You can open a Wells Fargo savings account online, by phone, or in a branch, and the process takes about 15 minutes

Wells Fargo offers several types of savings accounts, each with different features and minimum balance requirements. The most common option is the Wells Fargo Savings account, which earns interest on your balance. You will need a valid government-issued ID, your Social Security number, and an initial deposit to get your free guide. The account can be opened entirely online without visiting a branch, though you can also do it over the phone or in person if you prefer.

The online route is fastest. You go to wellsfargo.com, select "Open an Account," choose the savings product you want, and answer questions about your personal information, employment, and funding source. Wells Fargo will verify your identity during the process, which may involve answering security questions based on your credit history. Once approved, you can fund the account when ready from another bank account or wait to deposit cash in a branch.

Key Takeaways

  • Wells Fargo savings accounts can be opened online at wellsfargo.com, by calling 1-800-869-3557, or at any Wells Fargo branch during business hours.
  • You will need a valid ID, Social Security number, and an initial deposit amount that varies by account type—typically $0 to $25 depending on which savings product you choose.
  • Online applications take about 15 minutes and you can fund the account when ready from another bank or deposit cash later at a branch.
  • Wells Fargo savings accounts earn interest, but the rate changes based on market conditions and the specific account type you open.

What you need before you start

Gather these items before opening your account: a valid government-issued ID (driver's license, passport, or state ID card), your Social Security number, and your date of birth. You will also need to decide how you want to fund the account—either by transferring money from another bank account or by depositing cash at a Wells Fargo branch after the account opens.

If you are opening the account online, have your checking account information ready if you plan to transfer an initial deposit. If you do not have another bank account to transfer from, you can open the savings account with $0 and deposit cash later. Wells Fargo does not require a minimum opening deposit for most savings accounts, though some specialty savings products may have higher minimums.

Opening an account online

Go to wellsfargo.com and click "Open an Account" at the top of the page. Select "Savings" from the account type options, then choose which savings product fits your needs. Wells Fargo typically offers the Wells Fargo Savings account as the standard option. Read the product details to understand the interest rate, any monthly service fees, and minimum balance requirements.

Fill in your personal information: full name, date of birth, Social Security number, address, phone number, and email. Wells Fargo will ask about your employment status and income. You will then create your online username and password, which you will use to log in to your account after it opens. During this process, Wells Fargo verifies your identity by asking security questions based on your credit file—questions like "Which address did you live at in 2015?" or "Which lender issued your auto loan?"

Once identity verification is complete, you can fund the account. If you have another bank account, enter the routing number and account number to transfer money. If you do not transfer funds online, your account will open with a $0 balance and you can deposit cash at a Wells Fargo ATM or branch whenever you are ready.

Opening an account by phone or in 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 asked in the online process and can answer questions about the different savings products. This route takes about 20 to 30 minutes. You will still need to verify your identity, and the representative may ask the same security questions as the online process. After the call, your account opens and you can fund it by transferring from another bank or depositing cash at a branch.

To open an account in person, visit your nearest Wells Fargo branch with your ID and Social Security number. A banker will help you choose the right savings product and complete the process. This is the slowest method but allows you to ask detailed questions and deposit cash when ready. Bring a checkbook or recent bank statement if you want to transfer funds from another account during your visit.

Funding your new account

If you transferred money during the online or phone process, the funds typically arrive within one to three business days. If you did not transfer funds, you can deposit cash at any Wells Fargo branch or ATM. Cash deposits at a branch are available when ready; cash deposits at an ATM may take one business day to post to your account.

You can also transfer money from another bank after your account opens by logging into your Wells Fargo online banking and using the "Transfer Money" or "External Transfers" feature. This requires you to verify the external account first, which takes one to two business days. Once verified, transfers typically complete within one to three business days.

Understanding Wells Fargo savings account features

Wells Fargo savings accounts earn interest on your balance, though the rate is set by Wells Fargo and changes based on Federal Reserve decisions and market conditions. The interest rate is typically very low—often less than 0.01% annually on standard savings accounts. You can check the current rate on wellsfargo.com or by calling 1-800-869-3557.

Most Wells Fargo savings accounts have no monthly service fee if you maintain a minimum balance, usually $300 to $500 depending on the account type. If your balance falls below the minimum, Wells Fargo charges a monthly maintenance fee, typically $5 to $12. You can avoid the fee by keeping the minimum balance or by setting up a direct deposit of at least $500 per month. Check the specific account's terms to see which fee-waiver options explore.

After your account opens

Once your account is open, you can log in to wellsfargo.com or use the Wells Fargo mobile app to check your balance, transfer money, and manage your account. You will receive a debit card in the mail within 7 to 10 business days if you opened a checking account, but savings accounts do not come with a debit card. You can withdraw money from your savings account by transferring it to your checking account, visiting a branch, or using an ATM.

Wells Fargo savings accounts have a federal limit on the number of withdrawals you can make per month—currently six per month for most savings accounts. Transfers to your own Wells Fargo checking account do not count toward this limit, but transfers to external accounts or ATM withdrawals do. If you exceed six withdrawals in a month, Wells Fargo may charge a fee or convert your account to a checking account.

Frequently Asked Questions

How long does it take to open a Wells Fargo savings account?

Online applications take about 15 minutes, and your account opens when ready after identity verification is complete. Phone applications take 20 to 30 minutes. In-branch applications take 30 to 45 minutes. You can start using your account the same day it opens, though transfers from other banks may take one to three business days to arrive.

What is the minimum deposit to open a Wells Fargo savings account?

Wells Fargo does not require a minimum opening deposit for most savings accounts. You can open an account with $0 and deposit money later. However, some specialty savings products may have higher minimums—check the specific product details before opening.

Can I open a Wells Fargo savings account if I do not have another bank account?

Yes. You can open the account online or by phone with $0, then deposit cash at a Wells Fargo branch or ATM within a few days. You do not need an existing bank account to open a Wells Fargo savings account.

What happens if my balance falls below the minimum?

Wells Fargo charges a monthly maintenance fee, typically $5 to $12, if your balance drops below the required minimum. You can avoid the fee by maintaining the minimum balance or by setting up a direct deposit of at least $500 per month. Check your account terms to see which option applies to your specific account type.

Can I open multiple savings accounts at Wells Fargo?

Yes, you can open more than one savings account. Each account has its own balance and earns interest separately. This can be useful if you want to save for different goals, but remember that all withdrawals from all your savings accounts combined count toward the six-withdrawal monthly limit.