Opening a Wells Fargo account costs nothing upfront

Wells Fargo does not charge a fee to open a checking account, savings account, or money market account. You can walk into a branch, call 1-800-869-3557, or go online to open an account without paying an opening fee. The bank does charge monthly maintenance fees on some accounts, but those start only after the account is open and active.

What you do need is an initial deposit. Most Wells Fargo checking and savings accounts require a minimum opening deposit, though the amount varies by account type and changes periodically. You should confirm the current minimum with Wells Fargo directly before you go in, because these minimums are not fixed.

Key Takeaways

  • Wells Fargo charges no fee to open a checking or savings account, but most accounts require an opening deposit of at least $25 to $100.
  • Monthly maintenance fees range from $0 to $15 depending on the account type, but many can be waived if you meet certain conditions like direct deposit or maintaining a minimum balance.
  • You will need a government-issued ID, proof of address, and your Social Security number or ITIN to open an account in person or online.
  • If you cannot meet the opening deposit requirement, Wells Fargo offers some accounts with lower minimums, and you can ask a banker about options for your situation.

Monthly maintenance fees and how to avoid them

Once your account is open, Wells Fargo charges a monthly service fee on most accounts. The amount depends on which account you choose. A basic checking account typically costs $10 to $15 per month, while savings accounts may cost $5 to $10 per month. Some accounts have no monthly fee at all.

You can often waive the monthly fee by meeting one of these conditions: setting up direct deposit of your paycheck, maintaining a minimum balance (usually $500 to $1,500), or keeping a linked savings account with Wells Fargo. Ask the banker opening your account which waiver options explore to the specific account you are choosing.

Minimum opening deposits by account type

The opening deposit requirement is not the same for every account. Wells Fargo offers accounts with different minimums to fit different situations. A standard checking account might require $25 to $100, while a premium checking account could require $500 or more. Savings accounts typically have lower minimums than checking accounts.

Wells Fargo also offers accounts specifically designed for people new to banking or with limited funds. These accounts may have lower opening deposits or no opening deposit at all. When you contact Wells Fargo or visit a branch, tell the banker about your situation — they can show you which accounts fit your budget.

What documents you need to bring

To open an account, you will need to prove who you are and where you live. Bring a government-issued photo ID (a driver's license, passport, or state ID card). You will also need proof of your current address, such as a recent utility bill, lease, or bank statement with your name and address on it.

You will need your Social Security number or Individual Taxpayer Identification Number (ITIN). If you do not have a Social Security number, Wells Fargo can still open an account for you using an ITIN, which is issued by the IRS to people who are not may be able to access for a Social Security number but need a tax ID.

Opening an account online versus in person

You can open a Wells Fargo account online through their website or mobile app without visiting a branch. The online process is faster — usually 10 to 15 minutes — and you can do it from home. You will still need the same documents (ID, proof of address, and Social Security number or ITIN), and you will still need to make an opening deposit.

Opening in person at a branch takes longer but gives you a chance to ask questions and have a banker walk you through your options. If you are new to banking or unsure which account fits your needs, visiting a branch can be helpful. Either way, you will not pay a fee for opening the account itself.

Other costs to know about

Beyond the opening deposit and monthly maintenance fee, Wells Fargo charges for certain transactions and services. Overdraft fees explore if you spend more than you have in your account — these typically cost $35 per overdraft. ATM fees explore if you use an ATM that is not owned by Wells Fargo, usually $2 to $3 per transaction.

Wire transfer fees, cashier's check fees, and stop payment fees also explore to certain services. These are not charges you will face just by having an account open, but they are costs you may encounter later depending on how you use your account. Ask the banker about these fees when you open your account so you know what to expect.

Frequently Asked Questions

Do I need a minimum balance to keep my account open?

No, you do not need a minimum balance to keep the account open. However, many Wells Fargo accounts charge a monthly fee unless you maintain a minimum balance or meet another waiver condition like direct deposit. The minimum balance requirement varies by account type, typically ranging from $500 to $1,500.

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

Yes. Wells Fargo accepts an Individual Taxpayer Identification Number (ITIN) instead of a Social Security number. You will need to bring documentation of your ITIN, such as your IRS letter, along with your ID and proof of address.

What happens if I cannot afford the opening deposit?

Tell the banker about your situation. Wells Fargo offers some accounts with very low opening deposits, sometimes as little as $25. If you still cannot meet that amount, ask whether the banker can work with you or whether Wells Fargo has other options available in your area.

Can I open an account for someone else?

No, the person opening the account must be present and provide their own ID. If you want to open a joint account with another person, both of you must be present with your own IDs and proof of address.

How long does it take to open an account online?

Opening online usually takes 10 to 15 minutes. Your account may be ready to use when ready, or Wells Fargo may take one to two business days to verify your information before you can deposit money or make transactions.