Opening a Wells Fargo account costs nothing upfront
Wells Fargo does not charge an account opening fee. You can open a checking account, savings account, or money market account without paying to start. The bank does charge monthly maintenance fees on most accounts, but those fees begin only after the account is open and active.
The real cost depends on which account type you choose and whether you meet the conditions to waive the monthly fee. A Wells Fargo Everyday Checking account, for example, has a $10 monthly maintenance fee—but you can avoid it by maintaining a minimum daily balance, setting up direct deposit, or using a Wells Fargo debit card for a certain number of transactions each month.
Key Takeaways
- Wells Fargo charges no fee to open an account, but most accounts carry a monthly maintenance fee that starts after opening.
- Monthly fees range from $10 to $15 depending on account type, but can be waived by meeting one of several conditions such as direct deposit or minimum balance.
- You will need a government-issued ID, Social Security number, and initial deposit amount (which varies by account type) to complete the opening process.
- You can open an account online, by phone, or in person at a Wells Fargo branch, and the process typically takes 10 to 15 minutes.
Monthly maintenance fees and how to avoid them
Wells Fargo's most common account, Everyday Checking, charges $10 per month. Wells Fargo Platinum Checking costs $15 per month. These fees are not charged during the opening process—they begin the month after your account opens, unless you meet a waiver condition.
To waive the $10 fee on Everyday Checking, you can do any one of these: maintain a minimum daily balance of $500, set up direct deposit of at least $500 per month, use your Wells Fargo debit card for 10 or more transactions in a calendar month, or maintain an average daily balance of $1,500 or more. Savings accounts and money market accounts have different fee structures and waiver conditions. Check the current fee schedule on Wells Fargo's website or ask a banker when you open your account, because these terms change.
What you need to bring or provide
To open an account, you will need a government-issued photo ID (driver's license, passport, or state ID card), your Social Security number, and an initial deposit. The minimum opening deposit varies: Everyday Checking typically requires $25, though this can change. Savings accounts may require $25 as well. Money market accounts often require a higher opening deposit, sometimes $2,500 or more.
You will also need to provide your contact information—current address, phone number, and email. If you are opening the account online, you may be able to verify your identity using your ID and a photo or video, rather than visiting a branch in person. Have your recent pay stub or tax return handy if you plan to set up direct deposit during the opening process, since you will need your employer's routing number and account number.
Opening an account online versus in person
Wells Fargo lets you open most accounts online through their website or mobile app. The online process takes 10 to 15 minutes and you can fund the account immediately using a bank transfer or debit card. You will verify your identity using your ID and a photo or video capture. Once approved, your account number and routing number are available right away, though it may take one to two business days for the account to be fully active for all transactions.
Opening in person at a Wells Fargo branch takes about the same time and has the advantage of letting you ask questions and set up services like direct deposit on the spot. Some branches are busier than others, so you may wait. If you open online and later need to deposit cash or speak to someone about your account, you can visit a branch anytime after the account is active.
Funding your account after opening
Your initial deposit can come from a debit card, another bank account via ACH transfer, or a wire transfer. If you use a debit card to fund the account online, the money typically appears within one business day. An ACH transfer from another bank account takes one to three business days. A wire transfer is faster—usually same-day or next-day—but Wells Fargo may charge a wire fee ($15 for incoming domestic wires, though this varies).
After your account is open, you can deposit checks using mobile deposit (photograph the check with your phone), deposit cash at a Wells Fargo ATM or branch, or transfer money from another account. Direct deposit of paychecks or government benefits can be set up during opening or anytime afterward.
Account types and their opening costs
| Account Type | Opening Fee | Monthly Fee | Minimum Opening Deposit |
|---|---|---|---|
| Everyday Checking | None | $10 (waivable) | $25 |
| Platinum Checking | None | $15 (waivable) | $25 |
| Savings Account | None | $5 (waivable) | $25 |
| Money Market Account | None | $12 (waivable) | $2,500 |
The table above shows current Wells Fargo account types and their standard fees. Fees and minimum deposits change, so confirm the current terms before opening. Platinum Checking offers higher interest on balances and additional perks compared to Everyday Checking, but costs $5 more per month. Money Market accounts require a much larger opening deposit but typically pay higher interest on your balance.
Frequently Asked Questions
Can I open a Wells Fargo account without going to a branch?
Yes. You can open most Wells Fargo accounts online through their website or app. You will need to verify your identity using your government ID and a photo or video. The account is usually active within one to two business days.
What happens if I cannot meet the minimum balance to waive the monthly fee?
You will be charged the monthly maintenance fee—$10 for Everyday Checking, for example. However, you can avoid the fee by setting up direct deposit, using your debit card for a set number of transactions, or switching to a different account type that has lower or no fees.
Can I open an account with less than the minimum deposit?
No. Wells Fargo requires the stated minimum opening deposit to create the account. For Everyday Checking, that is $25. For Money Market accounts, it is typically $2,500. You cannot open the account without meeting this requirement.
Do I need to keep money in my account after opening?
Not necessarily. Once your account is open, you can withdraw your initial deposit if you want. However, if you do not maintain the minimum balance or meet another waiver condition, you will be charged the monthly maintenance fee.
How long does it take for my account to be fully active?
If you open online, your account number and routing number are available immediately, but the account may take one to two business days to be fully active for all transactions. In-person openings are usually active the same day.