What you need to open a Wells Fargo savings account

You can open a Wells Fargo savings account online, by phone, or in person at a branch. You will need a government-issued photo ID, your Social Security number, and an initial deposit. Wells Fargo offers several savings account types, each with different features and minimum balance requirements that vary by account.

If you open online or by phone, the process takes about 10 to 15 minutes. You will provide your personal information, choose your account type, and link a funding source—usually a bank account or debit card—to make your first deposit. If you open in a branch, bring your ID and Social Security number, and a banker will walk you through the options and complete the paperwork on the spot.

Wells Fargo will run a background check through ChexSystems, a banking history database. This check does not affect your credit score. If you have a history of unpaid overdrafts or fraud at other banks, Wells Fargo may deny your application, though you can request reconsideration.

Key Takeaways

  • You need a government photo ID, Social Security number, and an opening deposit to start a Wells Fargo savings account online, by phone, or in person.
  • Wells Fargo offers multiple savings account types with different minimum balances and interest rates, so compare them before you choose.
  • Online and phone applications take 10 to 15 minutes; in-branch opens are immediate if you bring your ID and Social Security number.
  • Wells Fargo checks your banking history through ChexSystems but does not pull your credit report, so opening an account will not lower your credit score.

Wells Fargo savings account types and their differences

Wells Fargo offers the Wells Fargo Way2Save Savings Account, the Wells Fargo Everyday Savings Account, and the Wells Fargo Gold Savings Account. Each has a different minimum opening deposit and monthly maintenance fee structure.

The Way2Save account has no minimum opening deposit and no monthly maintenance fee if you maintain a $500 minimum balance or make at least one automatic transfer from a Wells Fargo checking account each month. If you fall below $500 and do not make a transfer, the monthly fee is $5. The Everyday Savings account requires a $25 minimum opening deposit and charges a $5 monthly maintenance fee unless you maintain a $300 minimum balance. The Gold Savings account requires a $25 minimum opening deposit and has no monthly maintenance fee if you maintain a $500 minimum balance; otherwise the fee is $5 per month.

Interest rates on all three accounts are set by Wells Fargo and change based on market conditions. Rates are typically lower than online-only banks offer. You can check current rates on the Wells Fargo website or ask a banker in person.

Opening an account online

Go to wellsfargo.com and select "Open an Account" from the homepage. Choose the savings account type you want, then enter your personal information: full name, date of birth, Social Security number, address, phone number, and email. Wells Fargo will ask whether you have an existing Wells Fargo account; if you do, the process is faster because your identity is already verified.

Next, you will choose your opening deposit method. You can transfer funds from another bank account using routing and account numbers, or you can use a debit card. Wells Fargo will verify the deposit method by sending a small test deposit to your account at the other bank, which takes one to two business days. Once verified, your Wells Fargo savings account is active and you can begin using it immediately, though the full deposit may not appear for one to three business days depending on your bank.

You will receive a confirmation email with your account number and login credentials. You can then log into Wells Fargo's online banking platform to monitor your account, set up transfers, and manage your savings.

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 government-issued photo ID details. Have your ID ready so you can provide the number and expiration date.

The representative will explain the account types and help you choose one based on your needs. You will then provide your opening deposit method—either a bank account or debit card—and the representative will process the transfer. The call typically takes 10 to 15 minutes.

After the call, you will receive a confirmation email with your account number and temporary login credentials. You can set up your permanent online banking password by logging in to wellsfargo.com or through the Wells Fargo mobile app.

Opening an account in person at a branch

Visit your nearest Wells Fargo branch with your government-issued photo ID and Social Security number. A banker will greet you and ask what you need; tell them you want to open a savings account. They will show you the account options, explain the differences, and help you choose based on your banking habits and balance expectations.

The banker will collect your personal information, verify your identity with your photo ID, and process your opening deposit. If you bring a debit card or checkbook from another bank, the banker can initiate a transfer immediately. Your account will be active on the spot, and you will receive a debit card and checkbook (if applicable) in the mail within 7 to 10 business days.

Before you leave, ask the banker to set up your online banking login so you can manage your account from home. Some branches can do this on the spot; others will email you a temporary password that you can change later.

What happens after you open your account

Your Wells Fargo savings account is active immediately after you open it, but your opening deposit may take one to three business days to appear, depending on the funding source. If you funded the account from another bank, Wells Fargo will send a small test deposit (usually less than $1) to verify the account connection; you may need to confirm this amount in your online banking to complete the link.

Once your account is fully set up, you can transfer money in and out using Wells Fargo's online banking platform, mobile app, or by visiting a branch. You can also set up automatic transfers from a checking account or external bank account. Interest accrues monthly and is deposited into your account on the last day of each month.

Review your account statements monthly to track your balance and interest earned. If your balance falls below the minimum required to waive the monthly maintenance fee, you will be charged $5 at the end of that month. You can avoid this by making a transfer from a Wells Fargo checking account or by maintaining the required minimum balance.

Frequently Asked Questions

Can I open a Wells Fargo savings account if I do not have a checking account?

Yes. You do not need an existing Wells Fargo checking account to open a savings account. However, if you want to waive the monthly maintenance fee on the Way2Save account, you will need to either maintain a $500 minimum balance or set up an automatic monthly transfer from a Wells Fargo checking account.

What if Wells Fargo denies my application?

Wells Fargo may deny your application if ChexSystems shows unpaid overdrafts, fraud, or other banking violations at other institutions. You can request a copy of your ChexSystems report by visiting chexsystems.com or calling 1-800-428-9623. If the report contains errors, you can dispute them. You can also contact Wells Fargo directly to ask why your application was denied and whether you can reapply.

How much money do I need to open an account?

The minimum opening deposit varies by account type. The Way2Save account requires no minimum opening deposit. The Everyday Savings and Gold Savings accounts both require a $25 minimum opening deposit. You can fund the account with a transfer from another bank or a debit card.

Can I open a savings account for someone else?

No. The person whose name is on the account must be present or provide authorization. If you want to open a joint account or an account for a minor, you will need to visit a branch in person with the other account holder and their government-issued photo ID.

How do I close my Wells Fargo savings account?

You can close your account online through Wells Fargo's banking platform, by phone at 1-800-869-3557, or in person at a branch. You will need to withdraw or transfer any remaining balance. Once closed, the account cannot be reopened; if you want to bank with Wells Fargo again, you will need to open a new account.