What you need to open a savings account at Wells Fargo

You can open a Wells Fargo savings account in person at a branch, online, or by phone. The bank will ask for a government-issued photo ID (a driver's license or passport), your Social Security number, and your date of birth. If you are opening the account online or by phone, you will also need a valid email address and a phone number where Wells Fargo can reach you.

You do not need to have an existing Wells Fargo checking account to open a savings account. However, if you already bank with Wells Fargo, the process is faster because the bank already has your information on file. You will need to bring or provide a small opening deposit — the amount varies depending on which savings product you choose, but some accounts have no minimum opening deposit.

Key Takeaways

  • You will need a government-issued photo ID, your Social Security number, and your date of birth to open any Wells Fargo savings account.
  • Wells Fargo offers several types of savings accounts, including a basic savings account and accounts that earn higher interest if you maintain a larger balance.
  • You can open an account online, by phone, or in person at a Wells Fargo branch, and the process takes about 10 to 15 minutes.
  • Some savings accounts have no minimum opening deposit, while others require you to deposit a set amount when you open the account.

Opening an account online

The online process is the fastest route if you are comfortable entering your information on a website. Go to wellsfargo.com, click on the "Open an Account" button, and select "Savings" from the account type menu. You will be asked to choose which savings product you want — Wells Fargo offers a standard savings account and higher-yield options like the Wells Fargo Active Cash Rewards Savings account, depending on your needs.

The form will ask for your personal information: name, address, date of birth, Social Security number, email, and phone number. You will also need to take a photo of your ID using your phone or computer camera so Wells Fargo can verify it. Once you submit the form and your ID photo, the bank reviews your information — this usually takes a few minutes to a few hours. If approved, you can fund the account when ready using a bank transfer from another bank, or you can skip the opening deposit if the account allows it.

Opening an account at a Wells Fargo branch

If you prefer to work with a person, you can walk into any Wells Fargo branch with your ID and Social Security number. Bring your driver's license or passport, and if you have a recent utility bill or lease agreement, bring that too — it helps verify your address. Tell the banker you want to open a savings account, and they will walk you through which account type fits your situation.

The banker will fill out the account process with you, verify your ID, and ask how you want to fund the account. You can bring cash, a check, or a debit card to make your opening deposit right there. The account is usually active the same day, and you will receive a debit card in the mail within 7 to 10 business days if you need one for the savings account (though many people manage savings accounts through online transfers instead).

Opening an account by phone

You can also call Wells Fargo at 1-800-869-3557 to open a savings account. A representative will ask for the same information as the online form: your name, address, Social Security number, date of birth, and phone number. They will verify your identity by asking security questions based on your credit history, so be ready to answer questions about accounts or addresses you may have had in the past.

Once your identity is confirmed, the banker will explain the savings account options and help you choose one. You will need to fund the account, which you can do by providing your checking account information for a transfer, or by mailing a check. The account opens once the bank receives and processes your deposit, which usually takes 1 to 3 business days.

Understanding Wells Fargo savings account types

Wells Fargo offers more than one savings product, and the one you choose affects your opening deposit requirement and how much interest your money earns. The Wells Fargo Savings account is the basic option — it has no monthly service fee and no minimum opening deposit. The Wells Fargo Active Cash Rewards Savings account requires a higher opening deposit but pays a higher interest rate if you keep a larger balance in the account.

Interest rates change based on what the Federal Reserve does with its rates, so the amount you earn shifts over time. When you open your account, the banker or online form will show you the current rate for each account type. If you are not sure which account is right for you, the basic savings account is a safe choice — you can always move money to a different account later if your needs change.

What happens after you open your account

Once your account is open, you can deposit money through several methods: online transfer from another bank, in-person at a Wells Fargo branch, by mailing a check, or through direct deposit if your employer offers it. You can withdraw money by visiting a branch, using an ATM, or transferring it to another bank account. Wells Fargo does not limit how many times you can withdraw from a savings account, though some banks do.

You will receive statements showing your deposits, withdrawals, and interest earned. Wells Fargo sends these online by default, but you can request paper statements if you prefer. Keep track of your account number — you will need it to set up transfers or to give to your employer if you want your paycheck deposited directly into savings.

Frequently Asked Questions

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

No. You can open a savings account at Wells Fargo without having a checking account. However, if you already have a checking account with Wells Fargo, the process is faster because the bank already has your information.

What is the minimum opening deposit for a Wells Fargo savings account?

The Wells Fargo Savings account has no minimum opening deposit. Other savings products may require a set amount — the banker or online form will tell you the requirement for the specific account you choose before you open it.

How long does it take to open a Wells Fargo savings account?

Online and in-person accounts usually open within minutes to a few hours. If you open by phone or mail, the process takes 1 to 3 business days once the bank receives your deposit and verifies your information.

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 do not have one, you will need to contact Wells Fargo directly to discuss other options.

What documents do I need to bring to open an account in person?

Bring a government-issued photo ID (driver's license or passport) and know your Social Security number. A recent utility bill or lease helps verify your address, but is not required if your ID shows your current address.