You can open another savings account at Wells Fargo online, by phone, or in a branch
Wells Fargo lets you open a second savings account without closing your first one. You can do this through their website, by calling customer service, or by walking into a branch. The process takes about 10 to 15 minutes online, longer in person because of verification steps. You'll need your Social Security number, a government ID, and your current Wells Fargo login information if you're doing it online.
The main reason people open a second account is to separate money by purpose—one for emergencies, one for a specific goal, one for a different household member. Wells Fargo charges no monthly fee on most savings accounts, though the interest rate is low. If you already have a Wells Fargo checking account, opening a savings account is faster because the bank already has your identity verified.
Key Takeaways
- You can open a second savings account online through Wells Fargo's website, by phone at 1-800-869-3557, or in any branch without closing your existing account.
- You'll need your Social Security number, a government-issued ID, and your current Wells Fargo customer information to open the account.
- Online account opening takes 10 to 15 minutes and funds are usually available the same day; in-branch opening takes longer but lets you ask questions in real time.
- Wells Fargo savings accounts have no monthly maintenance fee, but the interest rate is typically lower than online-only banks offer.
Opening a second account online through Wells Fargo's website
Log into your Wells Fargo account on their website or mobile app. Look for "Open an account" or "Products" in the main menu. Select "Savings" from the account type options. You'll see different savings products—the basic option is called Wells Fargo Way2Save Savings, which has no monthly fee. Choose the one you want and click "Open now" or "get your free guide."
The system will ask you to confirm your identity using information already on file. It will show you your Social Security number (partially masked), your address, and your date of birth. Verify that these match your records. Then you'll set a starting deposit amount—Wells Fargo requires a minimum of $0.01 to open, so you can start with a dollar if you want. Choose where the money comes from: your existing Wells Fargo checking account, an external bank account, or a debit card.
Review the account terms and disclosures, then sign electronically. The account opens when ready, and you can start using it the same day. You'll receive a debit card in the mail within 7 to 10 business days, though you don't need it to move money between your accounts online.
Opening a second account by phone
Call Wells Fargo customer service at 1-800-869-3557. Tell them you want to open a second savings account. They'll verify your identity by asking for your Social Security number, date of birth, and other information from your existing account. This call usually takes 15 to 20 minutes.
The representative will explain the account options and ask which type you want. They'll confirm your mailing address for the debit card and set up your starting deposit. You can transfer money from an existing Wells Fargo account or provide an external bank account number. The account opens during the call, and you'll receive confirmation by email.
Opening a second account in a Wells Fargo branch
Walk into any Wells Fargo branch with your government ID and Social Security number. Tell a banker you want to open a second savings account. They'll pull up your existing account information and walk you through the options. Bring a recent utility bill or other proof of address if your address on file is outdated.
The banker will ask how much you want to deposit initially and where the money should come from. If you're transferring from another Wells Fargo account, they can do it when ready. If you're funding it from an external account, you'll provide the routing and account numbers. The account opens on the spot, and you'll leave with temporary access information. Your debit card arrives in 7 to 10 business days.
What happens after you open the account
Your new account appears in your Wells Fargo online banking and mobile app within a few hours. You can move money between your accounts when ready and for free using the transfer tool. Set up automatic transfers if you want to move a fixed amount each month—for example, $100 from checking to savings every payday.
The account earns interest, though the rate is typically very low (often less than 0.01% annually, depending on your balance and current market rates). Wells Fargo publishes current rates on their website. You can withdraw money anytime without penalty, but federal rules limit you to six withdrawals per month from a savings account. Online transfers and in-person withdrawals at a branch don't count toward this limit, but transfers to external accounts do.
Naming your accounts to keep them straight
Once your account is open, you can give it a nickname in your online banking. Log in, find the account, and look for an edit or settings option. Type a name like "Emergency Fund" or "Vacation Savings." This nickname appears only in your own view—it doesn't change the official account name.
Using nicknames makes it much easier to track what each account is for, especially if you have three or more. When you log in, you'll see your accounts listed by their nicknames rather than by generic account numbers. This is particularly useful if you're managing accounts for different purposes or different household members.
Frequently Asked Questions
Do I need a minimum balance to keep the account open?
No. Wells Fargo Way2Save Savings has no minimum balance requirement. You can keep the account open with $0.01 in it. Some other Wells Fargo savings products do have minimums, so confirm the terms when you choose your account type.
Can I have more than two savings accounts?
Yes. Wells Fargo does not limit the number of savings accounts you can hold. Some customers keep five or more, each with a different purpose. Each one operates independently and earns interest separately.
How long does it take to access the new account?
Online and phone accounts are available when ready for transfers between your own Wells Fargo accounts. If you're funding it from an external bank account, that transfer takes 1 to 3 business days. Your debit card arrives in 7 to 10 business days.
Will opening a second account affect my credit score?
No. Opening a savings account is not a credit inquiry and does not appear on your credit report. It has no impact on your credit score.
What if I want to close one of my savings accounts later?
You can close any savings account online, by phone, or in a branch. Wells Fargo will ask where you want any remaining balance sent. There is no fee to close an account.