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 process takes about 10 to 15 minutes if you do it online. You will need a valid government-issued ID (driver's license, passport, or state ID), your Social Security number, and an initial deposit — usually $0 to $25 depending on the account type and current promotions.
If you open online, you can fund the account immediately from an existing bank account or debit card. If you open in person or by phone, a banker can help you choose which savings product fits your situation and answer questions about interest rates and fees in real time.
Key Takeaways
- You need a valid ID, Social Security number, and an opening deposit to start a Wells Fargo savings account, though some accounts require no minimum deposit.
- Online opening takes 10 to 15 minutes and lets you fund the account immediately from another bank account or debit card.
- Wells Fargo offers multiple savings products — basic savings, money market, and high-yield options — each with different interest rates and minimum balance requirements.
- After opening, you can set up automatic transfers from checking to savings, link the account to bill pay, or add it to mobile banking.
Opening online through Wells Fargo's website or app
Go to wellsfargo.com or open the Wells Fargo mobile app and look for "Open an Account" or "New Customer." You will be asked to choose the type of savings account you want — Wells Fargo offers a basic savings account, a money market account, and a high-yield savings account. Each has different interest rates and minimum balance rules, so read the disclosures before you choose.
Enter your personal information: full name, date of birth, address, phone number, and Social Security number. Wells Fargo will verify your identity by asking security questions based on your credit history. Once verified, you will see the account agreement and fee schedule. Read the part about monthly maintenance fees and what balance keeps you from paying them.
Link a funding source — a checking account at another bank or a debit card — and choose how much to deposit. The account opens immediately, and the money usually arrives within one to two business days. You will receive a confirmation email with your account number and routing number.
Opening in person at a Wells Fargo branch
Find your nearest branch at wellsfargo.com/locations or call 1-800-869-3557. Bring your ID, Social Security number, and the initial deposit (cash or check). A banker will walk you through the account options, explain the interest rate on each, and show you the fee schedule.
The banker can also set up online banking and mobile app access on the spot, so you can start using the account immediately. If you have questions about which account type makes sense for your goals — whether you want to earn interest, keep money separate from checking, or access it quickly — the banker can discuss that with you before you commit.
Funding your account after it opens
Once the account is open, you can add money in several ways. The fastest is an electronic transfer from another bank account — this usually takes one to two business days. You can also deposit cash or a check at any Wells Fargo ATM or branch, or set up automatic transfers from your Wells Fargo checking account.
If you want to move money from another bank regularly, set up a recurring transfer through your other bank's bill pay or through Wells Fargo's transfer tool. You can also deposit checks using the Wells Fargo mobile app — photograph the front and back, and the money posts within one to two business days.
Setting up automatic transfers and linked services
After the account opens, log into Wells Fargo online banking or the mobile app. Go to "Transfers" and set up automatic transfers from checking to savings on a schedule you choose — weekly, biweekly, or monthly. This is useful if you want to build savings without thinking about it.
You can also link the savings account to bill pay if you want to pay bills from it, add it to Zelle for peer transfers, or set up alerts when the balance drops below a certain amount. These features are free and take a few minutes to configure in the settings menu.
Understanding Wells Fargo savings account types and fees
Wells Fargo offers three main savings products. The basic savings account has no minimum balance requirement and earns a small amount of interest — the rate changes based on market conditions. The money market account usually requires a higher minimum balance (often $2,500 to $10,000) but pays a higher interest rate. The high-yield savings account pays the most interest but may have restrictions on how often you can withdraw.
All accounts charge a monthly maintenance fee unless you meet certain conditions — usually maintaining a minimum balance or setting up direct deposit. Read the fee schedule for the account you choose to understand when fees apply and how to avoid them. If you fall below the minimum balance, the fee is typically $5 to $12 per month.
What happens after you open the account
Your account is active immediately after opening online, though transfers from other banks take one to two business days to arrive. You will receive a debit card in the mail within 7 to 10 business days if you requested one, though you do not need it to use the savings account — you can transfer money electronically or visit a branch.
Check your account regularly through online banking or the app to confirm deposits arrived and to monitor your balance. If you set up automatic transfers, verify the first one posts correctly before relying on it. If you have questions about your account or need to change settings, call 1-800-869-3557 or visit a branch.
Frequently Asked Questions
Can I open a Wells Fargo savings account if I do not have a checking account with them?
Yes. You can open a savings account alone without a Wells Fargo checking account. However, if you want to set up automatic transfers between accounts, you will need a checking account at Wells Fargo or another bank to link as the source.
What is the difference between a savings account and a money market account at Wells Fargo?
A money market account usually requires a higher minimum balance and pays more interest, but may limit how many times you can withdraw per month. A basic savings account has no minimum balance and no withdrawal limits, but earns less interest. Choose based on how much you plan to keep in the account and how often you need to access the money.
How long does it take to open a Wells Fargo savings account online?
The process takes 10 to 15 minutes from start to finish. Your account opens immediately, but transfers from other banks take one to two business days to arrive. You can start using the account right away through online banking or the mobile app.
What if I want to close the savings account later?
You can close it anytime by calling 1-800-869-3557, visiting a branch, or using online banking. Withdraw any remaining balance first or let Wells Fargo send you a check. There is no penalty for closing early.
Do I need a minimum balance to avoid fees?
It depends on the account type. Basic savings accounts often have no minimum balance requirement. Money market and high-yield accounts usually require $2,500 to $10,000 to avoid a monthly fee. Check the fee schedule for your specific account to see what balance keeps you from being charged.