What you need to open a Wells Fargo savings account

You can open a Wells Fargo savings account in person at a branch, online through their website, or by phone. The bank requires a government-issued ID, your Social Security number, and an initial deposit—the minimum varies by account type but is often $25 or $100. You'll also need a current mailing address and a phone number.

If you're opening online or by phone, Wells Fargo will verify your identity using information from your credit report and may ask security questions about your financial history. This process usually takes a few minutes. If you open in person, bring your ID and the deposit method (debit card, check, or cash) with you.

Wells Fargo offers several savings account types: the basic Savings Account, the Way2Save Savings Account (which offers a small bonus for regular deposits), and high-yield options like the Platinum Savings Account. Each has different minimum balance requirements and interest rates, so check their current offerings before you decide which one fits your situation.

Key Takeaways

  • You need a government ID, Social Security number, current address, and an initial deposit of $25 to $100 depending on the account type.
  • Wells Fargo lets you open online, by phone, or in person at a branch—online is usually fastest and takes about 10 minutes.
  • The bank verifies your identity using your credit report and security questions if you open remotely.
  • Different savings account types have different interest rates and minimum balances, so compare them before opening.

Opening online through Wells Fargo's website

Go to wellsfargo.com and look for the "Open an Account" or "Savings" section. Select the savings account type you want, then enter your personal information: name, date of birth, Social Security number, address, phone number, and email. Wells Fargo will ask for your driver's license or state ID number.

The bank will then verify your identity by checking your credit report and asking security questions based on your financial history—questions like "Which address did you live at in 2015?" or "Which lender issued your car loan?" Answer these accurately. If verification fails, you may need to open in person at a branch instead.

Once verified, you'll choose your initial deposit method. You can link an external bank account and transfer money, use a debit card, or deposit a check through mobile deposit if you already have a Wells Fargo checking account. The account usually opens within minutes, and you can start using it right away, though transfers from external accounts may take one to three business days to complete.

Opening in person at a Wells Fargo branch

Find your nearest branch on wellsfargo.com or call 1-800-869-3557. Bring your government-issued ID, your Social Security number (or have it memorized), and your initial deposit. The deposit can be cash, a check, or a debit card payment.

A banker will walk you through the account setup, answer questions about the different savings account options, and help you choose the right one for your needs. They'll verify your identity using your ID and may ask a few security questions. The whole process typically takes 15 to 30 minutes.

Opening in person is useful if you want to ask questions about interest rates, fees, or account features before committing, or if you had trouble verifying your identity online. Your account opens immediately, and you can deposit money on the spot.

Opening by phone

Call Wells Fargo at 1-800-869-3557 and tell the representative you want to open a savings account. Have your ID, Social Security number, and initial deposit method ready. The representative will ask for your personal information and verify your identity using security questions.

You'll discuss which savings account type suits you best, then arrange your initial deposit. If you're paying by debit card or linking an external account, the representative will process that over the phone. If you want to deposit cash or a check, you may need to visit a branch or use mobile deposit if you have a Wells Fargo checking account already.

Phone opening usually takes 20 to 30 minutes. Your account opens the same day, though external transfers take one to three business days to show up in your new account.

Understanding Wells Fargo savings account types and fees

Wells Fargo's basic Savings Account has no monthly maintenance fee if you maintain a $300 minimum balance; if your balance drops below that, you pay $5 per month. The Way2Save Savings Account also has no monthly fee with a $25 minimum balance and offers a small bonus interest rate if you make regular deposits each month. The Platinum Savings Account requires a higher minimum balance (usually $10,000 or more) but offers a higher interest rate.

Interest rates change frequently and vary based on the Federal Reserve's rate decisions. Check wellsfargo.com for current rates before opening, since the rate you earn affects how much your savings grows over time. All Wells Fargo savings accounts are FDIC-insured up to $250,000, which means your money is protected if the bank fails.

Watch for these fees: a $5 monthly maintenance fee if you fall below the minimum balance, a $2.50 fee for each withdrawal or transfer over six per month (this is a federal limit, not Wells Fargo-specific), and a $35 fee if you overdraw your account. Some account types waive the withdrawal limit fee if you set up automatic transfers or meet other conditions, so ask about that when you open.

What happens after you open your account

Once your account is open, you'll receive a debit card in the mail within 7 to 10 business days if you want one (savings accounts don't require a debit card, but you can request one). You can access your account online through wellsfargo.com or through the Wells Fargo mobile app, which you can download on your phone.

Set up online banking and mobile banking so you can check your balance, transfer money, and deposit checks by taking a photo. You can also set up automatic transfers from your checking account to your savings account if you have one—this is useful if you want to save a fixed amount each month without thinking about it.

If you have questions after opening, call Wells Fargo customer service at 1-800-869-3557 or visit a branch. You can also change your account type later if you find a different savings account better suits your needs.

Frequently Asked Questions

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

No. You can open a savings account as your first Wells Fargo account. However, if you already have a checking account with Wells Fargo, opening a savings account is faster because the bank already has your information on file.

How long does it take to open a savings account online?

Online opening usually takes 10 to 15 minutes from start to finish. Your account opens immediately after verification, though if you're transferring money from another bank, that transfer takes one to three business days to complete.

What's the difference between the basic Savings Account and Way2Save?

Both have no monthly fee with low minimum balances. Way2Save offers a slightly higher interest rate if you make at least one deposit per month, making it better for people who save regularly. The basic Savings Account is simpler if you just want to deposit money and leave it.

Can I open a savings account if I have bad credit?

Yes. Wells Fargo does not deny savings accounts based on credit score. However, the bank checks ChexSystems, a banking history database, to see if you've had problems with previous accounts. If you've had accounts closed for overdrafts or fraud, Wells Fargo may deny you, but bad credit alone does not disqualify you.

What if I can't verify my identity online?

If online verification fails, open in person at a branch with your ID and initial deposit. A banker can verify you directly and open your account on the spot. This usually means the security questions didn't match your records, which can happen if you've moved recently or if your credit report has outdated information.