You can open another Wells Fargo savings account online, by phone, or in person
Wells Fargo lets you open a second savings account without closing your first one. You can do this through their website, by calling 1-800-869-3557, or by visiting a branch in person. The process takes about 10 to 15 minutes if you already have a Wells Fargo account, because the bank already has your identity information on file.
Before you start, know that Wells Fargo has limits on how many savings accounts you can hold. You can have up to six savings accounts per Social Security number. If you already have six, you will need to close one before opening another.
The main reason people open a second savings account is to separate money for different goals — one account for an emergency fund, another for a vacation, another for a down payment. Keeping the money in separate accounts makes it harder to spend money meant for one goal on something else.
Key Takeaways
- You can open a second Wells Fargo savings account online, by phone, or in a branch without closing your first account.
- Wells Fargo limits you to six savings accounts per Social Security number, so check how many you currently have before you start.
- If you are already a Wells Fargo customer, the process takes about 10 to 15 minutes because the bank already has your identity information.
- Each savings account earns interest at the same rate, but you can name them differently to track what each one is for.
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 "Add an account" — the exact wording changes, but it is usually in the main menu or under account settings. Click that option and select "Savings Account" from the list of account types.
Wells Fargo will ask you to choose which type of savings account you want. The most common option is the regular Wells Fargo Savings Account. You will also see options like the Wells Fargo Way2Save Savings Account, which offers a small bonus interest rate if you set up automatic transfers. Read the description of each to see which fits what you are saving for.
Next, you will choose your opening deposit amount. Wells Fargo does not require a minimum deposit to open a savings account, so you can open with $0 and deposit money later. However, some account types may have minimum balance requirements to earn the advertised interest rate — check the details before you confirm.
Review the account terms, confirm your information, and submit. You should see your new account appear in your online banking within a few minutes. You can start using it right away.
Opening a second account by phone
Call Wells Fargo at 1-800-869-3557 and tell the representative you want to open another savings account. Have your Social Security number and a government-issued ID ready, even though they already have your information — they will verify it before opening the account.
The representative will walk you through the same choices you would make online: which type of savings account, how much to deposit initially, and what to name the account. You can give your account a nickname like "Vacation Fund" or "Car Down Payment" to keep track of what each one is for.
The representative will confirm your mailing address and phone number, then open the account. You will receive a debit card for the new account in the mail within 7 to 10 business days, though you can start moving money into it when ready through online banking or at a branch.
Opening a second account in person at a Wells Fargo branch
Visit any Wells Fargo branch with your government-issued ID and ask to open another savings account. Bring a recent utility bill or other proof of address if your address has changed since you opened your first account. The process is the same as online or by phone — you choose the account type, opening deposit, and account name.
Opening in person takes longer than online or phone because you have to travel to the branch and wait your turn, but some people prefer it because they can ask questions face-to-face. You will walk out with a debit card for the new account on the same day, rather than waiting for one to arrive in the mail.
What happens after you open the account
Your new savings account will appear in your Wells Fargo online banking and mobile app when ready. You can transfer money between your accounts for free using online banking or the mobile app. You can also deposit checks or cash at any Wells Fargo ATM or branch.
Each account earns interest separately, so the bank will calculate and deposit interest into each account based on its own balance. The interest rate is the same for all Wells Fargo savings accounts of the same type, regardless of which one you opened first.
You will receive one monthly statement that covers all your Wells Fargo accounts, or you can view each account separately in online banking. If you set up online bill pay or automatic transfers, you can direct them to any of your accounts.
Limits and things to watch for
Federal law limits how many times per month you can withdraw money from a savings account — this is called the savings account withdrawal limit. The limit varies by bank and account type, so check your account terms. If you exceed the limit, Wells Fargo may charge a fee or convert your account to a checking account.
Wells Fargo also has a rule that you cannot have more than six savings accounts open at the same time under one Social Security number. If you reach that limit and want to open another, you will need to close one first. Closing an account takes a few minutes online or by phone.
Make sure you do not confuse your new savings account with a checking account. Savings accounts are meant for money you are setting aside and not spending regularly. If you need an account for everyday spending, you would want a checking account instead.
Frequently Asked Questions
Do I need a minimum deposit to open a second savings account?
No. Wells Fargo does not require a minimum deposit to open a savings account. You can open with $0 and deposit money later. However, some account types may require a minimum balance to earn the advertised interest rate, so check the terms for the specific account you choose.
Will opening another account hurt my credit score?
No. Opening a savings account does not affect your credit score because Wells Fargo does not do a hard credit check. They may do a soft check to verify your identity, but that does not show up on your credit report or lower your score.
Can I have different interest rates on my two savings accounts?
No. All Wells Fargo savings accounts of the same type earn the same interest rate. If you open two regular Wells Fargo Savings Accounts, they both earn the same rate. The rate only differs if you choose different account types, like one regular savings account and one Way2Save account.
How long does it take to open a second account?
Online or by phone takes 10 to 15 minutes if you are already a Wells Fargo customer. In person at a branch, it may take 20 to 30 minutes depending on how busy the branch is. Your account is active when ready, but a debit card arrives in the mail within 7 to 10 business days if you open online or by phone.
What if I want to close one of my savings accounts later?
You can close a Wells Fargo savings account online, by phone, or in person. Make sure you withdraw or transfer any remaining balance first. Once closed, you cannot reopen that same account, but you can open a new one as long as you have not reached the six-account limit.