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 $25 minimum, though some account types require more.

If you open online or by phone, Wells Fargo will verify your identity using information from your credit file. You do not need to have an existing Wells Fargo account to start. If you already bank with Wells Fargo, you can add a savings account to your current login and link it to your existing checking account right away.

Have your address, phone number, and email ready. If you plan to fund the account by transfer from another bank, you will need the routing and account number from that bank. If you are opening in person, bring your ID and the cash or check you want to deposit.

Key Takeaways

  • You need a valid ID, Social Security number, and a minimum deposit (usually $25) to open a Wells Fargo savings account online, by phone, or in a branch.
  • Online and phone openings take 10 to 15 minutes and let you start using the account the same day in most cases.
  • Wells Fargo offers several savings account types with different interest rates and minimum balance requirements, so compare them before you choose.
  • You can link your new savings account to an existing Wells Fargo checking account or set it up as a standalone account.
  • After opening, you can deposit money by transfer, direct deposit, mobile check deposit, or in-person at a branch.

Opening online through Wells Fargo's website

Go to wellsfargo.com and look for the "Open an Account" link, usually near the top of the page. Select "Savings" from the account type menu. You will be asked to choose which savings product you want: Wells Fargo Way2Save, Wells Fargo Savings, or Wells Fargo Active Cash (if you want a hybrid savings and cash-back product). Each has different interest rates and monthly fees, so read the terms for each before you pick.

Enter your personal information: name, date of birth, address, phone number, email, and Social Security number. Wells Fargo will run a soft credit check to verify your identity—this does not affect your credit score. The system will ask you to create a username and password for online banking if you do not already have one.

Choose how you want to fund the account. You can transfer money from another bank account (you will need the routing and account number), use a debit card, or start with $0 and deposit later. If you link it to an existing Wells Fargo checking account, the transfer happens instantly. If you transfer from another bank, it usually takes one to three business days.

Review the account agreement and disclosures, then submit. You should receive confirmation by email within minutes, and your account number will appear in your online banking dashboard right away. You can start using the account to receive direct deposits or transfers the same day, though external transfers may take a few business days to clear.

Opening by phone or in a Wells Fargo branch

To open by phone, call Wells Fargo at 1-800-869-3557 (the main customer service line). Tell them you want to open a savings account. A representative will walk you through the same questions as the online process: personal information, ID verification, and funding method. The call usually takes 15 to 20 minutes. You will receive your account number by phone and a confirmation email afterward.

To open in person, visit any Wells Fargo branch with your ID and the cash or check you want to deposit. A banker will complete the paperwork, verify your information, and process your deposit on the spot. Your account is active immediately, and you can start using it the same day. In-person openings are useful if you want to ask questions about which account type fits your needs or if you prefer to hand over cash directly.

Both phone and in-person routes take longer than online, but they give you a chance to talk to someone if you have questions about fees, interest rates, or how the account works. If you already have a Wells Fargo checking account, the banker can link your new savings account to it during the same visit.

Understanding Wells Fargo savings account types and fees

Wells Fargo offers three main savings products. Way2Save has no minimum balance requirement and a low monthly maintenance fee (currently $5, though it can be waived if you maintain a $300 balance or set up a monthly transfer of $25 or more). Wells Fargo Savings requires a $25 minimum balance and charges a $5 monthly fee if your balance drops below $500. Active Cash is a hybrid account that earns interest on savings and gives you cash back on debit card purchases, but it has higher balance requirements.

Interest rates vary by account type and change based on the Federal Reserve's rate decisions. Check the current rates on wellsfargo.com before you open, because they are not the same across all three products. Way2Save typically offers lower rates but lower fees; the other accounts may offer higher rates but require you to keep a larger balance to avoid fees.

All Wells Fargo savings accounts are FDIC-insured up to $250,000, meaning your money is protected if the bank fails. You can have multiple savings accounts at Wells Fargo, and each one is insured separately up to $250,000.

Linking your savings account and setting up transfers

If you open your savings account online and already have a Wells Fargo checking account, the system will ask if you want to link them during setup. Say yes. Once linked, you can transfer money between the two accounts instantly through online banking or the Wells Fargo mobile app, with no fees.

If you open in person or by phone and want to link accounts later, log into your online banking, go to "Transfers," and select "Link an Account." Choose your savings account and your checking account, and the link is active immediately. You can then set up recurring transfers (for example, $50 every payday) or make one-time transfers whenever you want.

You can also set up direct deposit to your savings account. Ask your employer's payroll department for the Wells Fargo routing number (01000013 for most regions, but confirm on wellsfargo.com) and your new savings account number. Direct deposit usually takes one to two pay cycles to start, but once it is set up, your paycheck goes straight to savings without any action from you.

What happens after you open your account

Your account is live as soon as you finish the opening process, but you cannot withdraw money until your initial deposit clears. If you transferred from another bank, that takes one to three business days. If you deposited cash or a check in person, it clears the same day. If you started with $0, you can receive transfers or direct deposits right away.

You will receive a debit card in the mail within 7 to 10 business days if you opened a checking account at the same time. Savings accounts do not come with debit cards—you can only access the money through transfers, withdrawals at a branch, or ATM withdrawals (using your Wells Fargo ATM card or a linked checking account card).

Log into your online banking or download the Wells Fargo mobile app to monitor your balance, set up transfers, and review your interest earnings. Interest is usually posted monthly. You will also receive a monthly statement by email or mail, depending on your preference.

Frequently Asked Questions

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 deposit account. This is a federal requirement for tax reporting and fraud prevention. If you do not have either, you will need to obtain one before you can open an account.

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

The minimum is usually $25, but it depends on the account type. Way2Save requires $25. Wells Fargo Savings also requires $25 to open, though you must maintain $500 to avoid the monthly fee. Active Cash has higher minimums. Check the current requirements on wellsfargo.com when you open, because they can change.

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

Online openings take 10 to 15 minutes from start to finish. Your account number appears in your online banking dashboard immediately after you submit. You can start receiving transfers or direct deposits the same day, though transfers from other banks take one to three business days to clear.

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

Wells Fargo uses ChexSystems, a banking history report, to screen new accounts. If you were denied in the past, it may have been because of unpaid overdrafts, fraud, or other issues on your ChexSystems record. You can request a free copy of your ChexSystems report at chexsystems.com to see what is on file. If the issue has been resolved, you may be able to open an account now.

Do I need to have a Wells Fargo checking account to open a savings account?

No. You can open a Wells Fargo savings account as a standalone account without a checking account. However, linking a checking account makes it easier to move money between the two, and you can avoid some fees by setting up automatic transfers.