You can open a second savings account at Wells Fargo online, by phone, or in person at a branch
Wells Fargo lets you open multiple savings accounts under the same login. You can do this through your online banking portal, by calling 1-800-869-3557, or by walking into any Wells Fargo branch with your ID. The process takes about 10 to 15 minutes online or over the phone, and you can fund the new account immediately from an existing Wells Fargo account or from an external bank.
The second account works exactly like your first one—same interest rate, same monthly statements, same access through mobile app and online banking. You can name each account (like "Emergency Fund" or "Vacation") to keep them separate in your mind, and set up automatic transfers between them. There is no fee to open a second savings account, though Wells Fargo does charge a monthly service fee on savings accounts unless you meet certain balance or direct deposit requirements.
Key Takeaways
- Open a second savings account online through Wells Fargo's website, by phone at 1-800-869-3557, or at a branch with your ID and Social Security number.
- You can name each account separately and transfer money between them instantly using online banking or the mobile app.
- A monthly service fee applies unless you maintain a minimum balance of $300 or more or receive at least one direct deposit per month.
- The new account uses the same interest rate as your first savings account and appears on the same monthly statement.
Opening a second account online through Wells Fargo's website
Log into your Wells Fargo online banking account and look for "Open an Account" or "Accounts & Services" in the main menu. Select "Savings Account" from the product list. Wells Fargo will ask you to choose an account type—most people choose the standard Wells Fargo Savings account, though you may see other options depending on your current account status. You will need to provide your Social Security number, date of birth, and current address, but Wells Fargo already has this information on file, so verification is usually instant.
Next, you will choose your opening deposit amount. You can transfer money from an existing Wells Fargo checking or savings account, or you can link an external bank account and transfer from there. If you link an external account, the transfer may take one to three business days. Once you confirm the details and sign electronically, the account opens immediately and appears in your online banking dashboard. You can set up automatic transfers or name the account right away.
Opening a second account by phone or at a branch
Call Wells Fargo customer service at 1-800-869-3557 and tell them you want to open a second savings account. Have your Social Security number, date of birth, and a government-issued ID ready. The representative will walk you through the account type, opening deposit, and funding method over the phone. If you are funding from an existing Wells Fargo account, the money moves immediately. If you are funding from another bank, provide the account and routing numbers, and the transfer will process in one to three business days.
To open an account in person, bring a government-issued ID (driver's license, passport, or state ID) and your Social Security number to any Wells Fargo branch. A banker will help you choose an account type, set your opening deposit, and fund the account. You can walk out with the account open and ready to use. In-person opening is useful if you want to ask questions about account features or if you prefer to handle banking face-to-face.
What happens after you open the account
Your new savings account appears in your Wells Fargo online banking portal and mobile app within minutes. You can see both accounts on your dashboard, transfer money between them instantly, and set up automatic recurring transfers if you want to move a fixed amount each week or month. Each account has its own account number and routing number, though you will receive one combined monthly statement showing both accounts unless you change your statement delivery settings.
Interest accrues on the new account at the same rate as your first savings account. Wells Fargo publishes current rates on its website, and rates change periodically based on Federal Reserve decisions. You can check your current rate by logging into online banking or calling customer service at 1-800-869-3557.
Monthly fees and how to avoid them
Wells Fargo charges a monthly service fee on savings accounts unless you meet one of two conditions: maintain a minimum daily balance of $300 or more, or receive at least one direct deposit per month. The fee amount varies by account type—check your account disclosures or call 1-800-869-3557 to confirm the current fee. If you fall below the minimum balance and have no direct deposits in a month, the fee posts automatically.
The easiest way to avoid the fee is to set up a direct deposit from your employer or another source. Even a small recurring deposit (like $1 per paycheck) counts. If direct deposit is not an option, keep at least $300 in the account at all times. You can also transfer money from your checking account to stay above the minimum, though this requires manual action each month.
Transferring money between your two savings accounts
Once both accounts are open, you can move money between them instantly using online banking or the mobile app. Log in, select "Transfer Money," choose the "from" account (your first savings account) and the "to" account (your second savings account), enter the amount, and confirm. The transfer posts immediately and both accounts update in real time. You can also set up a standing transfer to move the same amount every week, every two weeks, or every month automatically.
There is no limit on how many transfers you can make between your own Wells Fargo accounts. Federal rules that once capped savings account transfers have been removed, so you can move money as often as you need to. Transfers between your own accounts never count against any transfer limits that may apply to external transfers.
Naming your accounts to keep them organized
Wells Fargo lets you give each account a custom name that appears in your online banking portal and app. Instead of seeing "Savings Account" and "Savings Account," you can label them "Emergency Fund," "Vacation," "Car Down Payment," or any other name that makes sense to you. To rename an account, log into online banking, select the account, look for "Account Settings" or "Edit Account Name," and type in your preferred label.
The name change takes effect immediately and helps you track money set aside for different goals. Custom names appear on your mobile app, online banking dashboard, and monthly statements, making it easier to remember which account holds money for which purpose. You can change the name anytime without affecting the account itself.
Frequently Asked Questions
Can I open a second savings account if I have a negative balance or owe Wells Fargo money?
Wells Fargo may decline to open a new account if you have an outstanding balance or if your account is flagged for fraud or abuse. If you have a negative balance, pay it off first. If you are unsure whether you can open an account, call 1-800-869-3557 and ask before attempting to open online.
How long does it take to open a second account?
Online and phone applications take 10 to 15 minutes, and the account opens immediately. In-person applications at a branch also take about 15 minutes. If you fund the account from an external bank, the transfer itself takes one to three business days, but the account is open and usable right away.
Will opening a second account affect my credit score?
No. Opening a savings account does not trigger a hard credit inquiry and does not appear on your credit report. Wells Fargo may check ChexSystems (a banking history database), but this is a soft inquiry and does not affect your credit score.
Can I have more than two savings accounts at Wells Fargo?
Yes. Wells Fargo does not limit the number of savings accounts you can open under one Social Security number. You can open as many as you need, though each one is subject to the monthly service fee unless you meet the minimum balance or direct deposit requirement.
What if I want to close one of my savings accounts later?
You can close a savings account anytime by calling 1-800-869-3557, visiting a branch, or using online banking. Make sure the account balance is zero before closing—transfer any remaining money to another account first. Once closed, the account cannot be reopened, but you can open a new one if you change your mind.