Opening a Wells Fargo account costs nothing upfront

Wells Fargo does not charge a fee to open a checking or savings account. You can start an account online, by phone, or in a branch with no opening cost. However, the account itself may have a monthly maintenance fee once it is open—and that fee depends on which account type you choose and whether you meet certain conditions to waive it.

The real cost question is not "how much to open" but "how much to keep open." A Wells Fargo checking account might cost $10 to $15 per month if you do not meet the bank's waiver requirements, while some savings accounts have no monthly fee at all. Understanding what triggers a fee, and how to avoid it, matters far more than the zero-dollar opening cost.

Key Takeaways

  • Wells Fargo charges no fee to open a checking or savings account, but monthly maintenance fees begin once the account is active.
  • Most checking accounts charge $10 to $15 monthly unless you maintain a minimum balance, set up direct deposit, or meet other waiver conditions.
  • Savings accounts typically have no monthly fee, but some checking products require a linked savings account to waive the checking fee.
  • You can open an account online in minutes, but you will need a government ID, Social Security number, and an initial deposit to fund the account.
  • Monthly fees are charged on a set date each month and will reduce your account balance if you do not meet the waiver requirements.

Monthly maintenance fees for Wells Fargo checking accounts

Wells Fargo's standard checking account (called the Wells Fargo Checking) charges $10 per month. You can waive this fee by meeting one of these conditions: maintaining a minimum daily balance of $500, setting up a direct deposit of at least $250 per month, or maintaining an average daily balance of $1,500 across the month.

The Wells Fargo Preferred Checking costs $15 per month and requires a higher minimum balance ($2,500 daily or $5,000 average) to waive the fee. This account offers additional perks like higher interest rates on linked savings and priority customer service, but the monthly cost is steeper. If you do not meet the balance requirement, you pay the full $15 every month.

Some customers avoid the monthly fee entirely by using direct deposit. If your employer deposits your paycheck directly into your Wells Fargo account, the $10 monthly fee on standard checking is waived automatically. This is the easiest waiver path for people who receive regular paychecks.

Savings account costs and linked account requirements

Wells Fargo savings accounts have no monthly maintenance fee. The Wells Fargo Savings account is free to open and free to maintain, regardless of balance. However, the interest rate on savings is very low—often less than 0.01% annually—so the account functions mainly as a holding place for money rather than a way to earn interest.

Some Wells Fargo checking products require you to open a linked savings account to waive the checking fee. For example, if you want to waive the $10 checking fee by maintaining a $500 minimum balance, that balance can sometimes be split between checking and savings. Read the specific account terms before opening to confirm whether a linked savings account is required or optional.

What you need to open an account

To open a Wells Fargo account, you will need a valid government-issued photo ID (driver's license, passport, or state ID), your Social Security number, and an initial deposit. The minimum opening deposit varies by account type and location, but is typically $25 to $100. You can fund the account with a debit card, transfer from another bank, or cash if you open in a branch.

You can open an account online through Wells Fargo's website, by phone at 1-800-869-3557, or in person at a branch. Online opening takes about 10 minutes and you can begin using the account the same day. In-branch opening may take longer if the branch is busy, but you can deposit cash immediately and receive a debit card on the spot.

If you do not have a Social Security number, Wells Fargo can open an account using an Individual Taxpayer Identification Number (ITIN) instead, though you will need to visit a branch in person and bring additional documentation.

Overdraft fees and other charges beyond the monthly cost

Opening the account is free, but Wells Fargo charges $35 per overdraft if your account balance goes negative. This fee is separate from the monthly maintenance fee and is charged each time a transaction overdrafts your account. If you overdraft multiple times in one day, you may be charged multiple overdraft fees.

Wells Fargo offers Overdraft Protection, which links your checking account to a savings account or credit line and automatically transfers money to cover overdrafts. This service is free to set up and prevents overdraft fees if the transfer succeeds. However, if the linked account does not have enough money, you will still be charged the overdraft fee.

Other charges include ATM fees ($2.50 if you use a non-Wells Fargo ATM outside the network), wire transfer fees ($15 domestic, $25 international), and stop-payment fees ($30). None of these apply unless you use those services, but they are worth knowing about if you plan to use Wells Fargo for specific transactions.

How to avoid or reduce monthly fees

The easiest way to avoid the $10 monthly checking fee is to set up direct deposit. Once your employer's payroll deposits hit your account, the fee is waived automatically—you do not need to do anything else. If you do not receive direct deposit, maintaining a $500 minimum daily balance in checking waives the fee, though this ties up money that could be used elsewhere.

If you cannot meet the $500 balance requirement, consider whether you actually need a checking account. Some people use Wells Fargo only for savings (which has no fee) and keep a checking account at a different bank that has no monthly fee. Online banks like Ally, Charles Schwab, and Chime offer free checking with no minimum balance and no monthly maintenance fee.

If you already have a Wells Fargo account and are being charged the monthly fee, call 1-800-869-3557 and ask whether you can switch to a different account type or whether the fee can be waived. Wells Fargo sometimes waives fees for long-standing customers or those with multiple accounts, though this is not may provide.

Frequently Asked Questions

Can I open a Wells Fargo account with no money?

No. Wells Fargo requires an initial deposit to open an account, typically $25 to $100 depending on the account type and your location. You can fund this deposit with a debit card, transfer from another bank, or cash if you open in a branch.

Do I have to pay the monthly fee every month?

Only if you do not meet the waiver requirements. If you set up direct deposit, maintain the minimum balance, or meet other conditions, the monthly fee is waived. If you do not meet any waiver requirement, the fee is charged on a set date each month and reduces your account balance.

What happens if I close my Wells Fargo account?

Closing an account is free. You can close online, by phone, or in a branch. Wells Fargo will not charge you a closing fee, but make sure you withdraw or transfer any remaining balance before closing, as the account will no longer be accessible.

Can I waive the checking fee with a savings account balance?

It depends on the account. Some Wells Fargo checking products allow you to count a linked savings account balance toward the minimum balance requirement, while others require the full balance to be in checking. Check the specific account terms or call 1-800-869-3557 to confirm.

Is there a fee to add a second checking account?

No. Opening a second account costs nothing. However, each account will have its own monthly maintenance fee unless you meet the waiver requirements for that account separately. If you open a second checking account, you will need to maintain the minimum balance or set up direct deposit for each one to avoid paying two monthly fees.