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 by phone, or 15 to 20 minutes in a branch. You will need a government-issued photo ID, your Social Security number, and an initial deposit—Wells Fargo does not require a minimum opening deposit for most savings accounts, but you must fund the account to complete the setup.

If you are opening an account online or by phone, you will also need a valid email address and a phone number where Wells Fargo can reach you. 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.

Wells Fargo offers several types of savings accounts, each with different features and interest rates. The most common option is the Wells Fargo Way2Save Savings Account, which has no monthly maintenance fee if you maintain a $25 minimum balance or set up automatic transfers of at least $25 per month from a checking account. Other options include the Wells Fargo Platinum Savings Account and accounts designed for students or children.

Key Takeaways

  • You need a government photo ID, Social Security number, and an initial deposit to open an account, whether you go online, by phone, or to a branch.
  • Online and phone applications take 10 to 15 minutes; in-branch applications take 15 to 20 minutes and you can fund the account immediately.
  • Wells Fargo does not require a minimum opening deposit, but you must deposit money to activate the account.
  • If you already have a Wells Fargo checking account, linking a savings account is faster because the bank has your information.
  • The Way2Save Savings Account waives the monthly fee if you keep a $25 minimum balance or set up automatic monthly transfers of $25 or more.

Opening an account online

Go to wellsfargo.com and select "Open an Account" from the homepage. Choose "Savings" as the account type, then select which savings product fits your needs. You will be asked to enter your personal information: full name, date of birth, Social Security number, address, phone number, and email address. Wells Fargo will verify your identity using information from credit bureaus and public records.

After identity verification, you will choose how to fund the account. You can transfer money from another bank account, use a debit card, or link an existing Wells Fargo account. If you transfer from another bank, provide the routing number and account number. The transfer typically posts within one to three business days, though Wells Fargo may place a temporary hold on the funds while they verify the source.

Once the deposit is confirmed, your account is active and you can begin using it immediately. Wells Fargo will mail your debit card and checks (if you requested them) within 7 to 10 business days. You can access your account online or through the Wells Fargo mobile app before the physical card arrives.

Opening an account by phone

Call Wells Fargo at 1-800-869-3557 to open a savings account over the phone. A representative will walk you through the same information you would provide online: personal details, Social Security number, and address. The call typically lasts 10 to 15 minutes. You will need to have your ID ready so the representative can verify information from it.

When funding the account by phone, you can provide bank account information for a transfer or give a debit card number. If you transfer from another bank, the funds usually arrive within one to three business days. The representative will confirm your account number and the deposit amount before ending the call, and you can begin using the account online or by phone immediately.

After opening by phone, you will receive the same welcome materials in the mail: your debit card and any checks you requested, typically within 7 to 10 business days.

Opening an account in person at a branch

Visit any Wells Fargo branch with your government photo ID and Social Security number. A banker will help you choose the right savings account and complete the application, which takes 15 to 20 minutes. Bring a checkbook or recent bank statement if you plan to transfer money from another bank, so you have the routing and account numbers available.

You can fund the account immediately at the branch using cash, a check, or a transfer from another bank. If you use cash or a check, the funds are available right away. If you set up a transfer from another bank, it will post within one to three business days. The banker will give you your account number and temporary access information so you can use online banking and the mobile app the same day.

Your debit card will be mailed to you within 7 to 10 business days. In the meantime, you can withdraw money from your savings account at any Wells Fargo ATM or by visiting a branch.

What happens after you open the account

Once your account is open, you can set up automatic transfers from a checking account, deposit checks using mobile deposit, or transfer money from other banks online. Wells Fargo offers no monthly maintenance fee on the Way2Save Savings Account if you keep a $25 minimum balance or set up automatic monthly transfers of at least $25 from a linked checking account.

Your savings account earns interest, though the rate varies based on market conditions and the type of account you opened. You can check your current interest rate and balance anytime through online banking or the mobile app. Wells Fargo sends monthly statements by mail or email, depending on your preference.

If you need to close the account later, you can do so online, by phone, or at a branch. Wells Fargo will not charge a fee to close a savings account, but you must withdraw or transfer any remaining balance before the account closes.

Linking your savings account to checking

If you have a Wells Fargo checking account, you can link your new savings account to it for easier money management. Linking allows you to transfer money between accounts instantly online or through the mobile app, and it makes it simpler to set up automatic transfers to meet the minimum balance requirement for fee waivers.

You can link accounts during the account opening process or afterward through online banking. Go to "Accounts," select "Link Accounts," and follow the prompts. Linking takes a few minutes and is free. Once linked, you can see both accounts in one view and move money between them without visiting a branch or calling customer service.

Frequently Asked Questions

Do I need a minimum deposit to open a Wells Fargo savings account?

No. Wells Fargo does not require a minimum opening deposit, but you must deposit at least some money to activate the account. The deposit can be as small as $1. However, some savings products may have minimum balance requirements to avoid monthly fees once the account is open.

How long does it take to open an account online?

The application itself takes 10 to 15 minutes. Identity verification is usually instant, but in some cases Wells Fargo may need one to two business days to confirm your information. Once verified, your account is active and you can use it immediately, even if your deposit has not yet posted.

Can I open a savings account if I don't have a Social Security number?

No. Wells Fargo requires a Social Security number or Individual Taxpayer Identification Number (ITIN) to open any account. If you have an ITIN, you can use it in place of a Social Security number during the application.

What if my identity verification fails online?

If the online system cannot verify your identity, Wells Fargo will contact you by phone or mail with next steps. You may be asked to visit a branch in person with your ID, or to provide additional documents. This process typically takes one to three business days.

Can I open a joint savings account with someone else?

Yes. Both account holders must be present in person at a branch, or you can open a joint account online if both people complete the application together. Each person will need their own government ID and Social Security number. Joint account holders have equal access and responsibility for the account.