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, and a bit longer in person if the branch is busy. You will need a valid government-issued ID (driver's license, passport, or state ID), your Social Security number, and an initial deposit—Wells Fargo does not require a minimum opening deposit for most savings accounts, but you do need to fund the account on the day you open it.

If you are opening an account online or by phone, have your ID ready to photograph or describe, and know your current address. 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 under 18, a parent or legal guardian must open the account with you or co-sign it.

Key Takeaways

  • You need a valid ID, Social Security number, and an initial deposit to open a Wells Fargo savings account, though no minimum deposit is required for most accounts.
  • Online and phone openings take 10 to 15 minutes; in-branch openings take longer depending on branch traffic.
  • If you already have a Wells Fargo checking account, linking a new savings account is faster because the bank has your information.
  • Wells Fargo offers several savings account types with different interest rates and features, so compare them before you choose.

Opening an account online

Go to wellsfargo.com and look for the "Open an Account" button, usually on the homepage. Select "Savings Account" from the account type menu. You will be asked to enter your name, date of birth, Social Security number, and current address. Have your ID ready—Wells Fargo will ask you to photograph the front and back of your ID using your phone camera or upload an image file. The photo must be clear enough to read all text.

Next, you will choose which savings account type you want. Wells Fargo offers the standard Savings Account, the Way2Save Savings Account (which has a lower interest rate but rewards you for making regular deposits), and the Platinum Savings Account (which requires a higher balance but pays more interest). Read the current interest rates and monthly fees for each before you decide—these change over time and vary based on your balance.

After you choose your account type, you will set up online access by creating a username and password. Then you will link a funding source—either a bank account at another bank (which takes one to two business days to verify) or a debit card (which is instant). Once the account is open, you can begin depositing money right away if you used a debit card, or wait for the bank transfer to clear if you linked another bank account.

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 name, date of birth, Social Security number, and current address. Have your ID in front of you so you can answer security questions about it—the bank may ask you to describe specific details on your license to verify your identity. The call usually takes 10 to 15 minutes.

The representative will walk you through the same account type choices as the online process and explain the interest rates and fees for each. You will then set up online access and choose how to fund the account. If you give the representative a debit card number, the account can be funded immediately. If you want to transfer money from another bank account, the representative will guide you through linking that account, which takes one to two business days to verify.

Opening an account in person at a branch

Visit your nearest Wells Fargo branch during business hours with your valid ID and Social Security number. Tell the representative you want to open a savings account. They will ask for your name, address, date of birth, and Social Security number, and will verify your ID. The representative will show you the different savings account options and explain the interest rates and fees for each.

Once you choose an account type, the representative will set up your online access and ask how you want to fund the account. You can bring a check, transfer money from another Wells Fargo account if you have one, or provide a debit card to link. If you bring cash, the representative will deposit it on the spot. If you use a check or debit card, the deposit will post within one to two business days. The entire process usually takes 20 to 30 minutes, but can take longer if the branch is busy.

Wells Fargo savings account types and their features

Wells Fargo offers three main savings accounts. The Savings Account is the standard option with no monthly maintenance fee if you keep a $300 minimum balance; if your balance drops below $300, you pay $5 per month. The interest rate changes based on the Federal Reserve's rate decisions and your account balance. This account has no limit on how many times you can withdraw money per month.

The Way2Save Savings Account has no monthly fee and no minimum balance requirement. It pays a lower interest rate than the standard Savings Account, but it rewards you for making regular deposits—the bank pays you a bonus interest rate for each month you make at least one transfer from a linked checking account. This account is useful if you are building a savings habit and want to be rewarded for it.

The Platinum Savings Account requires a $25,000 minimum balance to avoid a $25 monthly fee. It pays a higher interest rate than the standard Savings Account, so it is worth the higher balance requirement only if you have that much to deposit. Interest rates and fees for all three accounts change over time, so check Wells Fargo's website or call before you open an account to see the current rates.

What happens after you open your account

Once your account is open, you will receive a debit card in the mail within 7 to 10 business days if you requested one. You can access your account online or through the Wells Fargo mobile app immediately. If you funded the account with a debit card, the money is available right away. If you funded it with a check or a transfer from another bank, the deposit will clear within one to two business days.

You can begin depositing money into your savings account through mobile check deposit (photograph a check using the Wells Fargo app), transfers from a linked checking account, direct deposit from your employer, or in-person deposits at a Wells Fargo branch. You can withdraw money by visiting a branch, using an ATM, or transferring money to another account. Wells Fargo does not charge a fee for transfers between your own accounts.

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 without a checking account. However, if you already have a Wells Fargo checking account, the process is faster because the bank already has your information. You can also link your savings account to a checking account at another bank to make transfers easier.

What is the minimum deposit to open a Wells Fargo savings account?

Wells Fargo does not require a minimum opening deposit for most savings accounts. However, the Platinum Savings Account requires a $25,000 minimum balance to avoid a monthly fee. You do need to fund the account on the day you open it, even if it is just $1.

How long does it take to open a Wells Fargo savings account online?

Opening an account online takes about 10 to 15 minutes. Your account is usually active the same day, though if you fund it with a transfer from another bank, that transfer takes one to two business days to clear.

Can I open a Wells Fargo savings account if I do not have a Social Security number?

Wells Fargo requires a Social Security number or Individual Taxpayer Identification Number (ITIN) to open an account. If you do not have either, contact your nearest Wells Fargo branch to ask about other options.

What interest rate will I earn on my savings account?

Interest rates change based on Federal Reserve decisions and vary by account type and balance. Check Wells Fargo's website or call 1-800-869-3557 to see the current rates before you open an account.