have a closed account or unpaid balance with Wells Fargo, they may deny the new account. Call 1-800-869-3557 to ask whether your history will affect a new account before you try to open one online.
What happens if I do not deposit money right away?
You can open a savings account with no opening deposit at Wells Fargo Way2Save. If you choose an account type that requires a minimum deposit, you must fund it during the opening process. You cannot open the account and fund it later.
Can I close one of my savings accounts later if I change my mind?
Yes. You can close a savings account online, by phone, or in a branch at any time. If there is money in the account, Wells Fargo will transfer it to another account you own or send you a check. There is no fee to close an account.
Will opening a second account affect my credit score?
No. Opening a savings account does not trigger a hard credit inquiry, so it will not lower your credit score. Wells Fargo may do a soft check to verify your identity, but this does not show up on your credit report.
How many savings accounts can I have at Wells Fargo?
You can have up to 10 savings accounts under one login at Wells Fargo. Each account has its own balance, interest rate, and account number. Most people use two or three, but there is no penalty for having more if you want to organize your money into many separate goals.