Wells Fargo lets you open multiple savings accounts, but the number depends on the account type and your circumstances
Wells Fargo does not publish a hard limit on how many savings accounts one person can hold. You can open more than one savings account at the same branch or across different branches. The practical limit depends on whether you want different account types (like a regular savings account versus a money market account) or multiple versions of the same product.
What matters more than the total number is understanding what each account costs to maintain and what features you actually need. Opening accounts you do not use can create unnecessary fees and make tracking your money harder, not easier.
Key Takeaways
- Wells Fargo does not set a published maximum number of savings accounts per person, so you can open multiple accounts if you have a reason to do so.
- Each account type has its own monthly fee structure, so opening multiple accounts increases the total fees you pay unless you meet the requirements to waive them.
- You can use separate accounts to organize money for different goals, but you should confirm the fee waiver requirements for each account before opening it.
- Wells Fargo may review your account history and banking patterns when you open a new account, and they can decline to open an account if they have concerns.
Why you might want more than one savings account
The most common reason to open a second savings account is to separate money by purpose. You might keep one account for an emergency fund and another for a vacation or down payment. Separate accounts can make it easier to see how much you have set aside for each goal without doing math in your head.
Another reason is to take advantage of different account features. Wells Fargo offers a regular savings account and a money market savings account. A money market account typically pays a higher interest rate but requires a larger opening deposit and minimum balance. If you want both the flexibility of a regular savings account and the higher rate of a money market account, you would need to open both.
Some people also open a second account to avoid fees on their primary account. If you cannot meet the balance requirement to waive the monthly fee on your main account, you might open a second account with a lower balance requirement. However, this only makes sense if the second account has no fee or a lower fee than the first.
Monthly fees and balance requirements for each account type
Wells Fargo charges a monthly maintenance fee on most savings accounts unless you meet certain conditions. The fee amount and the ways to waive it vary by account type. Before opening a second account, you need to know what fee applies and whether you can avoid it.
For a Wells Fargo Savings Account, the monthly fee is waived if you maintain a minimum daily balance (the amount varies and changes over time, so check with Wells Fargo directly). If your balance falls below that amount, you pay the monthly fee. For a Wells Fargo Money Market Savings Account, the fee waiver also depends on maintaining a minimum balance, and the threshold is higher than for a regular savings account.
If you open a second account, you need to maintain the required balance in each account separately. The balances do not combine. So if you have two accounts and each requires a $500 minimum balance to waive the fee, you need $1,000 total across both accounts, not $500 in one account.
How to open a second or additional savings account
You can open a new savings account at a Wells Fargo branch, online, or by phone. You will need a valid government-issued ID, your Social Security number, and an initial deposit. Wells Fargo will also check your banking history through ChexSystems, a system that tracks account closures and overdrafts at other banks.
If you have a history of overdrafts, bounced checks, or accounts closed due to negative balances, Wells Fargo may decline to open a new account or may require a larger opening deposit. If you have been a Wells Fargo customer for a while with a clean account history, opening a second account is usually straightforward.
When you open the account, you can choose whether to link it to your existing online banking login or set it up as a separate account. Linking accounts makes it easier to transfer money between them, but both accounts will show up in your online dashboard.
Keeping track of multiple accounts and avoiding fees
The main risk of opening multiple savings accounts is losing track of them. If you open an account and forget about it, you might not notice when a monthly fee starts being charged. Over time, small fees add up and eat into your savings.
Before opening a second account, write down the monthly fee, the minimum balance required to waive it, and the interest rate. Set a reminder to check the account balance at least once a month, even if you are not actively using it. If you decide you no longer need an account, close it rather than letting it sit unused and charged.
You can also ask Wells Fargo whether any of your accounts are may be able to access for fee waivers based on other products you use. For example, some banks waive savings account fees if you have a checking account with direct deposit, though specific offers change. It is worth asking during your next visit or call.
When multiple accounts might not be worth it
If you cannot maintain the minimum balance required to waive the monthly fee on your current account, opening a second account will not solve the problem — it will make it worse. You will pay two fees instead of one. In that case, consider switching to a different bank with lower balance requirements or no monthly fees, rather than opening another Wells Fargo account.
If your only reason for opening a second account is to organize money by goal, you might accomplish the same thing by using a spreadsheet or budgeting app to track how much of your balance is earmarked for each purpose. This avoids the fee and complexity of managing multiple accounts.
Frequently Asked Questions
Can I open a savings account and a money market account at the same time?
Yes. You can open both account types at Wells Fargo, and they are treated as separate accounts with separate fees and balance requirements. Each account will have its own monthly fee unless you meet the minimum balance for that specific account type.
What happens if I do not maintain the minimum balance in one of my accounts?
You will be charged the monthly maintenance fee for that account. The fee is charged even if you have enough money in your other Wells Fargo accounts — each account is evaluated separately. If your balance stays below the minimum for several months, the fees will reduce your balance further.
Can I transfer money between my two Wells Fargo savings accounts?
Yes. If your accounts are linked in online banking, you can transfer money between them when ready at no cost. You can do this online, through the mobile app, or by calling Wells Fargo. Transfers between your own accounts do not count toward any transfer limits.
Will opening a second account hurt my credit score?
No. Opening a savings account does not affect your credit score. Wells Fargo will check your banking history through ChexSystems, but that check does not appear on your credit report and does not lower your score.
What should I do if I want to close one of my savings accounts?
Contact Wells Fargo by phone, online, or in person and ask to close the account. They will ask you how you want to handle any remaining balance — you can transfer it to another account or request a check. Make sure the account balance is zero before closing, and confirm the closure in writing if possible.