Opening a Wells Fargo savings account costs nothing upfront
Wells Fargo does not charge an opening fee to start a savings account. You can open one online, by phone, or in a branch with no money required at that moment. However, most Wells Fargo savings accounts do require an initial deposit once the account is open—usually $25 to $100 depending on the account type—before you can begin using it.
The real cost to know about is the monthly maintenance fee. Wells Fargo charges $5 per month on most savings accounts unless you meet certain conditions that waive it. Those conditions vary by account type and change periodically, so the fee structure you see today may differ from what you see in six months.
Key Takeaways
- There is no fee to open a Wells Fargo savings account, but you must deposit money (usually $25 to $100) before the account becomes active.
- Most Wells Fargo savings accounts charge $5 per month in maintenance fees unless you meet a waiver condition.
- Common fee waivers include maintaining a minimum balance, setting up direct deposit, or being a student or military member.
- You can open an account online in minutes, but the initial deposit must clear before you can withdraw funds.
Initial deposit requirements by account type
Wells Fargo offers several savings account types, and each has its own opening deposit requirement. The Wells Fargo Way2Save Savings Account typically requires a $25 minimum deposit to open. The Wells Fargo Savings Account (their standard option) also requires $25. The Wells Fargo Youth Savings Account for customers under 18 requires $25 as well.
If you do not have $25 available at the moment you open the account, you cannot complete the process. Wells Fargo will not let you open an account with a zero balance and add money later. The deposit must be made during account setup, either by transferring from another bank account, using a debit card, or depositing a check through mobile deposit if you already have a Wells Fargo checking account.
Monthly maintenance fees and how to avoid them
The $5 monthly maintenance fee applies to most Wells Fargo savings accounts. Wells Fargo waives this fee if you meet at least one of these conditions: maintain a minimum daily balance (usually $300 to $500, depending on the account), set up a direct deposit of at least $25 per month, or hold a linked Wells Fargo checking account with certain features. Some accounts also waive the fee for students, military members, or customers under 18.
If you do not meet any waiver condition, the $5 fee posts to your account every month. Over a year, that is $60 in fees. The fee is deducted from your savings balance, so it directly reduces the money you have saved. If your account balance falls below the minimum required to waive the fee, the charge will continue each month until you either raise the balance or add a may have access to direct deposit.
How to open an account online or in person
Opening online takes about 10 minutes. Go to the Wells Fargo website, select "Open an Account," choose the savings account type, and enter your personal information: name, address, date of birth, Social Security number, and employment status. You will need a valid government ID and a way to fund the account—either a debit card, another bank account, or a check if you have mobile deposit set up.
If you open in a Wells Fargo branch, a representative will walk you through the same information and help you make your initial deposit on the spot. Bring your ID and the $25 to $100 you plan to deposit. The account opens immediately, but if you fund it with a check, that check may take one to two business days to clear before you can withdraw the funds.
Online accounts funded by debit card or bank transfer usually become active within one business day. If you fund by check through mobile deposit, add two to three business days for the check to clear.
What happens after you open the account
Once your account is open and your initial deposit clears, you can begin using it. You will receive a debit card in the mail within 7 to 10 business days (though you can request expedited delivery in some cases). You can also access your account through the Wells Fargo mobile app or website immediately to transfer money, set up automatic transfers, or link it to other accounts.
Your first monthly maintenance fee will post 30 days after you open the account, unless you have already met a waiver condition. If you set up direct deposit before that date, the fee will not charge. If you raise your balance to the minimum threshold before the fee posts, it will also be waived.
Comparing Wells Fargo savings to other banks
Wells Fargo's $5 monthly maintenance fee is higher than many online banks charge. Many online-only banks (such as Marcus, Ally, or Discover) charge no monthly fee at all and often pay higher interest rates on savings. However, those banks do not have physical branches, so if you need in-person service or already bank with Wells Fargo, the convenience may justify the fee.
If you want to avoid the $5 fee at Wells Fargo, the easiest path is usually setting up a direct deposit of at least $25 per month. If you receive a paycheck, government benefits, or any regular transfer, that counts. If you do not have direct deposit, maintaining a $300 to $500 balance (depending on the account) also waives the fee, though that means keeping money in a low-interest account rather than investing it elsewhere.
Frequently Asked Questions
Can I open a Wells Fargo savings account with no money?
No. You must make an initial deposit of at least $25 to $100 (depending on the account type) during the opening process. Wells Fargo will not open an account with a zero balance. If you do not have the deposit amount available, you cannot complete the account opening.
What if I close my account within a few months?
Wells Fargo does not charge an early closure fee on savings accounts. You can close the account at any time and withdraw your remaining balance. However, if you close before 30 days have passed and you did not meet a fee waiver condition, you may still be charged the monthly maintenance fee for that month.
Do I need a checking account to open a savings account?
No. You can open a Wells Fargo savings account on its own without a checking account. However, having a linked Wells Fargo checking account is one way to waive the monthly maintenance fee, so it may be worth considering if you plan to use Wells Fargo for both accounts.
Can I waive the monthly fee by keeping a small balance?
The minimum balance required to waive the fee varies by account type, usually between $300 and $500. If your balance falls below that threshold, the $5 monthly fee will charge. Keeping exactly $25 (your opening deposit) will not waive the fee—you must meet the full minimum balance requirement.
How long does it take to receive my debit card?
Wells Fargo typically mails debit cards within 7 to 10 business days of account opening. You can request expedited delivery in some cases, which may arrive in 3 to 5 business days, though this may incur an additional fee. You can access your account online or through the mobile app immediately, even before the card arrives.