What you need to open a Wells Fargo savings account

You can open a Wells Fargo savings account online, by phone, or in person at a branch. The process takes about 10 to 15 minutes. You will need a valid government-issued ID (driver's license, passport, or state ID), your Social Security number, and an initial deposit—usually $25, though some account types require more.

Wells Fargo runs a background check through ChexSystems, a banking history database. If you have been flagged for fraud or unpaid overdrafts at another bank, Wells Fargo may decline your account. You can request your ChexSystems report for free at annualcreditreport.com or directly from ChexSystems if you want to know your status before applying.

You will also need a way to fund the account—a debit card, another bank account, or cash if you go to a branch. If you open online or by phone, you can transfer money from an existing account or provide a debit card number.

Key Takeaways

  • You need a valid ID, Social Security number, and an initial deposit of at least $25 to open a Wells Fargo savings account.
  • Wells Fargo checks ChexSystems, a banking history database, so prior fraud or unpaid overdrafts at other banks can block your account.
  • Online and phone applications take 10 to 15 minutes; in-person applications at a branch are immediate.
  • Different Wells Fargo savings products have different minimum balances and interest rates, so compare them before you choose.
  • You can fund your account with a transfer from another bank, a debit card, or cash at a branch.

Opening online through Wells Fargo's website

Go to wellsfargo.com and click "Open an Account" or "Savings Accounts" in the top menu. Select the savings product you want—Wells Fargo offers the Way2Save Savings Account (lower minimum balance, lower interest rate) and the Platinum Savings Account (higher minimum balance, higher interest rate). Read the current rates and fees on the product page before you proceed.

Enter your personal information: full name, date of birth, address, phone number, email, and Social Security number. Wells Fargo will ask whether you are a U.S. citizen and whether you have an existing Wells Fargo account. Answer honestly—if you already bank with Wells Fargo, the system may link your new savings account to your existing login.

Choose how you want to fund the account. If you have another bank account, select "Transfer from another bank" and enter the routing number and account number. If you want to use a debit card, select that option and enter the card details. Wells Fargo will process the transfer within one to two business days.

Review the account agreement and disclosures, then sign electronically. You will receive a confirmation email with your account number and login credentials. Your account is active immediately, though the initial deposit may take a day or two to appear.

Opening by phone with Wells Fargo customer service

Call Wells Fargo at 1-800-869-3557 to open a savings account over the phone. A representative will walk you through the same questions as the online form: personal information, Social Security number, citizenship, and whether you have an existing Wells Fargo account.

Tell the representative which savings product you want and how you plan to fund it. If you are transferring from another bank, have your routing number and account number ready. If you are using a debit card, have that card in front of you. The representative will enter your information into the system and read the account agreement aloud or send it to your email for review.

The call usually takes 15 to 20 minutes. Once you hang up, your account is open and you can log in online or through the Wells Fargo mobile app using your Social Security number and a temporary password. Change the password on your first login.

Opening in person at a Wells Fargo branch

Bring your valid ID, Social Security number, and initial deposit to any Wells Fargo branch. You can bring cash, a check, or a debit card. A banker will complete the application with you, answer questions about the different savings products, and process your deposit on the spot.

In-person applications are immediate—you walk out with an account number and can use the account the same day. The banker will set up your online and mobile app login before you leave, or you can do it yourself at home using the credentials they provide.

Find your nearest branch at wellsfargo.com/locations or call 1-800-869-3557 to confirm hours before you go. Some branches have limited hours or are closed on certain days.

Minimum balance requirements and monthly fees

Wells Fargo's Way2Save Savings Account has no minimum balance requirement to open, but you must maintain a $25 minimum to avoid a $5 monthly maintenance fee. The Platinum Savings Account requires a $25,000 minimum balance to avoid the same fee.

Both accounts waive the monthly fee if you maintain the minimum balance or if you have a may have access to Wells Fargo checking account linked to the savings account. If you fall below the minimum, the $5 fee is charged on the last day of the month.

Interest rates on both accounts are variable and change based on market conditions. Wells Fargo publishes current rates on its website; check them before you open to understand what you will earn. Rates are typically very low on savings accounts across all banks right now.

What happens after your account opens

Once your account is active, you can deposit money, withdraw money, and transfer funds between your Wells Fargo accounts online or through the mobile app. You cannot write checks on a savings account, but you can set up automatic transfers to move money to a checking account when you need it.

Wells Fargo sends statements monthly by email or mail, depending on your preference. You can view transactions anytime in your online account or app. Interest is calculated daily and deposited monthly.

If you need to close the account later, you can do so online, by phone, or in person. Wells Fargo does not charge a fee to close, but you must withdraw or transfer any remaining balance first.

Frequently Asked Questions

How long does it take to open a Wells Fargo savings account?

Online and phone applications take 10 to 15 minutes. In-person applications at a branch are immediate. Your account is active right away, though transfers from another bank may take one to two business days to appear.

What if Wells Fargo denies my account?

Wells Fargo may deny your account if ChexSystems shows fraud, unpaid overdrafts, or other banking violations. You can request your ChexSystems report for free to see what is on file. If there is an error, you can dispute it directly with ChexSystems.

Can I open a savings account if I do not have a Social Security number?

No. Wells Fargo requires a Social Security number or Individual Taxpayer Identification Number (ITIN) to open any account. If you have an ITIN, you can use that instead.

Do I need an existing Wells Fargo checking account to open a savings account?

No. You can open a savings account on its own. However, linking it to a checking account waives the monthly maintenance fee on the savings account, so it may be worth considering if you need both.

What is the difference between Way2Save and Platinum savings accounts?

Way2Save has no minimum balance to open and a $25 minimum to avoid fees. Platinum requires a $25,000 minimum balance. Platinum typically pays a higher interest rate, but both rates are set by Wells Fargo and change over time. Compare current rates on wellsfargo.com before you choose.