What you need to open a Wells Fargo savings account

You can open a Wells Fargo savings account in person at a branch, online through their website, or by phone. The process takes about 10 to 15 minutes online or over the phone, or 20 to 30 minutes in a branch. You will need a government-issued photo ID, your Social Security number, and an initial deposit—Wells Fargo does not require a minimum opening deposit for most savings accounts, but you must fund the account to activate it.

If you are opening an account online or by phone, have your ID ready and be prepared to verify your identity by answering security questions based on your credit history. Wells Fargo will also run a check through ChexSystems, which is a banking history database that tracks account closures and fraud. This check does not affect your credit score.

If you already have a Wells Fargo checking account, opening a savings account is faster—you can do it online in minutes without re-entering all your information. If you are a new customer, the online process will ask for your address, phone number, employment status, and annual income.

Key Takeaways

  • You need a photo ID, Social Security number, and an initial deposit to open a Wells Fargo savings account, with no minimum deposit required.
  • Online and phone applications take 10 to 15 minutes; in-branch applications take 20 to 30 minutes and you can deposit cash immediately.
  • Wells Fargo runs a ChexSystems check, which does not affect your credit score but may deny you if you have a history of fraud or unpaid overdrafts at other banks.
  • Your account is active immediately after opening online or by phone, but funds may take one to two business days to appear if you transfer from another bank.

Opening an account online or by phone

Go to wellsfargo.com and select "Open an Account" or call 1-800-869-3557 to open by phone. You will be asked to choose which type of savings account you want—Wells Fargo offers the Wells Fargo Way2Save Savings Account and the Wells Fargo Gold Savings Account, which have different interest rates and monthly fees. The Way2Save account has a monthly maintenance fee of $5 unless you maintain a minimum balance or set up direct deposit; the Gold account has no monthly fee but requires a higher minimum balance.

During the application, you will enter your personal information, Social Security number, and ID details. Wells Fargo will verify your identity by asking questions about your credit history or by sending a verification code to your phone or email. Once you answer correctly, you can choose how to fund the account—you can transfer money from another bank account, link a debit card, or arrange a wire transfer.

If you transfer from another bank, the money typically arrives in one to two business days. If you use a debit card or wire transfer, the deposit may post the same day. Your account number and routing number will be provided immediately after you complete the application, even if your funds have not arrived yet.

Opening an account in person at a branch

Visit your nearest Wells Fargo branch with your photo ID and Social Security number. A banker will walk you through the account type options and help you choose based on your savings goals and how much you plan to keep in the account. You can deposit cash, a check, or transfer funds from another account during your visit.

If you deposit cash or a check in person, the money posts to your account immediately or within one business day. This is the fastest way to fund your account if you need access to the money right away. The banker will also explain the monthly fees, interest rates, and any promotional offers Wells Fargo is running at that time.

Bring your initial deposit with you—even $1 will activate the account. If you do not have cash or a check, you can still open the account and fund it later online or by transferring from another bank.

Understanding Wells Fargo savings account types and fees

Wells Fargo offers two main savings accounts: the Way2Save Savings Account and the Gold Savings Account. The Way2Save account charges a $5 monthly maintenance fee unless you maintain a minimum balance of $500 or set up a direct deposit of at least $25 per month. The Gold Savings Account has no monthly maintenance fee but requires a minimum opening deposit and a higher minimum balance to avoid fees—check with your branch for current minimums, as they vary by location.

Both accounts earn interest, but the rate changes based on the Federal Reserve's actions and market conditions. You can check the current rates on wellsfargo.com or ask a banker at your branch. Interest is compounded daily and deposited monthly into your account.

You can make up to six withdrawals or transfers per month from a savings account without penalty under federal rules. If you exceed six, Wells Fargo may charge a fee or convert your account to a checking account. This rule applies whether you withdraw in person, by phone, online, or through an ATM.

What happens if Wells Fargo denies your application

Wells Fargo may deny your application if you have a negative ChexSystems record—this includes unpaid overdrafts, fraud, or repeated account closures at other banks. If you are denied, Wells Fargo will send you a notice explaining the reason and telling you how to dispute the information if it is wrong.

You can request a copy of your ChexSystems report for free by visiting chexsystems.com or calling 1-800-428-9623. If you find errors, you can dispute them directly with ChexSystems, and they will investigate within 30 days. Once errors are removed, you can reapply at Wells Fargo.

If your ChexSystems record is accurate but you still want to bank with Wells Fargo, some branches offer second-chance accounts or accounts for people with banking history issues. Call your local branch to ask whether this option is available.

Linking your savings account to checking and setting up transfers

Once your savings account is open, you can link it to a Wells Fargo checking account if you have one. This allows you to transfer money between the two accounts online, by phone, or at an ATM without fees. You can set up automatic transfers on a schedule—for example, $50 every payday—to move money from checking to savings automatically.

To set up automatic transfers, log into your Wells Fargo online account, go to Transfers, and select "Set Up a New Transfer." Choose the amount, frequency, and start date. The transfer will happen on the day you specify, and you will receive a confirmation each time.

You can also link an external bank account to your Wells Fargo savings account and transfer money in or out. External transfers typically take one to two business days. Wells Fargo allows you to link multiple external accounts, so you can move money from different sources into your savings account.

Frequently Asked Questions

Can I open a Wells Fargo savings account if I have been denied before?

If you were denied because of ChexSystems information, you can dispute errors on your report and reapply. If the denial was accurate, ask your local Wells Fargo branch about second-chance accounts. Some branches offer these for customers with past banking issues, though availability varies by location.

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

Wells Fargo does not require a minimum opening deposit for most savings accounts. You can open an account with $1. However, some account types may have minimum balance requirements to avoid monthly fees—check the specific account terms when you open.

How long does it take to receive my debit card for a savings account?

Wells Fargo savings accounts do not come with debit cards. You access your savings account through online banking, mobile app, ATM, or by visiting a branch. If you need a debit card, you will need a checking account.

Can I open a savings account if I do not have a Social Security number?

Wells Fargo requires a Social Security number or Individual Taxpayer Identification Number (ITIN) to open an account. If you have an ITIN, you can open an account by visiting a branch in person with your ITIN documentation and photo ID.

What happens if I do not make a deposit after opening my account online?

Your account remains open but inactive if you do not fund it. You have 30 days to deposit money before Wells Fargo may close the account. If your account is closed for inactivity, you can reopen it by visiting a branch or calling customer service.