Wells Fargo Savings Accounts Have No Opening Deposit Requirement

You do not need any money to open a Wells Fargo savings account. Wells Fargo does not require a minimum deposit to start the account, and you can open one with zero dollars in it.

However, there are monthly fees you should understand before you decide. Wells Fargo charges a monthly maintenance fee on most savings accounts unless you meet certain conditions that waive it. The fee amount and the ways to avoid it depend on which type of savings account you choose.

Key Takeaways

  • Wells Fargo savings accounts have no minimum opening deposit, so you can open an account with no money.
  • Most Wells Fargo savings accounts charge a monthly fee of $5 unless you meet a waiver condition.
  • You can waive the monthly fee by keeping a minimum balance (usually $300 to $500 depending on account type) or by setting up direct deposit.
  • The specific fee and waiver options vary by account type, so you should confirm the current terms before opening.
  • You will need a government ID, Social Security number, and initial contact information to open an account in person or online.

The Monthly Maintenance Fee and How to Avoid It

Wells Fargo's standard savings account charges a $5 monthly maintenance fee. You can avoid this fee in two main ways: by keeping a minimum balance in the account, or by having a direct deposit of at least $25 per month deposited to any Wells Fargo account in your name.

The minimum balance requirement varies. For the Wells Fargo Way2Save Savings Account, the balance needed to waive the fee is typically $300, though this can change. For other savings products, the requirement may be different. If you do not meet either the balance or direct deposit condition in a given month, you will be charged the $5 fee.

Direct deposit is often the easiest path if you receive a paycheck, government benefit, or other regular payment. You straightforward provide your employer or benefit administrator with your Wells Fargo account number and routing number, and the deposit counts toward the waiver even if the amount is small.

What You Need to Bring or Provide

To open a savings account at Wells Fargo, you will need a government-issued photo ID (such as a driver's license or passport) and your Social Security number. If you open the account in a branch, bring these documents with you. If you open online, you will enter this information into the process.

You will also need to provide your current address and a phone number or email address where Wells Fargo can reach you. If you plan to use direct deposit to waive the monthly fee, have your employer's information ready so you can set that up right after opening the account.

Wells Fargo may also ask about your employment status and annual income, though this is typically for their records and does not affect whether you can open the account.

Opening in Person Versus Online

You can open a Wells Fargo savings account either at a branch or through the Wells Fargo website. Opening in person takes about 15 to 30 minutes and allows you to ask questions face-to-face. The banker can also help you set up direct deposit on the spot if you have your employer information available.

Opening online is faster — usually 10 to 15 minutes — and you can do it from home at any time of day. However, you will need to verify your identity, which Wells Fargo does by asking security questions based on your credit history or by requesting a photo of your ID. Once you complete the online process, the account is typically active within one business day.

Different Savings Account Types and Their Fees

Wells Fargo offers more than one savings account product, and the fees and waiver conditions can differ. The Way2Save Savings Account is the most common option for people new to banking. The Wells Fargo Savings Account is another option. Some accounts designed for specific purposes, such as college savings, may have different fee structures.

Before you open an account, check the current fee schedule on the Wells Fargo website or ask a banker which account type fits your situation. The fee and waiver terms can change, so confirming the current terms takes only a few minutes and prevents surprises later.

What Happens After You Open

Once your account is open, you can deposit money by transferring it from another bank, depositing cash or checks at a Wells Fargo branch or ATM, or setting up direct deposit. Your account number and routing number will be provided when ready, either on screen (if you opened online) or on a receipt (if you opened in a branch).

You will receive a debit card in the mail within 7 to 10 business days if you request one, though it is not required to use your savings account. You can also access your account through the Wells Fargo mobile app or website to check your balance, transfer money, and manage your account settings.

If you set up direct deposit, make sure it is scheduled to begin before the end of your first month so the deposit counts toward your monthly fee waiver.

Frequently Asked Questions

Do I need a minimum balance to open the account?

No. Wells Fargo does not require any money to open a savings account. However, you will need to meet a minimum balance or direct deposit condition each month to avoid the $5 monthly fee.

Can I open an 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 either, speak with a banker about your options, as requirements can vary by state and situation.

How long does it take to open an account online?

The process itself takes 10 to 15 minutes. Identity verification may add another few minutes. Your account is usually active within one business day, though you may not be able to use it for transfers or deposits until the next day.

What if I cannot maintain the minimum balance?

Set up direct deposit instead. Even a $25 monthly deposit from your paycheck or a government benefit waives the fee. If you cannot do either, you will pay $5 per month, which is typical for savings accounts without minimum balance requirements.

Can I open an account for someone else?

No. The person whose name is on the account must open it themselves, either in person or online. If you want to open an account for a minor, you will need to open a joint account or a custodial account, which has different requirements.