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 process takes about 10 to 15 minutes online or on the phone, or 20 to 30 minutes in a branch. You will need a government-issued ID, your Social Security number, and an initial deposit — the amount varies by account type but typically ranges from $0 to $25.
Wells Fargo offers several savings account types: the Wells Fargo Way2Save Savings Account (designed for frequent savers with lower balance requirements), the Wells Fargo Savings Account (the standard option), and the Wells Fargo Gold Savings Account (requires a higher opening deposit and minimum balance). Each has different monthly maintenance fees, interest rates, and balance requirements, so knowing which one fits your situation before you start will speed things up.
If you already have a Wells Fargo checking account, opening a linked savings account is faster because the bank already has your information on file. If you are new to Wells Fargo entirely, the process is the same length but requires more documentation upfront.
Key Takeaways
- You need a government ID, Social Security number, and an opening deposit to start a Wells Fargo savings account, whether you open it online, by phone, or in person.
- Wells Fargo offers three main savings account types with different fees and balance requirements, so compare them before opening to avoid paying unnecessary monthly charges.
- Opening online or by phone takes 10 to 15 minutes; opening in a branch takes 20 to 30 minutes and may require an appointment during busy hours.
- If you already bank with Wells Fargo, linking a new savings account to your existing checking account is faster because your identity is already verified.
Opening online through Wells Fargo's website
Go to wellsfargo.com and select "Open an Account" from the homepage. You will be asked to choose your account type — select "Savings" and then pick which savings product you want. The site will walk you through entering your personal information: full name, date of birth, address, phone number, and email. You will also enter your Social Security number, which Wells Fargo uses to run a credit check and verify your identity.
After you submit your information, Wells Fargo will ask you to fund the account. You can transfer money from another bank account (using routing and account numbers), link a debit card, or arrange a wire transfer. The opening deposit will post within one to three business days depending on the funding method you choose. Once the deposit clears, your account is active and you can start using it.
Wells Fargo will send you a debit card and checks by mail if you request them. The debit card typically arrives within 7 to 10 business days; checks take longer. You can access your account online or through the Wells Fargo mobile app immediately after opening, even before your physical card arrives.
Opening by phone with a Wells Fargo representative
Call Wells Fargo's customer service line at 1-800-869-3557 to open a savings account over the phone. A representative will ask the same questions as the online form: your name, address, date of birth, Social Security number, and which account type you want. The call usually takes 10 to 15 minutes. Have your ID ready so you can answer security questions to verify your identity.
When you open by phone, the representative will ask how you want to fund the account. You can provide bank account information for a transfer, give a debit card number, or arrange a wire. The representative will confirm the opening deposit amount and tell you when it will post. You will receive a confirmation number — write it down or ask for it to be emailed to you.
After the call ends, you will receive an email with your account details and instructions for setting up online access. You can log in to Wells Fargo's website or app using your Social Security number and a temporary password, which you should change immediately for security.
Opening in person at a Wells Fargo branch
Walk into any Wells Fargo branch with your government ID, Social Security number, and the opening deposit amount in cash or on a debit card. During busy hours, you may need to take a number or make an appointment — call ahead to check wait times. A banker will sit with you and go through the account setup process, which takes 20 to 30 minutes.
The banker will show you the different savings account options and explain the fees, interest rates, and minimum balance requirements for each. This is a good time to ask questions about which account makes sense for your situation. Once you decide, the banker will enter your information into the system, run your identity verification, and process your opening deposit.
If you bring cash, the banker will deposit it into your new account immediately. If you use a debit card, the deposit will post within one to three business days. You will leave the branch with a temporary debit card or a card number you can use right away, and your permanent card will arrive by mail within 7 to 10 days.
What happens after you open your account
Once your account is open and funded, you can start using it immediately through online banking or the Wells Fargo app. You can transfer money between your savings and checking accounts, set up automatic transfers, and view your balance and transaction history anytime. Interest on your savings will begin accruing based on the account type you chose — rates vary and change over time, so check your account details or call Wells Fargo to see your current rate.
Wells Fargo will charge a monthly maintenance fee unless you meet the account's balance or activity requirements. For example, the Way2Save account waives its $5 monthly fee if you maintain a $500 minimum balance or make at least one automatic transfer per month. The standard Savings Account has a $5 monthly fee unless you maintain a $300 minimum balance. Read your account agreement to understand exactly what keeps your fee waived.
You can add a linked checking account, set up bill pay, or arrange automatic deposits (like from your paycheck) through online banking. If you need a physical debit card or checks, request them through the app or by calling customer service — they will arrive by mail within 7 to 14 business days.
Closing or changing your account later
If you decide you want a different savings account type, you can switch without closing your account. Log into online banking, call 1-800-869-3557, or visit a branch and ask to convert your account. The switch is usually instant, though some changes may take one business day to process. Your account number may change, so update any automatic transfers or deposits that point to your old account number.
If you want to close your savings account, you can do so online, by phone, or in person. Make sure your account balance is zero before closing — if there is money left, you will need to transfer it out first. Wells Fargo will not charge you to close an account. Once closed, you will not be able to use that account number again, so make sure you have moved all your money and updated any automatic payments.
Frequently Asked Questions
Do I need to have a Wells Fargo checking 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, linking a new savings account is faster because the bank already has your identity verified and on file.
What is the minimum opening deposit?
It depends on the account type. The Way2Save Savings Account has no minimum opening deposit. The standard Savings Account and Gold Savings Account typically require $25 to $100, though this can vary. Check the current requirements on Wells Fargo's website before you start, since they can change.
How long does it take to access my account after opening?
You can access your account online or through the app immediately after opening, even if your opening deposit has not posted yet. Your physical debit card arrives within 7 to 10 business days. Your opening deposit will post within one to three business days depending on how you funded it.
What if I do not meet the minimum balance requirement?
Wells Fargo will charge you a monthly maintenance fee — usually $5 for the standard Savings Account. You can avoid the fee by maintaining the required balance, making automatic transfers, or switching to an account type with lower requirements. Review your account agreement to see all the ways to waive the fee.
Can I open a savings account if I have had banking problems in the past?
Wells Fargo checks ChexSystems, a banking history database, when you open an account. If you have unpaid overdrafts, fraud, or other serious issues on record, Wells Fargo may deny your application. If denied, you can request a copy of your ChexSystems report and dispute any errors, or look into banks that do not use ChexSystems.