Minimum deposit requirements at Wells Fargo
Wells Fargo does not require a minimum opening deposit to start most of their savings accounts. You can open an account with $0 and deposit money later. However, some savings products do have minimum balance requirements once the account is open — meaning you need to keep a certain amount in the account to avoid monthly fees or to earn advertised interest rates.
The specific requirements depend on which savings account you choose. Wells Fargo offers several types of savings accounts, and each one has different rules about how much you must maintain.
Key Takeaways
- You can open most Wells Fargo savings accounts with no money down, but some accounts charge a monthly fee if your balance falls below a minimum.
- The Wells Fargo Way2Save Savings Account has no minimum balance requirement and no monthly maintenance fee.
- Premium savings accounts like the Portfolio Savings Account require higher minimum balances — typically $25,000 or more — to avoid fees.
- Monthly fees range from $5 to $25 depending on the account type, but can be waived if you meet the minimum balance or set up direct deposit.
- You can open an account online, by phone, or in person at a Wells Fargo branch.
Wells Fargo Way2Save Savings Account
The Way2Save Savings Account is Wells Fargo's basic savings option and has no minimum opening deposit and no minimum balance requirement. There is no monthly maintenance fee regardless of how much money you keep in the account. This account earns interest, though the rate is typically low — you can check the current rate on Wells Fargo's website or by calling 1-800-869-3557.
The Way2Save account is designed for people who want a straightforward savings account without balance restrictions. You can deposit as little as $1 and leave it there without penalty. If you set up direct deposit from your paycheck, Wells Fargo may offer a small bonus to your interest rate, though this varies by time and location.
Premium savings accounts with higher minimums
Wells Fargo's Portfolio Savings Account and other premium products require you to maintain a higher balance to avoid monthly fees. The Portfolio Savings Account typically requires a $25,000 minimum balance to waive the $25 monthly maintenance fee. If your balance drops below that threshold, you will be charged the full fee each month until you bring the balance back up.
These accounts are designed for customers who have larger amounts to save and want higher interest rates in return. If you do not plan to keep $25,000 or more in savings, the basic Way2Save account is usually the better choice because it has no balance requirement and no fee.
How to avoid monthly fees
Even if an account has a monthly maintenance fee, Wells Fargo offers several ways to waive it. The most common method is maintaining the minimum balance — for example, keeping $25,000 in a Portfolio account. Another option is setting up direct deposit of your paycheck into the account; this often waives the fee regardless of your balance.
Some accounts also waive fees if you link them to a Wells Fargo checking account or if you maintain a certain total balance across multiple Wells Fargo accounts. When you open an account, ask the representative which fee-waiver options apply to the specific account you are choosing.
Opening an account online or in person
You can open a Wells Fargo savings account online through their website, by phone at 1-800-869-3557, or in person at any Wells Fargo branch. Online applications usually take 10 to 15 minutes and you can fund the account immediately with a transfer from another bank account. You will need a valid government ID, your Social Security number, and your current address.
If you open in person at a branch, bring the same documents and be prepared to make your first deposit on the spot if you choose to. The branch representative can explain all available account options and help you pick the one that fits your situation. You do not have to make a deposit during the appointment — you can open the account and fund it later online.
What happens if you cannot maintain the minimum
If you open a premium account that requires a minimum balance and your balance falls below that amount, Wells Fargo will charge the monthly maintenance fee. The fee is deducted directly from your account, which can make your balance drop even further. This cycle can continue each month until you deposit enough money to meet the minimum again.
To avoid this situation, choose an account with no minimum balance requirement — like the Way2Save account — if you are not certain you can keep a large amount in savings. You can always upgrade to a premium account later if your savings grow.
Frequently Asked Questions
Do I have to deposit money when I open the account?
No. Most Wells Fargo savings accounts allow you to open with $0 and deposit money whenever you are ready. You can open online and fund the account later through a transfer from another bank, or open in person and leave without making a deposit.
What is the difference between Way2Save and Portfolio?
Way2Save has no minimum balance and no monthly fee. Portfolio requires a $25,000 minimum balance to avoid a $25 monthly fee, but it typically offers a higher interest rate. Choose Way2Save if you have less than $25,000 to save.
Can I waive the monthly fee without keeping the minimum balance?
Yes. Setting up direct deposit of your paycheck usually waives the monthly fee even if your balance is below the minimum. Some accounts also waive fees if you maintain a certain total balance across all your Wells Fargo accounts. Ask when you open the account which options apply to you.
What documents do I need to open an account?
You will need a valid government ID (driver's license or passport), your Social Security number, and your current address. If you open online, you can upload copies of your ID. If you open in person, bring the originals.
How long does it take to open an account?
Online applications usually take 10 to 15 minutes and your account is ready to use immediately. In-person applications at a branch take about 15 to 20 minutes. You can start using your account and making transfers the same day.