What you need to open a Wells Fargo savings account
You can open a Wells Fargo savings account in person at a branch, online, or by phone. The bank requires a government-issued photo ID, your Social Security number, and an initial deposit. The deposit amount depends on which savings product you choose — some accounts have no minimum, while others require $25 or more to open.
You will also need a current mailing address and a phone number. If you are opening the account online or by phone, Wells Fargo will verify your identity by asking questions about your financial history. Have your driver's license or passport ready, and know your Social Security number before you start.
If you already have a Wells Fargo checking account, opening a linked savings account is faster — the bank already has your information on file, and you can often complete it in minutes online or at an ATM.
Key Takeaways
- You need a photo ID, Social Security number, and initial deposit to open a Wells Fargo savings account, whether you go to a branch, online, or by phone.
- Wells Fargo offers multiple savings products with different features and deposit minimums, so compare them before you choose.
- Online and phone applications usually take 10 to 15 minutes, while branch visits may take longer depending on how busy the location is.
- Once your account is open, you can deposit money through ATMs, transfers from other banks, direct deposit, or in-person at a branch.
Types of savings accounts Wells Fargo offers
Wells Fargo has three main savings products: the regular Savings account, the Money Market account, and the Certificate of Deposit (CD). The regular Savings account has no monthly fee and no minimum balance requirement, making it the simplest choice for most people. The Money Market account requires a higher opening deposit and balance but pays a higher interest rate. A CD locks your money for a set period — typically three months to five years — and pays interest that is fixed when you open it.
Interest rates change based on market conditions and the Federal Reserve's decisions, so the rate you see today may not be the rate you get next month. Check Wells Fargo's website or call 1-800-869-3557 to see current rates before you decide which account fits your situation.
If you are saving for a specific goal with a deadline — like a down payment in two years — a CD might lock in a predictable rate. If you want to add money whenever you can without penalties, the regular Savings account is more flexible.
Opening an account online
Go to wellsfargo.com and click the link to open a savings account. You will enter your personal information, including your name, date of birth, address, phone number, and Social Security number. Wells Fargo will ask you to create a username and password for online banking.
Next, the bank will verify your identity by asking security questions based on your credit history — questions like "Which of these addresses have you lived at?" or "Which lender issued your auto loan?" Answer these correctly, and your account opens immediately. You can then transfer money from another bank account or set up direct deposit the same day.
If you cannot answer the security questions correctly, Wells Fargo may ask you to visit a branch in person or call to complete the process. This usually happens if you have limited credit history or if your information does not match the bank's records.
Opening an account at a Wells Fargo branch
Find your nearest branch at wellsfargo.com/locations or call 1-800-869-3557. Bring your photo ID, Social Security number, and your initial deposit. A banker will walk you through the account options, answer questions about fees and interest rates, and set up your account on the spot.
Branch visits are useful if you want to ask detailed questions about which account type makes sense for your situation, or if you prefer to handle banking in person. Bring a checkbook or recent bank statement if you plan to transfer money from another bank — the banker may need account details to set up the transfer.
Wait times vary by location and time of day. Weekday mornings are usually quieter than afternoons or weekends. If you want to avoid a wait, call ahead and ask when the branch is least busy.
Opening an account by phone
Call Wells Fargo at 1-800-869-3557 to open a savings account over the phone. A representative will ask for your personal information, Social Security number, and photo ID details. Have your ID ready so you can read the information aloud or answer verification questions.
The phone process takes 10 to 15 minutes. Once your account is open, the representative will explain how to set up online banking, make your first deposit, and access your account. You can deposit money by transferring it from another bank or by mailing a check to the address the representative provides.
Phone lines are typically available Monday through Friday from 8 a.m. to 8 p.m. Central Time, and Saturday from 9 a.m. to 5 p.m. Central Time. Wait times are shorter early in the week.
Making your first deposit and setting up transfers
After your account opens, you have several ways to add money. The fastest method is an electronic transfer from another bank account — this usually takes one to three business days. You can also set up direct deposit from your employer, which deposits your paycheck automatically on payday.
If you prefer to deposit cash or a check, visit a Wells Fargo branch or ATM. ATMs accept checks and cash deposits 24 hours a day. Checks deposited at an ATM typically clear within one business day, while cash is available immediately.
To set up a transfer from another bank, log into your Wells Fargo account online or through the mobile app, go to "Transfer Money," and select "From another bank." You will need the routing number and account number from your other bank. Wells Fargo will verify the account by depositing two small amounts (usually under $1 each) and asking you to confirm the amounts — this takes two to three business days.
Understanding fees and interest rates
Wells Fargo's regular Savings account has no monthly maintenance fee. The Money Market account may have a fee if your balance falls below the required minimum — check the current fee schedule on wellsfargo.com or ask at a branch, as fees change.
Interest rates on savings accounts are very low — often less than 0.01% annually on a regular Savings account. This means $1,000 in the account earns less than $1 per year. Money Market accounts and CDs pay higher rates, but rates fluctuate based on Federal Reserve policy. If you are saving for an emergency fund or short-term goal, the interest rate matters less than having the money available when you need it.
Wells Fargo charges fees for certain actions: overdrafts on linked checking accounts, excessive withdrawals (more than six per month from a savings account), and early withdrawal from a CD. Read the account terms before you open to understand what costs apply to your situation.
Frequently Asked Questions
Can I open a Wells Fargo savings account without going to a branch?
Yes. You can open an account online at wellsfargo.com or by calling 1-800-869-3557. Both methods take 10 to 15 minutes and require your photo ID, Social Security number, and initial deposit. You do not need to visit a branch unless you want to deposit cash or prefer to speak with someone in person.
What is the minimum deposit to open a Wells Fargo savings account?
The regular Savings account has no minimum opening deposit. Money Market accounts require a higher minimum — typically $25 or more, depending on the current offer. CDs also have minimums that vary by term length. Check wellsfargo.com for current requirements, as they change.
How long does it take to open a Wells Fargo savings account?
Online and phone applications take 10 to 15 minutes. Your account opens immediately if identity verification is successful. Branch visits may take 20 to 30 minutes depending on how busy the location is. You can start using your account the same day it opens.
Can I link my Wells Fargo savings account to a checking account at another bank?
Yes. You can transfer money between your Wells Fargo savings account and checking accounts at other banks. Set up the transfer through your Wells Fargo online banking portal by providing the other bank's routing number and your account number there. Transfers typically take one to three business days.
What happens if I withdraw money from my savings account more than six times a month?
Federal regulations limit savings account withdrawals to six per month. If you exceed this limit, Wells Fargo may charge a fee or convert your account to a checking account. ATM withdrawals and in-person branch withdrawals count toward this limit. Transfers to a linked checking account also count.