Opening a Wells Fargo savings account costs nothing upfront
Wells Fargo does not charge an opening fee for most savings accounts. You can open an account with no money down — the bank will not require you to deposit anything on day one. However, some accounts have a minimum balance requirement once the account is open, and some charge monthly fees if you fall below that minimum.
The actual cost depends on which savings account you choose. Wells Fargo offers several types: the standard savings account, the Way2Save savings account, and the Portfolio savings account. Each has different rules about minimum balances and monthly fees.
Key Takeaways
- Wells Fargo charges no fee to open a savings account, and you do not need to deposit money to complete the opening process.
- The standard savings account has no minimum balance requirement and no monthly fee, making it free to maintain.
- Way2Save has a $25 minimum balance; if you drop below it, you pay $5 per month.
- Portfolio savings requires $25,000 in combined balances across your Wells Fargo accounts to avoid a $25 monthly fee.
- You can open an account online, by phone, or in a branch, and the process takes about 10 minutes.
The standard savings account: no minimums, no fees
The Wells Fargo standard savings account is the simplest option. There is no minimum balance to open it, no minimum balance to keep it open, and no monthly maintenance fee. You pay nothing to maintain this account as long as you keep it active.
The tradeoff is the interest rate. Wells Fargo's savings rates are typically lower than online banks or credit unions offer. As of now, the rate varies based on your balance and current market conditions — you can check the current rate on Wells Fargo's website or by calling 1-800-869-3557.
Way2Save: $5 monthly fee if you fall below $25
Way2Save is Wells Fargo's account designed to encourage regular saving. It has no opening fee, but once open, it requires a $25 minimum balance. If your balance drops below $25 at any point during a statement cycle, you pay a $5 monthly maintenance fee.
Way2Save offers a slightly higher interest rate than the standard savings account, though the difference is usually small — often less than 0.01 percent. The account also gives you a way to set up automatic transfers from checking to savings, which some people find helpful for building a habit.
Portfolio savings: $25,000 combined minimum or $25 monthly fee
Portfolio savings is Wells Fargo's premium account. It has no opening fee, but it requires a $25,000 minimum balance across all your Wells Fargo accounts combined — not just the savings account. This means if you have a checking account, investment account, or other Wells Fargo products, the balances add together to meet the minimum.
If your combined balance falls below $25,000 in any month, you pay a $25 monthly fee. Portfolio savings offers a higher interest rate than the other two accounts, but only if you meet the minimum balance. The rate also depends on your total relationship balance with Wells Fargo.
How to open an account without spending money
You can open a Wells Fargo savings account three ways: online, by phone, or in a branch. Online is fastest — the process takes about 10 minutes and you can start immediately. You will need a valid government ID, your Social Security number, and your current address.
If you open online or by phone, you do not need to deposit money to complete the account opening. The account becomes active as soon as the bank verifies your information. You can then deposit money later, either through a transfer from another bank, a direct deposit, or by visiting a branch.
If you open in a branch, a banker can answer questions about which account fits your situation. Bring your ID and Social Security number. Again, you do not need to bring money — the account opens with a zero balance.
Monthly fees and how to avoid them
The standard savings account has no monthly fee under any circumstance. Way2Save charges $5 per month only if your balance drops below $25. Portfolio charges $25 per month if your combined Wells Fargo balances fall below $25,000.
If you are unsure which account to choose, start with the standard savings account. It costs nothing to maintain and you can switch to another account later if your situation changes. Wells Fargo does not charge a fee to close an account or move money between your accounts.
Interest rates and how they change
Wells Fargo's savings rates change based on the Federal Reserve's interest rate decisions. When the Fed raises rates, banks typically raise savings rates. When the Fed lowers rates, savings rates fall. The exact rate you earn also depends on your account type and your balance.
You can see the current rates on Wells Fargo's website under "Rates and Fees" for each account type. The rates shown are the annual percentage yield (APY). Interest is usually added to your account monthly, though the exact timing depends on the account.
Frequently Asked Questions
Do I need to deposit money when I open the account?
No. Wells Fargo will not require you to deposit anything to open a savings account. You can open the account with a zero balance and deposit money later through a transfer, direct deposit, or in-branch deposit.
Can I open an account online without going to a branch?
Yes. You can open any Wells Fargo savings account online in about 10 minutes using your computer or phone. You will need a valid ID, your Social Security number, and your address. The account opens immediately after verification.
What happens if I close my savings account after opening it?
Wells Fargo does not charge a fee to close a savings account. If you have money in the account, the bank will send it to you by check or transfer it to another account you specify. There is no penalty for closing.
Which account should I choose if I am just starting out?
Start with the standard savings account. It has no minimums, no fees, and no restrictions. If you later want a higher interest rate and can maintain a $25 balance, you can switch to Way2Save. There is no fee to change accounts.
Does Wells Fargo charge fees for transfers between my accounts?
No. Transfers between your own Wells Fargo accounts are free. You can move money between checking and savings as often as you want without paying a fee.