What you need to open a Wells Fargo savings account
You can open a Wells Fargo savings account online, by phone, or in person at a branch. The process takes about 10 to 15 minutes if you have your documents ready. Wells Fargo will ask for your Social Security number, a government-issued ID, your date of birth, and your current address.
If you're opening the account online or by phone, you'll also need a valid email address and a phone number where Wells Fargo can reach you. If you plan to fund the account when ready, have a bank account number or debit card ready — Wells Fargo can transfer money from another bank or from a Wells Fargo account you already own.
You do not need to have an existing Wells Fargo account to open a savings account. If you're under 18, a parent or guardian will need to be present or co-sign the account, depending on which savings product you choose.
Key Takeaways
- You need a government-issued ID, Social Security number, date of birth, and current address to open any Wells Fargo savings account.
- Online and phone applications take 10 to 15 minutes and can be completed from home without visiting a branch.
- Wells Fargo offers different savings products — basic savings, money market, and certificates of deposit — each with different minimum balances and interest rates.
- You can fund your new account when ready by transferring money from another bank or from an existing Wells Fargo account.
- If you're denied, Wells Fargo will send you a written reason; common reasons include ChexSystems history or unpaid fees at another bank.
Opening online through Wells Fargo's website
Go to wellsfargo.com and look for the "Open an Account" button, usually near the top of the page. Select "Savings" from the account type menu. You'll be asked to choose which savings product you want: Wells Fargo Way Savings, Wells Fargo Savings, or Wells Fargo Money Market Account. Each has different minimum opening balances and interest rates — the website shows these side by side so you can compare.
Enter your personal information: full name, date of birth, Social Security number, current address, email, and phone number. Wells Fargo will verify your identity using information from credit bureaus and ChexSystems, a banking history database. This verification is when ready or takes a few minutes.
Once verified, you'll choose how to fund the account. You can transfer money from another bank (you'll need the routing number and account number), transfer from an existing Wells Fargo account, or skip funding for now and add money later. If you transfer from another bank, the money usually arrives within one to three business days.
After you submit, Wells Fargo will send a confirmation email with your account number and login credentials. You can log in to your account when ready through the Wells Fargo website or mobile app, though the account may take a few hours to fully set up for all transactions.
Opening by phone or at a branch
To open an account by phone, call Wells Fargo at 1-800-869-3557. A representative will walk you through the same questions as the online form and verify your identity over the phone. This route takes about 15 to 20 minutes. Have your ID and Social Security number ready before you call.
If you prefer to open an account in person, visit any Wells Fargo branch with your government-issued ID and Social Security number. A banker will help you choose a savings product, complete the paperwork, and fund the account if you want to. In-person accounts are fully active the same day. Bring a second form of ID if possible — a driver's license plus a passport, or a passport plus a utility bill — though one government ID is usually enough.
Branch hours vary by location. You can find your nearest branch and its hours on the Wells Fargo website by entering your zip code.
Minimum balances and monthly fees
Wells Fargo's savings products have different minimum opening balances. Wells Fargo Way Savings requires $0 to open but pays a higher interest rate if you maintain a $500 minimum balance. Wells Fargo Savings also has $0 minimum. Wells Fargo Money Market Account requires $2,500 to open.
Monthly maintenance fees depend on the account type and whether you meet the minimum balance. Wells Fargo Way Savings has no monthly fee if you maintain the $500 balance; otherwise it's $5 per month. Wells Fargo Savings has no monthly fee. Money Market Account has no monthly fee if you maintain the $2,500 minimum; otherwise it's $25 per month.
These fees are waived if you set up a may have access to direct deposit or maintain the required minimum balance. If you fall below the minimum, you'll be charged the monthly fee until you bring the balance back up or close the account.
What happens if Wells Fargo denies your account
Wells Fargo may deny your account process if you have a negative ChexSystems record, unpaid fees or overdrafts at another bank, or a history of fraud. ChexSystems is a database that tracks banking problems — closed accounts due to overdrafts, unpaid fees, or suspicious activity all appear there.
If you're denied, Wells Fargo will send you a written notice within five to seven business days explaining the reason. The notice will include information about how to dispute the decision if you believe the information is wrong. You can also request a copy of your ChexSystems report directly from ChexSystems to see what's listed.
If the denial is based on ChexSystems, you may be able to open an account at a bank that doesn't use ChexSystems or that has a second-chance banking program. Some credit unions and smaller regional banks have fewer restrictions. You can also wait — negative ChexSystems records typically fall off after five years.
Linking your savings account and moving money between accounts
Once your savings account is open, you can link it to a Wells Fargo checking account or to accounts at other banks. Log into your Wells Fargo account online or through the mobile app, go to "Transfers," and select "Add an External Account." You'll enter the routing number and account number of the other bank.
Wells Fargo will verify the external account by making two small deposits (usually $0.01 and $0.02) to that account. You'll need to confirm the amounts in your other bank's account, which takes one to two business days. Once verified, you can transfer money between the accounts when ready or within one to three business days, depending on the direction and the other bank.
Transfers from your Wells Fargo savings account to another bank are usually free. Transfers into your Wells Fargo savings account from another bank may take longer if the other bank processes them slowly. Wells Fargo's mobile app shows the status of each transfer.
Interest rates and how your savings grows
Wells Fargo's savings accounts earn interest, but the rate changes based on the Federal Reserve's actions and market conditions. Interest rates vary by product — Money Market accounts typically pay more than basic savings accounts. You can see the current rate for each product on the Wells Fargo website before you open an account.
Interest is calculated daily and deposited monthly into your account. The amount you earn depends on your balance and the interest rate. For example, if you have $5,000 in an account earning 0.01% annual percentage yield (APY), you'd earn about $0.50 per year. Rates change frequently, so check the Wells Fargo website or your account statements to see what you're currently earning.
Some savings products offer higher rates if you meet certain conditions — for example, Wells Fargo Way Savings pays a higher rate if you maintain the $500 minimum balance. Read the product details before opening to understand what rate you'll actually receive.
Frequently Asked Questions
Can I open a Wells Fargo savings account if I have bad credit?
Wells Fargo does not check your credit score to open a savings account. They check ChexSystems, which tracks banking history, not credit history. If you have bad credit but a clean banking record, you can open a savings account. If you have ChexSystems issues, you may be denied.
How long does it take to open an account online?
The process takes 10 to 15 minutes to complete. Identity verification is when ready or takes a few minutes. Your account is usually active within a few hours, though transfers from other banks take one to three business days to arrive.
What's the difference between Wells Fargo Way Savings and Wells Fargo Savings?
Wells Fargo Way Savings pays a higher interest rate if you maintain a $500 minimum balance, but charges a $5 monthly fee if you don't. Wells Fargo Savings has no monthly fee and no minimum balance, but pays a lower interest rate. Choose based on whether you can keep $500 in the account.
Can I open a savings account for someone else?
You cannot open an account in someone else's name. A parent or guardian can open a custodial account for a minor, which the child can take over at age 18. The adult must be present in person or co-sign by phone.
What if I want to close my savings account later?
You can close your Wells Fargo savings account anytime by visiting a branch, calling 1-800-869-3557, or using the mobile app. Wells Fargo will send any remaining balance to you by check or transfer it to another account you specify. There is no fee to close.