You can open a Wells Fargo savings account online, by phone, or in person at a branch
Wells Fargo offers several savings account types, each with different features and minimum balance requirements. You can start the process from your computer, phone, or by walking into a branch. The online route is fastest — most accounts open within minutes. If you already bank with Wells Fargo, you can add a savings account to your existing login without re-verifying your identity.
The account you choose depends on how much you plan to keep in savings and whether you want to earn interest. Wells Fargo's main options are the Wells Fargo Savings Account (the basic version), Wells Fargo Way2Save Savings Account (designed for frequent savers), and Wells Fargo Gold Savings Account (requires higher balances). Each has different monthly fees, interest rates, and minimum opening deposits.
Key Takeaways
- Opening online takes 10 to 15 minutes and you can fund the account immediately with a transfer from another bank or Wells Fargo account.
- You will need a Social Security number, government-issued ID, and proof of current address to open any Wells Fargo account.
- Monthly maintenance fees range from $0 to $25 depending on the account type and whether you meet balance or deposit requirements.
- If you are under 18, a parent or guardian must open the account with you, either online or at a branch.
Opening a savings account online
Go to wellsfargo.com and select "Open an Account" from the homepage. Choose "Savings" as your account type, then select which savings product fits your needs. Wells Fargo will ask for your Social Security number, date of birth, and current address. Have your government-issued ID ready — you may need to upload a photo or answer security questions to verify your identity.
Once you complete the application, Wells Fargo will tell you immediately whether your account is approved. If approved, you can fund it right away by transferring money from another Wells Fargo account or from an external bank account. If you transfer from an external bank, the money typically arrives within one to three business days. You can also wait and deposit funds later at a branch or through a mobile check deposit.
Opening a savings account at a Wells Fargo branch
Bring your government-issued ID and proof of your current address (a recent utility bill, lease, or bank statement works). A Wells Fargo employee will walk you through the account options and help you choose the right one for your situation. They can answer questions about fees, interest rates, and minimum balances on the spot.
The branch employee will complete your application while you are there and can fund your account immediately if you bring cash or a check. If you want to transfer funds from another bank, the employee can help you set that up, though the transfer will process over the next few business days. You will receive your debit card in the mail within 7 to 10 business days, though you can use your account online or through the Wells Fargo app as soon as it opens.
What documents and information you need
Have these items ready before you start, whether you are opening online or at a branch:
- Social Security number
- Government-issued photo ID (driver's license, passport, or state ID)
- Proof of current address (utility bill, lease, mortgage statement, or bank statement dated within the last 60 days)
- Initial deposit amount (can be as little as $0 for some accounts, though most require $25 to $100)
If you are opening the account online, you will upload photos of your ID and address proof. If you are at a branch, the employee will scan or photocopy them. Wells Fargo uses this information to verify your identity and comply with federal banking regulations.
Understanding fees and minimum balances
Wells Fargo Savings Account charges $5 per month unless you maintain a $500 minimum balance or have a may have access to Wells Fargo checking account linked to it. Way2Save Savings Account has no monthly fee but requires a $25 opening deposit and pays interest that increases as your balance grows. Gold Savings Account requires a $25,000 minimum balance and charges $25 per month if you fall below it, but offers higher interest rates.
Interest rates change based on the Federal Reserve's actions and market conditions — Wells Fargo publishes current rates on their website. Even with a low rate, a savings account still protects your money and keeps it separate from your checking account, which makes it easier to avoid overspending.
Linking your new savings account to checking
Once your savings account is open, you can link it to a Wells Fargo checking account (yours or someone else's) through the Wells Fargo app or online banking. Linking allows you to transfer money between accounts instantly and can help you avoid monthly fees on your savings account if that account type requires a linked checking account.
You can also set up automatic transfers from checking to savings on a schedule you choose — weekly, biweekly, or monthly. This is useful if you want to build savings without thinking about it. You can change or cancel automatic transfers anytime through your online account.
What happens after your account opens
Your savings account is ready to use immediately after approval, even if you have not received your debit card yet. You can transfer money, set up automatic deposits, and view your balance through the Wells Fargo app or website. Your debit card arrives by mail in 7 to 10 business days and can be used at ATMs and stores.
Wells Fargo sends monthly statements to your email or mailing address, depending on your preference. You can change this setting anytime in your account settings. If you have questions about your account after it opens, you can call Wells Fargo customer service at 1-800-869-3557 or visit a branch.
Frequently Asked Questions
Can I open a Wells Fargo savings account if I do not have a checking account?
Yes. You can open a savings account on its own without a checking account. However, some account types charge lower fees if you link them to a Wells Fargo checking account, so compare the options before you decide.
How long does it take to open an account online?
The application takes 10 to 15 minutes. Wells Fargo approves most applications instantly, and your account is ready to use right away. Transfers from external banks take one to three business days to arrive.
What if I do not have proof of address?
Contact Wells Fargo before you apply. Some branches may accept alternative documents like a lease without a utility bill, or they may ask you to verify your address by phone. Call 1-800-869-3557 to ask what documents your local branch will accept.
Can I open an account for my child?
Yes. If your child is under 18, you must open the account with them as a joint account holder. You will both need to be present at a branch, or you can open it online if you have Wells Fargo online banking access and can verify your identity.
What is the difference between a savings account and a money market account at Wells Fargo?
A savings account is simpler and has fewer restrictions on withdrawals. A money market account typically requires a higher minimum balance but pays higher interest rates. Choose a savings account if you want flexibility and a money market account if you have a larger amount to save and do not need frequent access.