What you need to open a savings account at Wells Fargo
Wells Fargo offers several savings account types, and the one you can open depends on what documents you have and whether you already bank there. To open any savings account, you will need a government-issued photo ID (driver's license, passport, or state ID), your Social Security number, and an initial deposit—usually $25 to $100, depending on the account type. If you are opening an account online or by phone, Wells Fargo will verify your identity using information from your credit file.
If you already have a checking account at Wells Fargo, opening a savings account takes minutes—you can do it through the mobile app, online at wellsfargo.com, or by calling 1-800-869-3557. If you are a new customer, you have three routes: open both accounts online together, visit a branch in person, or call to open by phone and then visit a branch to deposit cash if needed.
Wells Fargo requires that you be at least 18 years old to open an account in your own name. If you are under 18, a parent or guardian must open a custodial account with you, which has the same features but requires the adult's signature on all paperwork.
Key Takeaways
- You need a photo ID, Social Security number, and an opening deposit of $25 to $100 to start a Wells Fargo savings account.
- Existing Wells Fargo customers can open a savings account in minutes through the app, website, or phone without visiting a branch.
- New customers can open online, by phone, or in person at a branch, though online and phone openings may require a branch visit to deposit cash.
- Wells Fargo offers different savings account types with different interest rates and minimum balances, so compare them before you choose.
- Your account will be active and ready to use the same day you open it, though transfers from other banks may take one to three business days to arrive.
The three main Wells Fargo savings account types
Wells Fargo offers the Savings Account, the Money Market Account, and the Certificates of Deposit (CDs). The regular Savings Account has no monthly fee, no minimum balance requirement, and earns interest on your balance. The interest rate varies based on how much money you have in the account and changes with the market—Wells Fargo publishes current rates on its website.
The Money Market Account requires a higher opening deposit (usually $2,500) and a higher minimum balance to earn the advertised interest rate, but it pays more interest than a regular savings account. It also gives you a limited number of withdrawals per month before fees apply. This account works best if you have a larger amount to save and do not need to withdraw money frequently.
Certificates of Deposit (CDs) lock your money away for a set period—three months, six months, one year, or longer—in exchange for a may provide interest rate. You cannot withdraw the money before the term ends without paying a penalty, usually equal to a few months of interest. CDs work best if you know you will not need the money for a specific period and want to lock in a rate.
Opening an account online or through the Wells Fargo app
If you are an existing Wells Fargo customer, open the mobile app or go to wellsfargo.com, sign in, and look for "Open an Account" or "Add an Account." Select the savings account type you want, review the terms and fees, and confirm your information. Wells Fargo will ask you to choose your opening deposit amount and where it should come from—usually your existing Wells Fargo checking account. The account opens immediately, and you can start using it the same day.
If you are a new customer opening online, go to wellsfargo.com and select "Open an Account." You will enter your personal information, Social Security number, and photo ID details. Wells Fargo will verify your identity using your credit file and may ask follow-up questions. Once approved, you will choose your opening deposit method. If you do not have a Wells Fargo account yet, you may need to visit a branch or use a debit card to make the opening deposit, since you cannot transfer from another bank until the account is fully set up.
Online account opening usually takes 10 to 15 minutes. Your account number and routing number will appear on screen immediately, though you may not receive a debit card or checks for five to seven business days.
Opening an account in person at a Wells Fargo branch
Visit any Wells Fargo branch with your photo ID, Social Security number, and opening deposit. A banker will walk you through the account options, explain the interest rates and fees, and help you choose the right account. You will sign paperwork, and the account opens on the spot. If you bring cash, it posts to your account immediately. If you bring a check from another bank, it may take one to three business days to clear.
In-person opening takes 20 to 30 minutes. You will receive your account number and routing number right away and can start using the account the same day, though your debit card will arrive by mail in five to seven business days. This route is best if you have questions, want to deposit cash immediately, or prefer to speak with someone face-to-face.
To find a branch near you, use the Wells Fargo branch locator at wellsfargo.com or call 1-800-869-3557. Some branches have limited hours, so check before you go.
Opening an account by phone
Call Wells Fargo at 1-800-869-3557 and tell the representative you want to open a savings account. Have your photo ID, Social Security number, and opening deposit method ready. The representative will verify your identity, explain your account options, and walk you through the process. The call usually takes 15 to 20 minutes.
When you open by phone, you will need to arrange your opening deposit. If you are an existing customer, the representative can transfer money from your checking account. If you are new, you may be asked to provide a debit card number or to visit a branch to deposit cash. Your account opens the same day, but you will receive your account number by mail or email, and your debit card will arrive in five to seven business days.
Phone opening works well if you prefer not to visit a branch or use a computer, or if you have questions that the website does not answer. The downside is that you cannot deposit cash over the phone, so you may need to visit a branch later.
What happens after you open your account
Once your account is open, you can start depositing money immediately through several methods. If you opened in person or by phone and need to deposit cash, visit a Wells Fargo branch or use a Wells Fargo ATM. If you opened online, you can transfer money from another bank account using the account and routing numbers Wells Fargo gave you—this transfer usually takes one to three business days. You can also set up direct deposit from your employer or transfer money from a Wells Fargo checking account instantly through the app or website.
Your debit card will arrive by mail in five to seven business days. Until it arrives, you can access your money by transferring it to another account, withdrawing it at a Wells Fargo ATM using your account number, or visiting a branch. You will also receive online banking access immediately, so you can check your balance, set up alerts, and manage your account from your phone or computer.
Interest on your savings account begins accruing the day your money is deposited. Wells Fargo compounds interest daily and deposits it into your account monthly. You can see your interest earnings in your account statement or online banking dashboard.
Fees and minimum balances to know about
Wells Fargo's regular Savings Account has no monthly maintenance fee and no minimum balance requirement. However, if you link it to overdraft protection on a checking account and overdraw, Wells Fargo may charge overdraft fees on the savings account. The Money Market Account has no monthly fee but requires you to maintain a minimum balance—usually $2,500—to earn the advertised interest rate. If your balance falls below the minimum, you will earn a lower rate.
Both accounts allow a limited number of withdrawals per month before fees apply. Federal rules previously capped this at six, but that rule changed in 2020. Wells Fargo currently allows unlimited withdrawals, but check your account terms or call 1-800-869-3557 to confirm the current policy, as it may vary by account type.
CDs have no monthly fee, but if you withdraw money before the term ends, you will pay an early withdrawal penalty. The penalty amount depends on the CD term—a three-month CD might charge 10 days of interest, while a one-year CD might charge 90 days. Wells Fargo discloses the exact penalty in the CD terms before you open it.
Frequently Asked Questions
Can I open a Wells Fargo savings account without a Social Security number?
No. Wells Fargo requires a Social Security number or Individual Taxpayer Identification Number (ITIN) to open any account. If you do not have either, you will need to obtain one before you can open an account. Contact the Social Security Administration or the IRS for information about how to apply.
What if I do not have a photo ID?
You will need a government-issued photo ID to open an account in person or by phone. If you do not have one, you can obtain a state ID or passport through your state's DMV or the State Department. Online account opening may have different options—call 1-800-869-3557 to ask about alternatives if you cannot provide a photo ID.
How long does it take to open a Wells Fargo savings account?
Online opening takes 10 to 15 minutes, phone opening takes 15 to 20 minutes, and in-person opening takes 20 to 30 minutes. Your account is active the same day, but your debit card arrives by mail in five to seven business days. Transfers from other banks take one to three business days to post.
Can I open a savings account if I have been denied a bank account before?
Wells Fargo checks ChexSystems, a banking history database, when you open an account. If you were denied or had an account closed due to fraud, overdrafts, or other issues, Wells Fargo may deny you. Call 1-800-869-3557 to ask whether you can open an account, or ask about second-chance banking options if available.
Do I need to open a checking account to open a savings account at Wells Fargo?
No. You can open a savings account alone without a checking account. However, if you already have a Wells Fargo checking account, opening a savings account is faster because you can link the two and transfer money between them instantly.