You can add a savings account to your Wells Fargo profile in minutes, either online or at a branch

If you already have a Wells Fargo checking account or other product, adding a savings account takes one of two routes: through your online banking portal or by walking into a branch. The online method is faster — usually five to ten minutes — and you can do it from home. The branch method gives you a chance to ask questions and walk out with your account number the same day. Either way, you will need your Social Security number, a valid ID, and your current Wells Fargo login information if you are going the online route.

The account opens when ready in most cases, though it can take up to one business day for the system to fully set up it. Once it is active, you can transfer money between your accounts, set up automatic deposits, and use the savings account to earn interest on your balance.

Key Takeaways

  • You can open a Wells Fargo savings account online through your existing account or in person at any Wells Fargo branch.
  • The online process takes five to ten minutes and requires your Social Security number, valid ID, and current login information.
  • Your new savings account becomes active when ready or within one business day, depending on the time of day you open it.
  • Once open, you can transfer money between your accounts and set up automatic deposits without visiting a branch.
  • Wells Fargo savings accounts earn interest, and the rate varies based on the account type and current market conditions.

Opening a savings account online through Wells Fargo's website

Log into your Wells Fargo online banking account using your username and password. Once you are logged in, look for the "Open an Account" or "Add Account" option, usually found in the main menu or under a "Products" section. Click it and select "Savings Account" from the list of account types.

Wells Fargo will ask you to choose which type of savings account you want. The most common option is the standard savings account, but the bank also offers money market accounts and certificates of deposit (CDs) if you want different features. For a basic savings account, select that option and continue.

Next, you will confirm your personal information — name, address, Social Security number, and date of birth. Wells Fargo already has most of this on file, so the form will be pre-filled. Review it for accuracy and correct anything that has changed. Then you will set your opening deposit amount. You can start with as little as one dollar, though many people deposit more. Once you confirm everything, submit the process.

The account opens when ready in most cases. You will see your new account number on the confirmation screen and in your online banking dashboard. If you opened it after 5 p.m. on a weekday or on a weekend, it may not appear in your dashboard until the next business day, but you can still use it to transfer money once it shows up.

Opening a savings account at a Wells Fargo branch

Walk into any Wells Fargo branch during business hours with your valid ID and Social Security number. Tell the representative you want to open a savings account. They will take you to a desk or private area and walk you through the process on their computer.

The representative will confirm your identity, verify your Social Security number, and ask which type of savings account you want. They will also ask how much you want to deposit to open the account. You can pay with cash, a check, or a debit card. Once everything is entered, they will print out your account number and give you a receipt.

Your account is active when ready. You can leave the branch and start using it right away through online banking or at an ATM. If you want a debit card linked to your savings account, the representative can order one, though it will arrive by mail in five to seven business days.

What happens after you open the account

Once your savings account is open, it appears in your Wells Fargo online banking dashboard alongside your other accounts. You can transfer money between your checking and savings accounts when ready through online banking, or set up automatic transfers on a schedule you choose — for example, $50 every payday.

Your savings account will earn interest based on the current annual percentage yield (APY) that Wells Fargo is offering. The rate changes based on market conditions and the type of account you opened. You can see your current rate in your account details online or by calling Wells Fargo customer service.

Interest is deposited into your account monthly. The amount depends on your balance and the APY. For example, if you have $5,000 in the account and the APY is 0.01 percent, you would earn roughly 50 cents per month. The actual amount varies because interest compounds daily.

Linking your savings account to external banks

If you want to transfer money from a savings account at another bank into your Wells Fargo savings account, you can link the external account through online banking. Go to "Transfer Money," select "Link External Account," and enter the account number and routing number of the other bank.

Wells Fargo will verify the account by depositing two small amounts (usually under one dollar each) into that account. You will need to log into the other bank's website and confirm those amounts in Wells Fargo's system. Once confirmed, you can transfer money between the accounts. Transfers from external banks usually take one to three business days to complete.

Fees and account maintenance

Wells Fargo savings accounts do not charge a monthly maintenance fee. There is no minimum balance requirement to keep the account open, though some account types may have a minimum to earn the highest interest rate. You can check your specific account's requirements in your online banking dashboard or by calling customer service.

If you close the account, Wells Fargo will not charge you. You can withdraw all your money and request closure at any time through online banking or at a branch. If you close the account within 90 days of opening it, Wells Fargo may report it to ChexSystems, a banking history database, but this does not affect your credit score.

Frequently Asked Questions

How long does it take for a Wells Fargo savings account to become active?

Your account is usually active when ready after you open it online or at a branch. If you open it after 5 p.m. on a weekday or on a weekend, it may not appear in your online dashboard until the next business day, but you can still use it once it shows up.

Can I have multiple savings accounts at Wells Fargo?

Yes. Wells Fargo allows you to open more than one savings account. Some people use separate accounts for different savings goals — one for emergencies, one for vacation, one for a down payment. Each account earns interest separately.

What is the difference between a savings account and a money market account at Wells Fargo?

A money market account typically offers a higher interest rate but may require a larger opening deposit and minimum balance. A savings account has no minimum balance and is simpler to manage. Both earn interest, but the rate on a money market account usually tracks higher.

Can I transfer money from my Wells Fargo checking account to my new savings account?

Yes. Once your savings account is open, you can transfer money between your checking and savings accounts when ready through online banking. You can also set up automatic transfers on a schedule you choose.

What if I need to close my savings account?

You can close your account at any time by visiting a branch or calling Wells Fargo customer service. Withdraw any remaining balance or request that it be transferred to another account. There is no fee to close the account.