What you need to bring and where to start

You can open a Wells Fargo savings account in person at a branch, online through their website, or by phone. The fastest route for most people is online — it takes about 10 minutes and you can fund the account when ready. If you prefer to speak with someone or need help with the process, any Wells Fargo branch can open an account for you while you wait.

Before you start, gather a government-issued photo ID (a driver's license, passport, or state ID card) and your Social Security number. If you want to fund the account right away, have a debit card, bank account number, or checkbook ready. You do not need to bring money to open the account — you can deposit later.

Key Takeaways

  • You need a valid photo ID and your Social Security number to open any Wells Fargo savings account.
  • Online account opening takes about 10 minutes and lets you fund the account the same day.
  • Wells Fargo offers several types of savings accounts with different interest rates and monthly fees depending on your balance.
  • You can link your savings account to a checking account at Wells Fargo to move money between them easily.
  • If you are under 18, a parent or guardian must open a custodial account with you in person at a branch.

Opening an account online

Go to wellsfargo.com and look for the "Open an Account" button, usually near the top of the page. Select "Savings Account" from the account types shown. You will answer questions about yourself — your name, address, date of birth, and Social Security number — and choose which type of savings account you want. Wells Fargo offers the Way2Save Savings Account (their basic option) and the Platinum Savings Account (which requires a higher opening balance but pays more interest).

After you enter your information, Wells Fargo will verify your identity using your Social Security number and checking your credit history. This usually takes a few minutes. Once approved, you can fund the account by linking a bank account you already have, transferring money from another Wells Fargo account, or providing a debit card number. Your account number and routing number will appear on screen when ready, and you can start using the account right away.

Opening an account at a Wells Fargo branch

Walk into any Wells Fargo branch during business hours with your photo ID and Social Security number. Tell the employee you want to open a savings account. They will ask you the same questions as the online form — your name, address, date of birth, and Social Security number — and help you choose which type of account fits your needs.

The employee will verify your identity and run the same background check as the online process. If you are approved, they can fund the account for you on the spot using cash, a check, or a transfer from another account. You will receive your debit card in the mail within 7 to 10 business days, though you can use your account online or at ATMs before it arrives.

Understanding Wells Fargo savings account types

The Way2Save Savings Account is Wells Fargo's entry-level option. It has no minimum opening deposit, though you need to maintain a $25 minimum balance to avoid a $5 monthly maintenance fee. The interest rate is low — it changes based on the Federal Reserve's decisions, so check the current rate on Wells Fargo's website before you open. This account is a good choice if you are new to banking or want to start small.

The Platinum Savings Account requires a $25,000 opening deposit and a $25,000 minimum balance to avoid monthly fees. In exchange, it pays a higher interest rate than Way2Save. This account makes sense only if you already have that much money to deposit and want to earn more interest on it.

Both accounts let you make up to six withdrawals or transfers per month without a fee. After six, Wells Fargo charges $10 per transaction. You can withdraw money in person at a branch, through an ATM, or by transferring it to another account online.

What happens after you open the account

Your savings account is active when ready after you open it online or at a branch. You can log into your account on Wells Fargo's website or mobile app right away to check your balance, set up automatic transfers, or move money between accounts. Your debit card arrives in the mail within 7 to 10 business days if you ordered one.

If you want to link your new savings account to a checking account at Wells Fargo, you can do that online or ask an employee at a branch. Linking accounts makes it straightforward to move money between them without waiting for a transfer to process. You can also set up automatic transfers — for example, moving $50 from your checking account to savings every payday — through the Wells Fargo website or app.

Fees and interest rates to know about

The main fee to watch for is the monthly maintenance fee. Way2Save charges $5 per month if your balance drops below $25. Platinum charges $25 per month if your balance drops below $25,000. Both accounts waive the fee if you maintain the minimum balance, so the fee is avoidable if you plan ahead.

Wells Fargo also charges $10 for each withdrawal or transfer beyond six per month. This limit exists because of federal banking rules, not because Wells Fargo chose it. If you need to withdraw money more often, ask an employee about moving money to a checking account instead — checking accounts have no withdrawal limit.

Interest rates on savings accounts change regularly based on decisions by the Federal Reserve. Wells Fargo's rates are typically lower than online-only banks, but you get the benefit of being able to visit a physical branch and speak with someone in person. Check the current rate on Wells Fargo's website before you open, since it may have changed since this was written.

If you are under 18

You cannot open a Wells Fargo savings account on your own if you are under 18. Instead, a parent or legal guardian must open a custodial savings account with you. This account is in your name, but the parent or guardian controls it until you reach the age of majority (usually 18 or 21, depending on your state).

To open a custodial account, both you and the parent or guardian must go to a Wells Fargo branch in person with photo IDs and Social Security numbers. The employee will explain how the account works and what happens when you turn 18. After that date, the account becomes yours to control fully, and the parent or guardian's access ends.

Frequently Asked Questions

Can I open a Wells Fargo savings account if I do not have a Social Security number?

No. Wells Fargo requires a Social Security number or an Individual Taxpayer Identification Number (ITIN) to open any account. If you have an ITIN, bring it instead of a Social Security number. If you do not have either, you will need to obtain one before opening an account.

What if I do not have a photo ID?

You must have a government-issued photo ID to open an account in person or online. If you do not have one, contact your state's Department of Motor Vehicles or your local government office about getting a state ID card. Some states offer ID cards to people who do not drive.

How long does it take to open an account online?

The online process usually takes 10 to 15 minutes from start to finish. You will know when ready whether you were approved. Your account is active right away, though your debit card arrives in the mail within 7 to 10 business days.

Can I open a savings account without opening a checking account?

Yes. You can open a savings account at Wells Fargo without having a checking account with them. Many people keep their checking account at one bank and their savings at another. However, linking accounts at the same bank makes moving money between them faster and easier.

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

A savings account is simpler and has lower minimum balances. A money market account usually requires a larger opening deposit and minimum balance, but pays higher interest. Wells Fargo's money market accounts also come with a debit card and checkbook, making them work more like a hybrid between savings and checking. Choose a savings account unless you have a large amount to deposit and want those extra features.