Opening a Wells Fargo account costs nothing upfront

Wells Fargo does not charge a fee to open a checking or savings account. You can open an account online, by phone, or in person at a branch with no opening cost. However, the account itself may have a monthly maintenance fee once it is open, and that fee varies by account type.

The real cost question is not whether opening is free — it is whether you will pay a monthly fee to keep the account active. That depends on which account you choose and whether you meet the bank's conditions to waive the fee.

Key Takeaways

  • Opening any Wells Fargo checking or savings account is free, with no upfront fee or deposit requirement.
  • Most Wells Fargo checking accounts charge a $10 monthly maintenance fee unless you meet one waiver condition, such as maintaining a minimum balance or setting up direct deposit.
  • Wells Fargo savings accounts typically charge $5 monthly unless you keep a minimum balance, usually $300 to $500 depending on the account.
  • You can open an account online in minutes, or visit a branch with a government ID and initial deposit or transfer.
  • The minimum opening deposit varies by account type and how you open it; online accounts often have no minimum, while branch openings may require $25 or more.

Monthly fees for Wells Fargo checking accounts

Wells Fargo's most common checking account is the Wells Fargo Everyday Checking, which carries a $10 monthly maintenance fee. You can avoid this fee in several ways: keep a minimum daily balance of $500, set up direct deposit of any amount, maintain an average daily balance of $1,500, or link a Wells Fargo savings account with a $500 minimum balance.

The Wells Fargo Prime Checking account also charges $10 monthly but offers the same waiver options. If you do not meet any waiver condition, you pay the full $10 each month — that adds up to $120 per year.

Wells Fargo also offers accounts with higher fees and more features, such as the Wells Fargo Platinum Checking, which charges $15 monthly. These accounts are aimed at customers who want extra perks like higher interest rates on linked savings or fee waivers on certain services.

Monthly fees for Wells Fargo savings accounts

Wells Fargo savings accounts typically charge $5 monthly, though this fee is waived if you maintain a minimum balance. The Wells Fargo Savings Account requires a $300 minimum daily balance to avoid the $5 fee. The Wells Fargo Gold Savings Account requires $500.

If you do not maintain the minimum, you pay $5 each month. Many people link a savings account to a checking account to meet the combined balance requirement, which can waive fees on both accounts.

Minimum deposit to open an account

The minimum opening deposit depends on how you open the account. If you open online, Wells Fargo often has no minimum deposit requirement — you can open with $0 and fund it later through transfer or direct deposit. If you open in person at a branch, the minimum is typically $25, though this can vary by location and current promotions.

You do not have to make a large deposit to open. Many people open with $25 or less and then add money as needed. The key is understanding that once the account is open, the monthly maintenance fee kicks in unless you meet a waiver condition.

How to open an account without paying a fee

To avoid monthly fees from the start, choose an account type and a waiver method before you open. If you receive a paycheck via direct deposit, that alone waives the $10 checking fee on most Wells Fargo accounts — you do not need to maintain any balance. If you do not have direct deposit, you can keep a $500 minimum in checking to waive the fee.

For savings, link it to your checking account and keep $300 to $500 in the savings account, depending on which savings product you choose. This approach costs nothing upfront and keeps monthly fees at zero as long as you maintain the balance or direct deposit.

If you open online, you can often skip the minimum deposit entirely and fund the account immediately through a transfer from another bank. This means you can open and fund a Wells Fargo account in under 10 minutes without ever visiting a branch.

What happens if you do not meet the fee waiver

If you open an account and do not meet any waiver condition, the monthly fee begins the month after you open. For checking, that is $10; for savings, that is $5. These fees are deducted automatically from your account balance each month.

If your account balance falls below zero because of a monthly fee, Wells Fargo may charge an overdraft fee on top of the maintenance fee. This can happen if you open with a small deposit and do not add money before the first fee is charged. To avoid this, either meet a waiver condition or deposit enough to cover the fee plus your planned spending.

Other costs to know about

Beyond the monthly maintenance fee, Wells Fargo charges for certain transactions and services. Overdraft fees are $35 per transaction if you spend more than your balance. ATM fees outside the Wells Fargo network are $2.50 per withdrawal. Wire transfers cost $15 for domestic transfers and $45 for international ones.

Paper statements cost $2 per month if you request them instead of using online statements. Cashier's checks cost $10 each. These are not automatic charges — they only apply if you use those services — but they are worth knowing about when you plan your banking.

Frequently Asked Questions

Do I need a minimum deposit to open a Wells Fargo account?

Online accounts often have no minimum deposit. In-branch accounts typically require $25, though this varies. You can open with $0 online and fund the account immediately through a transfer from another bank.

Can I waive the monthly fee without direct deposit?

Yes. You can keep a $500 minimum daily balance in checking to waive the $10 fee, or $300 to $500 in savings to waive the $5 fee, depending on the account. You can also link accounts to meet a combined balance requirement.

What if I cannot maintain the minimum balance?

You will pay the monthly maintenance fee — $10 for checking, $5 for savings. These fees are deducted automatically each month. If your balance is too low, the fee can trigger an overdraft fee as well.

How long does it take to open an account?

Online accounts take 5 to 10 minutes. In-branch accounts take 15 to 30 minutes. You will need a government ID and either an initial deposit or a linked bank account to transfer funds from.

Can I open multiple accounts to avoid fees?

You can open multiple accounts, but each one is subject to its own monthly fee unless you meet the waiver for that account. Opening a second checking account does not waive the fee on the first one.