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. Online takes about 10 minutes. You will need a valid government-issued ID (driver's license, passport, or state ID), your Social Security number, and an initial deposit—usually $25 minimum, though this varies by account type and your state.
If you open online, you can fund the account immediately with a debit card or by transferring money from another bank account. If you open in person or by phone, a banker can walk you through funding options on the spot. Wells Fargo does not require direct deposit to open a savings account, though some account types offer higher interest rates if you set it up.
You will also need a current mailing address. Wells Fargo will send your debit card and account statements to this address unless you choose paperless statements online.
Key Takeaways
- You need a valid ID, Social Security number, and $25 minimum deposit to open a Wells Fargo savings account online, by phone, or in a branch.
- Online account opening takes about 10 minutes and lets you fund the account immediately with a debit card or transfer from another bank.
- Wells Fargo savings accounts earn interest, and some account types pay higher rates if you set up direct deposit or maintain a minimum balance.
- You can manage your account online or through the Wells Fargo mobile app once it is open, and you can set up automatic transfers or savings goals.
Opening your account online
Go to wellsfargo.com and click "Open an Account" or "Savings Accounts." You will choose which type of savings account fits your needs—Wells Fargo offers the standard savings account, the Way2Save savings account (which rounds up debit card purchases and transfers the difference), and the Portfolio Savings account (which requires a higher minimum balance but pays more interest).
Enter your personal information: full name, date of birth, Social Security number, email address, and mailing address. Wells Fargo will run a soft credit check and verify your identity. This usually takes a few minutes. You will then choose a username and password for online banking.
Next, fund your account. You can use a debit card from another bank, transfer money from a checking account at another bank (using your routing and account number), or link an external account. The debit card option funds instantly. Bank transfers typically take one to two business days.
Once your account is open and funded, you will receive a confirmation email. Your debit card will arrive by mail within 7 to 10 business days. You can start using your account online or through the mobile app immediately.
Opening your account by phone or in person
Call Wells Fargo at 1-800-869-3557 to open an account by phone. A banker will ask for the same information as the online process: ID, Social Security number, address, and initial deposit amount. They can answer questions about which account type suits you and help you set up funding.
If you prefer to open in person, visit a Wells Fargo branch near you. Bring your ID and Social Security number. A banker will complete the application, verify your identity, and process your initial deposit on the spot. You can fund the account with cash, a check, or a transfer from another bank. In-person opening usually takes 15 to 20 minutes.
Whether you open by phone or in person, your debit card will still arrive by mail. You can use your account online or through the app as soon as it is open.
Setting up online banking and the mobile app
Once your account is open, log in to wellsfargo.com using the username and password you created. Your savings account will appear in your account list. From there, you can check your balance, view transactions, and set up alerts for low balances or large deposits.
Download the Wells Fargo mobile app (available on iOS and Android) and log in with the same credentials. The app lets you check your balance, transfer money between your accounts, deposit checks by taking a photo, and manage your account on the go.
Set up two-factor authentication for security. Wells Fargo will send a code to your phone or email each time you log in from a new device. This protects your account if someone learns your password.
Linking external accounts and setting up transfers
To transfer money from another bank into your Wells Fargo savings account regularly, link that external account in online banking. Go to "Transfer Money," select "Link External Account," and enter the routing number and account number from your other bank. Wells Fargo will make two small test deposits (usually under $1 each) to verify the account is yours. Confirm the amounts in your other bank's online portal, and the link is complete.
Once linked, you can set up automatic transfers. Choose the amount, frequency (weekly, biweekly, monthly), and start date. This is useful if you want to move money from checking to savings on payday or at the end of each month.
You can also transfer money between your own Wells Fargo accounts instantly online or through the app. Transfers to other people's Wells Fargo accounts take one business day. Transfers to accounts at other banks typically take one to three business days, depending on the receiving bank.
Understanding interest rates and account features
Wells Fargo savings accounts earn interest, but the rate changes based on market conditions and the Federal Reserve's decisions. The current rate is posted on the Wells Fargo website and in your account details. Interest is calculated daily and deposited monthly.
Some account types offer higher rates if you meet certain conditions. The Way2Save account, for example, may pay a higher rate if you make at least one transfer from a linked checking account each month. The Portfolio Savings account requires a higher opening balance (usually $25,000) but pays a higher interest rate. Check the specific terms for the account you opened.
All Wells Fargo savings accounts are FDIC-insured up to $250,000, meaning your money is protected if the bank fails. If you have multiple accounts at Wells Fargo, each account type is insured separately up to $250,000.
What to do if you run into problems
If your account does not open or your initial deposit does not go through, contact Wells Fargo customer service at 1-800-869-3557. Have your ID and Social Security number ready. A banker can troubleshoot the issue—common problems include a mismatch between the name on your ID and the name you entered, or an address that does not match your ID.
If you forget your online banking password, go to wellsfargo.com and click "Forgot Username or Password." Wells Fargo will send a reset link to your email or ask security questions to verify your identity. If you cannot reset it online, call customer service and they can help you regain access.
If you notice unauthorized transactions or suspect fraud, call Wells Fargo immediately at 1-800-869-3557. Report the fraudulent transaction and ask to dispute it. Wells Fargo will investigate and typically refund the money while they look into it, though this can take up to 10 business days.
Frequently Asked Questions
Can I open a Wells Fargo savings account if I do not have a Social Security number?
No. Wells Fargo requires a Social Security number to open any account. If you are a non-citizen without an SSN, you may be able to use an Individual Taxpayer Identification Number (ITIN) instead—call 1-800-869-3557 to ask whether your branch accepts ITINs.
How long does it take to receive my debit card?
Your debit card arrives by mail within 7 to 10 business days. You can use your account online and through the mobile app immediately, but you cannot make in-person purchases or withdraw cash at an ATM until the card arrives. If you need cash sooner, visit a Wells Fargo branch and withdraw from your savings account at the teller window.
What is the difference between a savings account and a checking account?
A savings account is designed for storing money and earning interest. You can make up to six withdrawals per month (though this limit is rarely enforced now). A checking account is for frequent spending and bill payments, and it usually does not earn interest. Most people use both: checking for daily expenses and savings for money they want to keep.
Can I close my Wells Fargo savings account online?
You can request to close your account online through your account settings, or you can call 1-800-869-3557 or visit a branch. Make sure your account balance is zero before closing—Wells Fargo will not close an account with money in it. Withdraw or transfer any remaining funds first.
What happens if my account balance drops below the minimum?
Wells Fargo does not charge a monthly fee for most savings accounts if your balance drops below the minimum. However, some account types (like Portfolio Savings) may charge a fee if you fall below the required minimum balance. Check the terms for your specific account type on wellsfargo.com or in your account details.