The fastest way to add a savings account

You can open a new Wells Fargo savings account in about 10 minutes using the Wells Fargo mobile app or website, without visiting a branch. You will need your Social Security number, a valid ID, and an initial deposit (usually $25 or more, though this varies). If you already have a Wells Fargo checking account, the process is even faster because the bank already has your information on file.

The bank will ask you to choose between a standard savings account and a money market account — a savings account that pays slightly higher interest if you keep a larger balance. For most people starting out, the standard savings account is the simpler choice. You can change your mind later without penalty.

Key Takeaways

  • You can open a Wells Fargo savings account online through the app or website in about 10 minutes without visiting a branch.
  • You will need your Social Security number, a valid government ID, and an initial deposit to get your free guide.
  • If you already have a Wells Fargo checking account, the bank can link the new savings account to it automatically.
  • Wells Fargo offers both a standard savings account and a money market account; the standard option is simpler for most people.
  • Once your account opens, you can transfer money between your checking and savings accounts online anytime.

Opening an account through the Wells Fargo app or website

Start by downloading the Wells Fargo mobile app or going to wellsfargo.com. If you are not yet logged in, you will see a button that says "Open an Account" or "get your free guide." Click that button and select "Savings Account" from the list of account types.

The bank will walk you through a series of screens asking for your name, address, date of birth, Social Security number, and employment information. Have your ID ready — you may need to take a photo of it or enter details from it. This step usually takes 3 to 5 minutes.

Next, you will choose your account type and set your initial deposit. Wells Fargo will show you the current interest rate for each account type and explain the difference. You can fund the account by transferring money from another bank account you own, or by using a debit card. The transfer usually shows up in your new savings account within one business day.

What to do if you already have a Wells Fargo checking account

If you are already a Wells Fargo customer, the process is shorter. Log into your existing account on the app or website, look for "Open an Account" or a plus sign near your account list, and follow the same steps. The bank will recognize you and skip the identity verification questions.

When you reach the funding step, you can transfer money directly from your existing Wells Fargo checking account instead of entering another bank's details. This transfer is when ready — the money moves right away and shows up in your new savings account when ready.

Opening an account in person at a branch

If you prefer to open your account face-to-face, you can visit any Wells Fargo branch during business hours. Bring a valid government ID, your Social Security number, and the money for your initial deposit (cash or a check). A banker will help you choose your account type and complete the paperwork, which usually takes 15 to 20 minutes.

The advantage of opening in person is that you can ask questions about how the account works and get help setting up online access right away. The disadvantage is that you have to travel to a branch and wait for an available banker. Most people find the online route faster.

Understanding the two account types Wells Fargo offers

Wells Fargo's standard savings account has no monthly fee and no minimum balance requirement. You earn interest on the money you deposit, though the rate is usually very low — often less than 0.01% per year. This account is good if you want a straightforward place to set aside money without worrying about fees or balance rules.

Wells Fargo's money market account pays a higher interest rate, but only if you keep a larger balance — usually $2,500 or more. If your balance drops below that threshold, the interest rate drops to match the standard savings account. This account also limits how many times per month you can withdraw money (usually six times). Money market accounts make sense if you have a larger amount to save and do not plan to touch it often.

For most people new to savings accounts, the standard savings account is the right choice. You can always move your money to a money market account later if your balance grows.

Linking your savings account to your checking account

Once your savings account is open, you can move money between it and your checking account anytime through the Wells Fargo app or website. Log in, select the account you want to transfer from, and look for "Transfer" or "Move Money." Choose your savings account as the destination, enter the amount, and confirm. The transfer is when ready.

You can also set up automatic transfers if you want to move a fixed amount every week or month — for example, $50 from checking to savings every payday. This is a useful way to build savings without having to remember to do it manually. You can change or stop automatic transfers anytime.

What happens after your account opens

Your savings account will be ready to use when ready after you open it online. You will see it in your account list on the app or website right away, and you can start transferring money into it. If you opened the account in person at a branch, the banker will give you a receipt with your new account number.

Wells Fargo will send you a debit card for your savings account in the mail within 7 to 10 business days. You can use this card to withdraw money at any Wells Fargo ATM or at stores that accept debit cards. Until the card arrives, you can still move money out of your savings account through the app or website, or by visiting a branch.

You will also start receiving monthly statements showing your balance, interest earned, and any fees. You can view these statements online anytime, or ask Wells Fargo to mail them to you.

Frequently Asked Questions

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

No. Wells Fargo's standard savings account has no minimum balance requirement. You can open it with $25 and let it sit at that amount. The money market account does require you to keep $2,500 or more to earn the higher interest rate, but you can still keep the account open with less.

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 any account. If you do not have one, you will need to contact Wells Fargo directly to learn about other options, which vary by location.

How much interest will I earn?

Interest rates change frequently and vary based on market conditions. When you open your account, Wells Fargo will show you the current rate. You can also check the rate anytime by logging into your account or calling Wells Fargo customer service at 1-800-869-3557.

What if I want to close my savings account later?

You can close your Wells Fargo savings account anytime by visiting a branch, calling customer service, or using the app. Move any remaining money out first, then request closure. There is no penalty for closing early.

Can I have more than one savings account at Wells Fargo?

Yes. You can open multiple savings accounts if you want to keep money separate for different goals. Each account will have its own number and statement, but you can transfer between them when ready through the app or website.