You can add a savings account to Wells Fargo online, by phone, or in person—the fastest route is usually online through your existing account
If you already have a Wells Fargo checking account, adding a linked savings account takes about 10 minutes through the Wells Fargo website or mobile app. You do not need to visit a branch, though you can if you prefer. The account opens when ready, though you will need to fund it separately if you want money in it right away.
If you do not yet have a Wells Fargo account at all, you will need to open a checking account first—savings accounts cannot stand alone. Once that is open, linking a savings account is straightforward.
Key Takeaways
- Adding a savings account online through your Wells Fargo login takes about 10 minutes and the account opens the same day.
- You must have an existing Wells Fargo checking account to open a linked savings account; they cannot be opened separately.
- You can fund the new savings account by transferring money from your checking account, setting up a direct deposit, or depositing cash at a branch.
- Wells Fargo charges a monthly maintenance fee on most savings accounts unless you meet a minimum balance or set up direct deposits.
Adding a savings account through the Wells Fargo website or app
Log into your Wells Fargo online account or open the mobile app. Look for the option to open a new account—this is usually labeled "Open an Account" or "Add Account" in the main menu. Select "Savings Account" from the account type options.
You will be asked to choose which type of savings account you want. Wells Fargo offers several: the standard Savings Account, the Way2Save Savings Account (which rounds up purchases and deposits the difference), and sometimes promotional rates for new customers. Read the terms for each, particularly the monthly maintenance fee and the minimum balance required to waive it.
Complete the brief form with your personal information. Since you are already a Wells Fargo customer, the system already has most of this. Review the account terms and disclosures, then confirm. The account opens when ready and you will see it in your account dashboard right away.
Adding a savings account by phone or at a branch
Call Wells Fargo customer service at 1-800-869-3557 and tell them you want to open a savings account. A representative will walk you through the same questions the online form asks and can answer questions about which account type makes sense for you. The account opens during the call and you will receive confirmation by email.
You can also visit any Wells Fargo branch with your ID and ask to open a savings account. A banker will show you the options, explain the fees, and open the account on the spot. This route is useful if you want to deposit cash when ready or if you prefer to ask questions face-to-face.
Understanding Wells Fargo savings account fees
Most Wells Fargo savings accounts charge a monthly maintenance fee of $5 unless you meet one of these conditions: maintain a minimum balance (usually $300 to $500, depending on the account type), set up a direct deposit of at least $250 per month, or maintain a linked Wells Fargo checking account with direct deposit. Check the specific terms for the account you choose, as these thresholds vary.
If you do not meet any of these conditions, the fee will be deducted from your savings balance each month. You can avoid the fee by setting up even a small direct deposit—many employers allow you to split your paycheck between accounts, so you could deposit $250 to savings and the rest to checking.
Funding your new savings account
Once the account is open, you have several ways to put money in it. The simplest is to transfer money from your Wells Fargo checking account through online banking—this is when ready and free. Log in, go to "Transfer Money," select your new savings account as the destination, enter the amount, and confirm.
You can also set up a direct deposit to the savings account. Ask your employer's payroll department to send part or all of your paycheck to the savings account number. This takes one to two pay cycles to start, but once it is running, money arrives automatically.
If you want to deposit cash, visit a Wells Fargo branch with your ID and the account number. Cash deposits are available when ready. You can also deposit checks through the mobile app's check deposit feature or by mailing them to Wells Fargo.
Linking your savings account to other services
Once your savings account is open, you can use it with Wells Fargo's other features. You can set up automatic transfers from checking to savings on a schedule you choose—many people use this to "pay themselves first" by moving money to savings on payday. You can also use the savings account as a destination for round-ups through the Way2Save feature if you chose that account type.
If you use Wells Fargo's bill pay service, you can pay bills from either account. The savings account will also be linked to your online banking dashboard, so you can see the balance and transaction history alongside your checking account.
What to do if you run into problems
If the account does not open after you submit the online form, check your email for a message from Wells Fargo—sometimes the system needs you to verify your identity or answer additional questions. If you do not see an email within a few hours, call 1-800-869-3557 to confirm the account was created.
If you are charged a monthly fee you did not expect, log into your account and check the account terms you agreed to. The fee will be listed in your transaction history. You can call customer service to discuss waiving the first fee if you were not clear on the terms, though this is not may provide. To avoid future fees, set up a direct deposit or maintain the minimum balance.
Frequently Asked Questions
How long does it take to open a Wells Fargo savings account?
If you open it online or by phone, the account opens the same day and you can begin using it when ready. If you open it in person at a branch, it also opens the same day. Transfers between your accounts are when ready.
Can I have more than one savings account with Wells Fargo?
Yes. You can open multiple savings accounts if you want to separate money for different goals. Each account will have its own monthly maintenance fee unless you meet the waiver conditions for each one.
What is the difference between a regular savings account and Way2Save?
Way2Save automatically rounds up debit card purchases to the nearest dollar and deposits the difference into savings. A regular savings account does not have this feature. Both charge the same monthly maintenance fee and have the same minimum balance requirements.
Do I need to visit a branch to open a savings account?
No. You can open one entirely online or by phone if you already have a Wells Fargo checking account. Visiting a branch is optional and useful only if you want to deposit cash when ready or prefer to speak with someone in person.
What happens if I do not fund my new savings account right away?
The account remains open with a zero balance. You will still be charged the monthly maintenance fee unless you meet one of the waiver conditions. To avoid paying a fee on an empty account, either fund it within the first month or set up a direct deposit before opening it.