You can open a savings account on the Wells Fargo app, but only if you already have a Wells Fargo checking account
The Wells Fargo mobile app lets you open a savings account without visiting a branch, but there is one hard requirement: you must already be a Wells Fargo customer with an active checking account. If you do not have a Wells Fargo account yet, you will need to open a checking account first—either through the app, online, or in person at a branch. Once you have that, you can add a savings account through the app in about 10 minutes.
The process is straightforward if you meet that requirement. You log into the app, navigate to the accounts section, select the option to open a new account, choose the savings product you want, and confirm your information. Wells Fargo will fund the account from your existing checking account, and you can start using it immediately.
Key Takeaways
- You must have an existing Wells Fargo checking account to open a savings account through the app; new customers cannot open a savings account as their first product.
- The app-based process takes about 10 minutes and requires no branch visit or phone call.
- Wells Fargo typically funds the new savings account from your checking account, so you need money available to transfer if you want an opening deposit.
- You can choose between different savings products (standard savings, money market, or certificates of deposit) depending on what the app shows as available to you.
What you need before you start
Have your Wells Fargo login credentials ready and access to the mobile app on your phone or tablet. Make sure you are logged into the account you want to link the new savings account to. You do not need any documents or external information—Wells Fargo already has everything on file from your checking account.
If you want to fund the account with an opening deposit, have money in your checking account or know how much you plan to transfer. Wells Fargo does not require a minimum opening deposit for most savings accounts, but some products (like money market accounts) may have minimums that vary. Check the specific product details in the app before you confirm.
Step-by-step: opening a savings account in the app
Open the Wells Fargo app and log in with your username and password. Tap the menu icon (usually three horizontal lines) and look for "Accounts" or "Open an Account." Select the option to open a new account.
Choose the type of savings account you want. Wells Fargo typically offers a standard savings account, money market account, and certificates of deposit (CDs) through the app. Read the brief description of each to understand the differences—savings accounts are the most flexible, money market accounts usually require a higher balance, and CDs lock your money for a set term in exchange for a higher interest rate.
Enter or confirm your personal information. The app will pre-fill most details from your existing account. Review the account terms, including the current interest rate and any fees. Then select which account to fund the new savings account from (usually your checking account) and how much to transfer, if anything.
Review the summary and confirm. The account opens immediately, and you can see it in your account list right away. You can start depositing money or moving funds between accounts within minutes.
What happens if you do not have a checking account yet
If you are not yet a Wells Fargo customer, you cannot open a savings account as your first account through the app. You will need to open a checking account first. You can do this through the Wells Fargo website, the mobile app, or by visiting a branch in person.
Opening a checking account through the app or website takes about 15 minutes and requires your Social Security number, a government-issued ID, and proof of address (a recent utility bill or bank statement). Once that account is open and funded, you can then add a savings account using the process described above.
Funding and transfers after opening
Once your savings account is open, you can move money into it from your Wells Fargo checking account instantly through the app. Go to the transfer section, select the accounts to transfer between, enter the amount, and confirm. The transfer shows up in both accounts right away.
You can also deposit checks directly into the savings account using mobile check deposit if your account has that feature enabled. External transfers from another bank take 1 to 3 business days to arrive, depending on the other bank's processing time.
Interest rates and account features
Wells Fargo savings accounts earn interest, but the rate changes based on market conditions and the type of account. Standard savings accounts typically have lower rates than money market accounts or CDs. You can see the current rate for each product in the app before you open the account, and the rate will be listed in your account details after opening.
Interest is usually compounded daily and deposited monthly. You can withdraw money from a savings account at any time without penalty, though federal rules previously limited savings account withdrawals to six per month—that rule is no longer in effect, but some banks still track withdrawal frequency.
Fees and account maintenance
Most Wells Fargo savings accounts do not charge a monthly maintenance fee. However, some accounts may have fees for specific actions—for example, a fee if your balance falls below a certain threshold, or a fee for excessive transfers. Check the account terms in the app to see what applies to the specific product you are opening.
If you close the account later, Wells Fargo does not charge a closing fee. You can close it through the app, online, or by calling customer service. Any remaining balance will be transferred to your checking account or mailed to you as a check, depending on how you request it.
Frequently Asked Questions
Can I open a savings account on the Wells Fargo app if I have a checking account with another bank?
No. You must have an active Wells Fargo checking account to open a savings account through the app. If you bank elsewhere, you will need to open a Wells Fargo checking account first, either through the app or in person.
How long does it take for the savings account to be ready to use?
The account opens immediately after you confirm in the app. You can start using it to receive transfers, direct deposits, or mobile check deposits right away. External transfers from other banks take 1 to 3 business days to arrive.
What is the minimum opening deposit?
Most Wells Fargo savings accounts do not require a minimum opening deposit. However, some products like money market accounts may have minimums. The app will show the requirement for each product before you open it.
Can I open multiple savings accounts through the app?
Yes. Once you have one savings account, you can open additional savings accounts or other products through the app. There is no limit to how many savings accounts you can hold at Wells Fargo.
What if the app will not let me open an account?
Common reasons include: your checking account is too new (some banks require a waiting period), your account is flagged for review, or you do not meet the bank's current requirements. Call Wells Fargo customer service or visit a branch to find out why and explore other options.