You can open a Wells Fargo savings account online in about 10 minutes, or in person at a branch

Wells Fargo offers two main paths: online through their website or mobile app, or by walking into a branch with your ID. The online route is faster if you have a Social Security number, valid government ID, and a way to verify your identity (usually a phone number or email on file with credit bureaus). In-person opening takes longer but lets you ask questions and hand over documents face-to-face.

You'll need to choose which type of savings account fits your situation. Wells Fargo offers the basic savings account, money market account, and certificates of deposit (CDs). The basic savings account has no monthly fee if you keep a $300 minimum balance; if your balance drops below that, you pay $5 per month. Money market accounts require higher minimums but pay more interest. CDs lock your money away for a set time in exchange for a may provide rate.

Interest rates and minimum balance requirements change, so check Wells Fargo's current rates before you decide which account type makes sense for you.

Key Takeaways

  • Online account opening takes about 10 minutes if you have a government ID and Social Security number; in-person opening at a branch takes longer but requires no online verification.
  • The basic Wells Fargo savings account charges $5 per month if your balance falls below $300, so you need to keep that minimum or pay the fee.
  • You can fund your new account immediately with a transfer from another bank, a debit card, or cash if you open in person.
  • Wells Fargo will ask for your Social Security number, date of birth, address, and phone number during setup, whether online or in branch.

Opening a savings account online through Wells Fargo's website

Go to wellsfargo.com and look for the "Open an Account" button, usually near the top of the page. Click it and select "Savings Account" from the account type menu. You'll be asked to enter your Social Security number, date of birth, current address, phone number, and email address. Wells Fargo will verify this information against credit bureaus and public records.

Next, you choose your account type—basic savings, money market, or CD—and set your opening deposit. You can fund the account with a transfer from another bank (using routing and account numbers), a debit card, or an ACH transfer. If you're transferring from another bank, that transfer usually takes one to three business days to show up in your new Wells Fargo account.

After you submit your information, Wells Fargo will tell you whether you're approved right away or if they need more time to review. Most approvals happen within minutes. Once approved, you'll receive a confirmation email with your new account number and routing number. Your debit card arrives by mail within 7 to 10 business days.

Opening a savings account in person at a Wells Fargo branch

Find your nearest branch on Wells Fargo's website or in their mobile app. Bring a government-issued ID (driver's license, passport, or state ID card) and your Social Security number. You do not need to make an appointment, though calling ahead during busy times can save you a wait.

A banker will walk you through the same questions asked online: Social Security number, date of birth, address, and phone number. They'll explain the account types and fees, then help you choose which account fits your needs. You can open the account and fund it on the spot with cash, a check, or a debit card.

If you fund with cash or a check, the money is available immediately (for cash) or within one business day (for checks, depending on the amount). You'll walk out with a temporary debit card or a card number you can use right away, and your permanent card arrives by mail within a week or two.

What happens after your account opens

Your new savings account is ready to use as soon as Wells Fargo approves it. You can set up direct deposit, transfer money in from other accounts, or deposit checks using the mobile app. Your debit card will arrive by mail and can be activated through the app or by calling the number on the card itself.

Wells Fargo will send you a welcome packet by mail with your account details, routing number, and information about online banking. You can log into your account online or through the mobile app using your Social Security number and a password you create during setup.

Keep track of your balance to avoid the $5 monthly fee if you're using the basic savings account. You can check your balance anytime through the app, online, or by calling 1-800-869-3557. If your balance drops below $300, the fee posts on the last day of the month.

Funding your new account

You have several ways to put money into your new savings account. A transfer from another bank (ACH transfer) takes one to three business days and requires the routing and account numbers from your other bank. A debit card deposit processes immediately if you're opening online, or instantly if you're in a branch. A check deposit through the mobile app usually clears within one business day for amounts under $2,500.

If you open in person, you can hand the banker cash or a check and it posts right away (cash) or the next business day (checks). Direct deposit from your employer or a government benefit also works and usually shows up within one or two business days of being sent.

Do not send cash by mail. If you're opening online and want to fund with cash, you'll need to visit a branch or use another method.

Fees and minimum balances to know

The basic Wells Fargo savings account charges $5 per month if your balance stays below $300. There is no fee if you maintain the $300 minimum. Money market accounts have higher minimums (usually $2,500 or more) but pay higher interest rates and may have different fee structures. CDs have no monthly fee because your money is locked in for a set term.

Wells Fargo does not charge a fee to open an account, close an account, or transfer money between your own accounts. Transfers to other people's accounts (peer transfers) are free through Wells Fargo's system. ATM withdrawals at Wells Fargo ATMs are free; withdrawals at out-of-network ATMs may charge a fee from the ATM operator, though Wells Fargo does not charge you directly.

Interest rates on savings accounts are low—often less than 0.01% annually—so your money grows very slowly. Money market accounts and CDs pay higher rates, but rates change frequently and vary based on how much you deposit and how long you lock the money away.

Frequently Asked Questions

Do I need to be a Wells Fargo customer already to open a savings account?

No. You can open a savings account as your first Wells Fargo account. You do not need an existing checking account or any prior relationship with the bank.

What if I don't have a Social Security number?

You'll need to open an account in person at a branch. Bring a government-issued ID and an Individual Taxpayer Identification Number (ITIN) if you have one. A banker can walk you through options for non-citizens or people without a Social Security number.

Can I open a savings account if I'm under 18?

Yes, but you'll need a parent or guardian to co-own the account. Both the minor and the adult must be present in person at a branch with valid IDs. Online opening is not available for minors.

How long does it take to get my debit card?

Your permanent debit card arrives by mail within 7 to 10 business days. If you open in person, you may receive a temporary card number you can use immediately while you wait for the physical card.

Can I open multiple savings accounts at Wells Fargo?

Yes. You can open as many savings accounts as you want, though each account with a balance below $300 will charge the $5 monthly fee. Some people open multiple accounts to separate savings for different goals.