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 photo ID, your Social Security number, and an initial deposit — the amount varies by account type but typically starts at $0 for some savings products. You'll also need a current mailing address and a way to fund the account, either from an existing bank account or with cash at a branch.

Wells Fargo offers several savings account types: the Wells Fargo Way2Save Savings Account, the Wells Fargo Gold Savings Account, and the Wells Fargo Platinum Savings Account. Each has different monthly fees, minimum balance requirements, and interest rates. Before you start, decide which account fits your situation — whether you're building an emergency fund, saving for a specific goal, or looking for the highest interest rate available.

Key Takeaways

  • You need a photo ID, Social Security number, current address, and an initial deposit to open an account online, by phone, or in a branch.
  • Wells Fargo offers three main savings account types, each with different fees, minimum balances, and interest rates.
  • Opening online takes about 10 minutes; opening in person or by phone may take longer but lets you ask questions in real time.
  • Monthly maintenance fees range from $0 to $12 depending on the account type and whether you meet balance or deposit requirements.
  • You can link your new savings account to an existing Wells Fargo checking account or open both at the same time.

Opening an account online

Go to wellsfargo.com and select "Open an Account" or "Savings Accounts." Choose the account type that matches your needs, then enter your personal information: full name, date of birth, Social Security number, address, phone number, and email. Wells Fargo will ask whether you're a new customer or already have an account with them. If you're new, the process takes about 10 minutes.

After you submit your information, Wells Fargo verifies your identity using questions about your credit history or other personal details. Once verified, you'll choose how to fund the account — either by linking a bank account for an electronic transfer or by visiting a branch to deposit cash. If you link another bank account, the transfer typically takes one to three business days. Your account opens immediately, but you won't be able to use the debit card (if one comes with your account type) until the initial deposit clears.

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'd enter online: personal details, account type selection, and funding method. Phone opening takes longer than online — usually 20 to 30 minutes — but you can ask questions about fees, interest rates, and which account type suits your situation.

To open an account in person, visit your nearest Wells Fargo branch with your photo ID, Social Security number, and proof of address (a utility bill or lease works). Bring a checkbook or debit card from another bank if you want to fund the account immediately, or ask the banker about other funding options. In-person opening also takes 20 to 30 minutes, and you'll receive temporary debit cards or checks on the spot in some cases.

Understanding Wells Fargo savings account types and fees

The Way2Save Savings Account has no monthly maintenance fee if you maintain a $0 minimum balance, making it the lowest-cost option for most people. The Gold Savings Account charges $12 per month unless you maintain a $500 minimum balance or have a linked Wells Fargo checking account with direct deposit. The Platinum Savings Account also charges $12 monthly but requires a $500 minimum balance; it offers a higher interest rate in exchange.

Interest rates on all three accounts change based on market conditions and the Federal Reserve's actions. Wells Fargo publishes current rates on its website, and rates are typically higher on the Platinum account than the Gold or Way2Save accounts. If you're opening an account primarily to earn interest, compare the rate against other banks — online banks often offer higher rates on savings accounts than Wells Fargo does.

Linking your savings account to checking or other accounts

If you already have a Wells Fargo checking account, you can link your new savings account to it during the opening process or afterward through your online banking portal. Linking lets you transfer money between accounts instantly and helps you avoid fees on the Gold or Platinum savings accounts if you have direct deposit set up on the checking account.

You can also link external bank accounts — accounts at other banks — to your Wells Fargo savings account for transfers. External transfers typically take one to three business days. Set up external links through your Wells Fargo online banking dashboard under "Transfer Money" or "Linked Accounts." Wells Fargo will ask you to verify the external account by depositing small amounts and confirming them.

What happens after your account opens

Your savings account is active immediately after opening, but you won't receive a debit card or checks unless your account type includes them. If you funded the account online with a transfer from another bank, wait one to three business days for the money to arrive. If you deposited cash in a branch, the funds are available the same day.

Log into your Wells Fargo online banking account or mobile app to view your balance, set up automatic transfers, and manage your account. You can set up recurring transfers from your checking account to your savings account on a schedule — weekly, biweekly, or monthly — to automate your savings. You can also set savings goals within the app to track progress toward specific amounts.

Frequently Asked Questions

Do I need to be a Wells Fargo customer already to open a savings account?

No. If you're new to Wells Fargo, you can open a savings account as your first account with the bank. You'll need a photo ID, Social Security number, and an initial deposit. If you want to open both a checking and savings account at the same time, you can do that in one application.

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

Most Wells Fargo savings accounts have no minimum opening deposit — you can open with $0 and deposit money later. However, some accounts charge monthly fees unless you maintain a minimum balance (usually $500) or have direct deposit on a linked checking account. Check the specific account terms before opening.

How long does it take to open an account online?

Opening online typically takes 10 to 15 minutes from start to finish. Your account opens immediately, but if you fund it with a transfer from another bank, that transfer takes one to three business days to arrive. If you deposit cash at a branch, the funds are available the same day.

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. If your account has a balance, you'll need to withdraw or transfer the money before closing. Wells Fargo does not charge a fee to close an account.

What interest rate will I earn on my savings?

Interest rates vary by account type and change based on market conditions. Wells Fargo publishes current rates on its website, and the Platinum Savings Account typically offers a higher rate than the Gold or Way2Save accounts. Compare rates across banks before opening — online banks often offer higher rates than Wells Fargo.