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. The bank requires a government-issued ID, your Social Security number, and an initial deposit. Most people can complete the online process in about 10 minutes. If you open in person or by phone, a Wells Fargo representative will walk you through the steps.

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 (which requires a higher opening deposit). Each has different monthly fees, minimum balance requirements, and interest rates. You can compare these on Wells Fargo's website before you decide which one fits your situation.

Key Takeaways

  • You need a government-issued ID, Social Security number, and an opening deposit to start a Wells Fargo savings account.
  • Online opening takes about 10 minutes and is available 24/7; phone and in-person options are also available during business hours.
  • Wells Fargo offers three main savings account types with different fees, minimum balances, and interest rates.
  • Your account is typically active and ready to use within one business day of opening online.
  • Monthly maintenance fees range from $0 to $12 depending on the account type and whether you meet balance or deposit requirements.

Opening your account online

Go to wellsfargo.com and click "Open an Account" or "Savings" in the main menu. Select the savings account type you want, then enter your email address and create a password. Wells Fargo will ask for your full name, date of birth, Social Security number, address, and phone number. Have your government-issued ID ready—you may need to verify information from it.

Next, choose your opening deposit amount and funding method. You can transfer money from another bank account (which takes one to three business days) or use a debit card. If you fund by debit card, the money is usually available immediately. After you confirm all your information, Wells Fargo will send you an email confirmation. Your account number appears in that email, and you can log in to your new account right away, though some features may not be fully active until the next business day.

Opening your account by phone or in person

Call Wells Fargo at 1-800-869-3557 to open an account over the phone. A representative will ask the same questions as the online process: your name, date of birth, Social Security number, address, and phone number. Have your ID ready so they can verify your information. The call typically takes 15 to 20 minutes. You'll choose your account type and opening deposit amount, and the representative will explain any fees or requirements specific to that account.

To open in person, visit a Wells Fargo branch near you. Bring your government-issued ID and Social Security number. A banker will review the account options with you, help you choose the right one, and process your opening deposit on the spot. Your account is usually active the same day. If you're unsure which branch is closest, use the branch locator on wellsfargo.com.

What happens after you open your account

Your savings account number appears in your email confirmation or receipt immediately after opening. You can start using your account to receive deposits (like paychecks via direct deposit) right away. However, if you funded your account by bank transfer, that money takes one to three business days to arrive. Debit card funding is faster—usually instant or within a few hours.

Wells Fargo will mail you a debit card within 7 to 10 business days if you opened online or by phone. If you opened in person, you may receive a card at the branch or have it mailed to you. You can also set up online bill pay and link external accounts to transfer money in and out. Your account earns interest based on the current rate for your account type; rates change over time and vary based on market conditions.

Monthly fees and how to avoid them

Wells Fargo charges a monthly maintenance fee on most savings accounts unless you meet certain requirements. The Way2Save account has a $0 monthly fee if you maintain a $25 minimum daily balance or make at least one automatic transfer or payment per month. The standard Savings Account charges $5 per month unless you maintain a $500 minimum daily balance or have a may have access to Wells Fargo checking account linked to it. The Gold Savings Account charges $12 per month unless you maintain a $10,000 minimum daily balance.

If your account is charged a fee and you believe it was a mistake, you can contact Wells Fargo customer service to discuss a reversal. Some customers have had one-time fee reversals granted, especially if they're new to the account or if the fee was due to a temporary dip below the minimum balance.

Funding your account after opening

Once your account is open, you can add money in several ways. Direct deposit from your employer is the most common method—you provide your Wells Fargo account and routing number to your payroll department, and your paycheck deposits automatically on payday. You can also transfer money from another bank account using Wells Fargo's online transfer tool, which typically takes one to three business days. Transfers between your own Wells Fargo accounts are instant.

You can deposit cash or checks at any Wells Fargo branch or ATM. Cash deposits at ATMs are available immediately; check deposits typically clear within one business day. If you received a debit card with your account, you can use it to withdraw cash from Wells Fargo ATMs or any ATM in the Allpoint network (over 55,000 ATMs worldwide). Withdrawals from non-Wells Fargo ATMs may carry a fee unless you have a may have access to account type.

Linking your savings account to other accounts

You can link your Wells Fargo savings account to external bank accounts (at other banks) to transfer money between them. Log into your Wells Fargo account online, go to "Transfer Money," and select "Add External Account." Enter the other bank's routing number and your account number there. Wells Fargo will make two small test deposits to verify the account is yours; you'll confirm the amounts to complete the link. This process takes one to two business days.

You can also link your savings account to a Wells Fargo checking account for easier transfers and to help you meet balance requirements on either account. Transfers between your own Wells Fargo accounts happen instantly and don't count toward any transfer limits. Transfers to external accounts are subject to federal limits (typically six per month for savings accounts), though Wells Fargo may waive this limit during certain periods.

Frequently Asked Questions

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

Yes. The Way2Save account requires $25, the standard Savings Account requires $25, and the Gold Savings Account requires $25,000. These minimums are what you must deposit to open the account, not what you must maintain afterward (though maintaining a balance helps you avoid monthly fees).

Can I open a Wells Fargo savings account if I have bad credit?

Wells Fargo does not run a credit check to open a savings account. However, they do check ChexSystems, a banking history database. If you have a history of unpaid overdrafts or fraud at other banks, Wells Fargo may deny your application. You can request a copy of your ChexSystems report to see if there are issues.

How long does it take to open an account online?

The online process typically takes 10 to 15 minutes. Your account number is available immediately, and you can log in right away. However, some features and your debit card may not be fully active until the next business day.

What is the interest rate on a Wells Fargo savings account?

Interest rates change frequently and vary by account type and market conditions. Check wellsfargo.com for current rates before you open. Rates are typically very low on standard savings accounts; if you want higher returns, consider a high-yield savings account at another bank.

Can I close my Wells Fargo savings account if I change my mind?

Yes. You can close your account online, by phone, or in person at any time. Withdraw or transfer any remaining balance first. Wells Fargo will not charge a fee to close the account, but if you close it within a short time of opening (usually 90 days), some banks flag this as suspicious activity—though Wells Fargo does not typically penalize early closures.