You can open another Wells Fargo savings account online, by phone, or in person at a branch

Wells Fargo lets you open a second savings account without closing your first one. You can do this through your online banking portal, by calling their customer service line, or by visiting a branch in person. The process takes about 10 to 15 minutes if you do it online, and you'll have the account open the same day or within one business day.

You'll need your Social Security number, a valid ID, and your current Wells Fargo account information. If you're opening the account online, you can fund it immediately by transferring money from your existing Wells Fargo account. If you go to a branch or call, a representative can walk you through the options and help you choose which type of savings account fits what you're saving for.

Key Takeaways

  • Opening a second savings account online takes 10 to 15 minutes and is active the same day.
  • You need your Social Security number, a valid ID, and access to your existing Wells Fargo account.
  • You can fund the new account immediately by transferring money from another Wells Fargo account you own.
  • Wells Fargo offers several savings account types with different interest rates and minimum balance requirements.
  • Each account you open will have its own routing and account number for transfers and direct deposits.

Opening an account online through Wells Fargo's website

Log into your Wells Fargo online banking account and look for the option to open a new account. This is usually found under "Accounts" or "Products" in the main menu. Click on "Open an Account" and select "Savings Account" from the list of account types. Wells Fargo will show you the different savings products available — such as Way2Save Savings, Preferred Savings, or Portfolio Savings — along with their interest rates and monthly fees.

Choose the account type that matches your savings goal, then enter the information Wells Fargo asks for: your employment status, annual income, and how you plan to use the account. You don't need to provide new identification or Social Security information if you're already logged in — Wells Fargo already has this on file. Review the account terms, agree to them, and submit. The account will be created immediately, and you can transfer money into it right away from your existing Wells Fargo account.

Opening an account by phone or at a branch

Call Wells Fargo customer service at 1-800-869-3557 to open a savings account over the phone. A representative will ask the same questions as the online process: which type of savings account you want, your employment and income information, and how you plan to use it. They'll confirm your identity using information already in your file, then set up the account while you're on the call. You can fund it immediately by transferring from another Wells Fargo account you own, or you can do that later.

If you prefer to open the account in person, visit any Wells Fargo branch with your ID and Social Security number. A banker will review the account options with you, help you decide which one fits your needs, and open it on the spot. This is useful if you want to deposit cash into the new account right away or if you have questions about how the different savings products work.

What happens after you open the account

Your new savings account will have its own routing number and account number, separate from your first account. You can set up direct deposits to this account, transfer money between your Wells Fargo accounts, or receive transfers from other people or institutions. If you want to move money regularly from your checking account to your new savings account, you can set up an automatic transfer through your online banking portal.

Each account earns interest separately based on the account type you chose and the balance you keep in it. Wells Fargo publishes interest rates on their website, and rates change over time. You can check your current rate and balance anytime by logging into your account online or calling customer service. If you later decide you don't want the second account, you can close it by visiting a branch, calling customer service, or using your online banking portal — but you'll need to withdraw or transfer any remaining balance first.

Minimum balance and monthly fee requirements

Different Wells Fargo savings accounts have different minimum balance requirements and monthly maintenance fees. Way2Save Savings, for example, has no minimum opening deposit and charges a monthly fee that can be waived if you maintain a certain balance or set up a direct deposit. Preferred Savings has a higher minimum balance requirement but typically offers a better interest rate. Portfolio Savings is designed for customers with larger balances and higher account activity.

Before you open the account, review the fee schedule and minimum balance rules for the specific account type you're choosing. You can find this information on the Wells Fargo website or ask a representative when you open the account. If you don't meet the minimum balance, you'll be charged a monthly fee — usually between $5 and $25 depending on the account type — unless you waive it by meeting other requirements like setting up a direct deposit or maintaining a linked checking account.

Transferring money between your Wells Fargo accounts

Once both accounts are open, you can move money between them instantly through your online banking portal. Log in, select "Transfer Money," choose the account you're transferring from and the account you're transferring to, enter the amount, and confirm. The transfer shows up in both accounts within minutes during business hours, or within one business day if you transfer after hours or on a weekend.

You can also set up automatic transfers if you want to move money on a regular schedule — for example, $50 every payday to your second savings account. Go to "Transfers" in your online banking menu, select "Set Up Automatic Transfer," and choose the frequency and amount. This is a common way to build savings without having to remember to transfer manually each time.

Frequently Asked Questions

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. You can open as many as you need for different savings goals — one for an emergency fund, one for a vacation, one for a down payment, and so on. Each account has its own routing and account number.

Do I need a checking account to open a savings account?

No. You can open a Wells Fargo savings account on its own without a checking account. However, if you already have a Wells Fargo checking account, you can transfer money between them easily through online banking.

How long does it take to open a second savings account?

Online accounts are created immediately and are ready to use the same day. Phone and branch accounts also open the same day. You can fund the account and start earning interest right away.

What's the difference between Wells Fargo's savings account types?

Way2Save Savings has no minimum balance and lower fees. Preferred Savings requires a higher balance but pays more interest. Portfolio Savings is for customers with larger balances and more account activity. Compare the interest rates and fees on Wells Fargo's website to see which fits your situation.

Can I use a second savings account to receive direct deposits?

Yes. Once your account is open, you'll have a routing number and account number. You can give these to your employer or any organization that sends you direct deposits, and they can deposit money straight into your second savings account.