What you need to open a Wells Fargo savings account

Wells Fargo lets you open a savings account online, by phone, or in person at a branch. You will need a government-issued ID, your Social Security number, and an initial deposit. The minimum opening deposit varies by account type — some accounts require $25, while others require $300 or more. You can fund the account with a debit card, transfer from another bank, or cash at a branch.

The entire process takes about 10 to 15 minutes online. Wells Fargo will run a background check through ChexSystems, a banking history database, to verify you do not have outstanding issues with other banks. If you have been flagged in ChexSystems, Wells Fargo may deny the account or require you to resolve the issue first.

Key Takeaways

  • You need a government ID, Social Security number, and an opening deposit to start a Wells Fargo savings account.
  • Online account opening takes 10 to 15 minutes and you can fund it immediately with a debit card or transfer from another bank.
  • Wells Fargo checks ChexSystems, a banking history database, and may deny your account if you have unresolved issues with other banks.
  • Monthly maintenance fees range from $0 to $12 depending on the account type and whether you meet balance or deposit requirements.
  • You can open an account online, by phone at 1-800-869-3557, or at any Wells Fargo branch during business hours.

Opening an account online

Go to wellsfargo.com and select "Open an account" from the homepage. Choose the savings account type you want — Wells Fargo offers several, including the Wells Fargo Way2Save Savings Account and the Wells Fargo Gold Savings Account. Read the account details carefully, as each has different minimum balances, fee structures, and interest rates.

Enter your personal information: full name, date of birth, Social Security number, address, phone number, and email. Wells Fargo will verify your identity by asking security questions based on your credit history. Answer these accurately — incorrect answers will block the account opening.

Choose your funding method. If you use a debit card, enter the card number and expiration date. If you transfer from another bank, provide the routing number and account number of the account you are transferring from. The transfer typically takes one to three business days to complete. You can also choose to fund the account later, though some account types require an opening deposit before you can use the account.

Review the account terms and conditions, then submit your application. You will receive a confirmation email with your new account number. Your debit card will arrive by mail within 7 to 10 business days.

Opening an account by phone or in person

Call Wells Fargo at 1-800-869-3557 to open an account over the phone. A representative will walk you through the same information you would enter online. Have your ID and Social Security number ready. You will still need to fund the account with a debit card or bank transfer — Wells Fargo cannot process cash payments over the phone.

To open an account in person, visit any Wells Fargo branch during business hours. Bring your government-issued ID, Social Security number, and your opening deposit in cash or a debit card. A banker will complete the application with you and can answer questions about account features and fees. In-person opening is useful if you want to ask about specific account options or if you have had banking issues in the past and want to discuss them before applying.

What happens after you submit your application

Wells Fargo will run a ChexSystems check, which typically completes within minutes. If you pass, your account opens immediately and you can begin using it. If ChexSystems flags an issue — such as an unpaid overdraft or fraud report from another bank — Wells Fargo will contact you to discuss it. You may be asked to resolve the issue, provide documentation, or wait a certain period before reapplying.

Your debit card arrives by mail within 7 to 10 business days. Until it arrives, you can access your account online or through the Wells Fargo mobile app to transfer money, set up bill pay, or check your balance. You can also withdraw cash at any Wells Fargo ATM using your account number and ID.

If you funded the account with a bank transfer, the money will appear in your account within one to three business days. If you used a debit card, the funds are typically available immediately, though Wells Fargo may place a temporary hold on large deposits while they verify the card.

Understanding Wells Fargo savings account fees

Wells Fargo savings accounts charge a monthly maintenance fee unless you meet certain requirements. The Way2Save Savings Account charges $5 per month unless you maintain a $500 minimum balance or set up a direct deposit of at least $25 per month. The Gold Savings Account charges $12 per month unless you maintain a $10,000 minimum balance or have a linked Wells Fargo checking account with direct deposit.

Other fees apply to specific actions: overdraft fees (if you withdraw more than your balance), out-of-network ATM fees, and wire transfer fees. You can avoid most of these by monitoring your balance, using Wells Fargo ATMs, and transferring money between your own accounts instead of wiring.

Interest rates on savings accounts change based on the Federal Reserve's rate decisions. Wells Fargo publishes current rates on their website. Compare the rate to other banks before opening — Wells Fargo's rates are often lower than online banks or credit unions.

If Wells Fargo denies your application

Wells Fargo will tell you the reason for denial, usually through email or phone. Common reasons include a ChexSystems flag, an outstanding debt to another bank, or a history of fraud. You have the right to request a copy of your ChexSystems report from the agency that compiled it — typically Chex Systems, Clarity, or Early Warning Services. The report is free if you request it within 60 days of denial.

If the report contains an error, you can dispute it directly with the reporting agency. If the issue is an unpaid overdraft or debt, contact the bank that reported it and ask what you need to do to resolve it. Some banks will remove the report after you pay the debt; others require you to wait a set period.

After resolving the issue, you can reapply to Wells Fargo. There is no waiting period, though some banks require you to wait 30 to 90 days before reapplying after a denial.

Moving money into your new account

Once your account is open, you can move money in several ways. A bank transfer from another bank takes one to three business days and is free. A debit card deposit is instant if you use the Wells Fargo app or website. A cash deposit at a Wells Fargo branch is instant and free. A check deposit through the mobile app takes one to two business days.

If you set up direct deposit — such as from your employer or a government benefit — the money will arrive on the same day it is sent, or the next business day. Direct deposit is the fastest and most reliable way to move regular income into your savings account.

Frequently Asked Questions

Can I open a Wells Fargo savings account if I have been denied by other banks?

It depends on why you were denied. If another bank reported you to ChexSystems for fraud or an unpaid debt, Wells Fargo will likely deny you until you resolve the issue. Contact the bank that reported you and ask what steps you need to take. Once resolved, you can reapply to Wells Fargo with no waiting period.

What is the minimum opening deposit for a Wells Fargo savings account?

The minimum opening deposit varies by account type. Most Wells Fargo savings accounts require $25 to $300. Check the account details on Wells Fargo's website before applying to confirm the requirement for the specific account you want.

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

The online application takes 10 to 15 minutes. Your account opens immediately after approval. Your debit card arrives by mail within 7 to 10 business days, but you can use your account online or at ATMs before the card arrives.

Can I open a Wells Fargo savings account without a Social Security number?

No. Wells Fargo requires a Social Security number or Individual Taxpayer Identification Number (ITIN) to open any account. This is a federal requirement for all U.S. banks.

What happens if I do not meet the minimum balance requirement?

Wells Fargo will charge the monthly maintenance fee. For example, if your Way2Save account falls below $500 and you do not have direct deposit, you will be charged $5 per month. You can avoid the fee by maintaining the balance or setting up direct deposit.