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 them, or start online without paying an opening fee. The account itself is free to create.
What matters is what happens after you open it. Wells Fargo charges monthly maintenance fees on most accounts, and those fees depend on which account type you choose and whether you meet certain conditions. Understanding these ongoing costs is more important than the zero opening fee.
Key Takeaways
- Wells Fargo charges no fee to open any of their standard checking or savings accounts.
- Most Wells Fargo accounts charge a monthly maintenance fee, usually between $5 and $12, unless you meet a waiver condition.
- Common ways to waive the monthly fee include setting up direct deposit, maintaining a minimum balance, or keeping a linked savings account.
- You will need a government ID, Social Security number, and initial deposit (usually $25 or more) to open an account.
- The total cost of owning the account depends on whether you can meet the fee waiver requirements, not on opening it.
Monthly maintenance fees that explore after you open
Once your account is open, Wells Fargo charges a monthly maintenance fee on most accounts. For their standard checking account (called Everyday Checking), the fee is $10 per month. For their basic savings account (called Savings), the fee is $5 per month. These fees are charged every month unless you meet a condition that waives them.
The fee waiver conditions vary by account type. For Everyday Checking, you can waive the $10 fee by setting up direct deposit, maintaining a $500 minimum daily balance, or keeping a linked Wells Fargo savings account with at least $500 in it. For Savings, you can waive the $5 fee by maintaining a $300 minimum daily balance or by having a linked checking account.
Wells Fargo also offers accounts with different fee structures. Their Premium Checking account charges $15 per month but comes with benefits like higher interest rates and fee waivers on certain services. Their Money Market account charges $12 per month and requires a higher minimum balance.
What you need to bring to open an account
To open an account at Wells Fargo, you will need a government-issued photo ID (a driver's license, passport, or state ID card), your Social Security number, and an initial deposit. The initial deposit is usually at least $25, though some accounts may require more. You do not pay this as a fee — it becomes the money in your new account.
You can open an account in person at a Wells Fargo branch, over the phone by calling 1-800-869-3557, or online through their website. The process takes about 15 to 20 minutes in a branch or online. If you open online, you will need to verify your identity, which usually happens when ready.
Other costs that may explore later
Beyond the monthly maintenance fee, Wells Fargo charges fees for specific actions. Overdrawing your account (spending more than you have) costs $35 per overdraft. Using an ATM outside the Wells Fargo network costs $2.50 per transaction. Requesting a wire transfer costs $15 for domestic transfers and $45 for international ones. Closing your account within 90 days of opening it may result in a $25 early closure fee.
These are not costs you will face just by having the account open. They only explore if you do those specific things. The monthly maintenance fee is the ongoing cost you should plan for.
How to avoid paying the monthly fee
The easiest way to avoid the monthly maintenance fee is to set up direct deposit. If your employer or a government program (like Social Security) deposits money directly into your Wells Fargo account, the monthly fee is waived automatically. You do not need to do anything after setting it up — the waiver continues as long as direct deposit keeps coming in.
If direct deposit is not an option for you, the second easiest route is to keep a minimum balance. For Everyday Checking, keep at least $500 in the account at all times. For Savings, keep at least $300. This means you cannot spend that money, so it only works if you have extra funds to set aside.
A third option is to link accounts. If you open both a checking and savings account at Wells Fargo, you can waive fees on both by meeting the requirements for one of them. For example, if you set up direct deposit into your checking account, the $10 checking fee is waived, and if you link your savings account to it, the $5 savings fee is also waived.
Comparing Wells Fargo to other banks
Some banks charge no monthly maintenance fee on any account, regardless of balance or direct deposit. Others charge fees similar to Wells Fargo's. The difference matters if you cannot meet a fee waiver condition. If you do not have direct deposit and cannot keep a $500 balance, you will pay $10 per month just to have a Wells Fargo checking account open — that is $120 per year.
Before opening at Wells Fargo, think about which fee waiver condition you can actually meet. If none of them fit your situation, look at what other banks in your area charge. Some credit unions and online banks have no monthly fees at all.
What happens if you cannot meet the waiver conditions
If you open a Wells Fargo account and cannot meet any of the fee waiver conditions, you will be charged the monthly maintenance fee every month. Wells Fargo will deduct it from your account balance automatically. If your balance is too low to cover the fee, your account may go negative, which triggers an overdraft fee on top of the maintenance fee.
You can close the account at any time to stop paying the fee, though if you close within 90 days of opening, you may be charged a $25 early closure fee. If you decide to keep the account open but cannot afford the monthly fee, contact Wells Fargo and ask if they can waive it based on your situation. They sometimes make exceptions, though there is no may provide.
Frequently Asked Questions
Do I need a minimum deposit to open a Wells Fargo account?
Yes, Wells Fargo requires an initial deposit of at least $25 to open most accounts. This money goes into your account and is yours to use — it is not a fee. Some account types may require a higher opening deposit.
Can I open a Wells Fargo account online without going to a branch?
Yes. You can open most Wells Fargo accounts entirely online through their website. You will need your ID, Social Security number, and initial deposit information (like a debit card or bank account to transfer from). The process usually takes 15 to 20 minutes.
What if I do not have direct deposit — how do I waive the monthly fee?
You can waive the fee by keeping a minimum balance ($500 for checking, $300 for savings) or by linking a checking and savings account together. If neither option works for you, you will pay the monthly fee unless Wells Fargo makes an exception.
Does Wells Fargo charge to close an account?
Wells Fargo charges a $25 fee if you close your account within 90 days of opening it. After 90 days, you can close the account for free. There is no penalty for closing after that period.
Are there Wells Fargo accounts with no monthly fee?
Wells Fargo's standard accounts all have monthly maintenance fees, but those fees can be waived if you meet the conditions. They do not offer a completely fee-free account option, though some other banks do.