What you need to open a Wells Fargo savings account

Wells Fargo offers several types of savings accounts, and the one you can open depends on what you bring to the bank and how you want to manage your money. To open any savings account, you will need a government-issued ID, a Social Security number, and an initial deposit — usually $25 to $100 depending on the account type. You can open an account in person at a branch, online, or by phone.

The bank will run a background check through ChexSystems, a banking history database. This check looks at your past account closures and overdrafts, not your credit score. If you have been flagged for fraud or have unpaid overdrafts at other banks, Wells Fargo may deny your process, though you can dispute inaccurate information in your ChexSystems file.

Wells Fargo also requires you to provide your current address and a phone number. If you do not have a permanent address, some branches will accept a mailing address or a shelter address. Call your local branch before you go in to confirm what they will accept.

Key Takeaways

  • You need a government ID, Social Security number, and an opening deposit of $25 to $100 to open a Wells Fargo savings account.
  • Wells Fargo checks your banking history through ChexSystems, not your credit, so a low credit score will not stop you from opening an account.
  • You can open an account online, by phone, or in person at a branch, and the process usually takes 10 to 15 minutes.
  • Wells Fargo offers different savings account types with different interest rates and monthly fees, so compare them before you choose.

Opening an account online

The online route is the fastest if you have a valid email address and a debit card or bank account to fund your opening deposit. Go to wellsfargo.com, click "Open an Account," and select the savings account type you want. The form will ask for your name, date of birth, Social Security number, address, phone number, and email.

You will need to verify your identity by uploading a photo of your government ID — a driver's license, passport, or state ID card. Wells Fargo's system reads the ID electronically, so make sure the photo is clear and the entire card is visible. The verification usually completes within a few minutes, though it can take up to 24 hours if the system flags something.

Once your identity is verified, you will fund the account with a debit card, a linked bank account, or a wire transfer. If you use a debit card, the deposit posts when ready. If you link a bank account, the transfer takes one to two business days. After the deposit clears, your account is open and you can start using it the same day.

Opening an account in person at a branch

Bring your government ID, Social Security number, and your opening deposit in cash or a check. A Wells Fargo representative will fill out the account paperwork with you, verify your identity by scanning your ID, and run the ChexSystems check. The whole process takes 10 to 20 minutes.

You can deposit cash, a check, or transfer money from another account to fund your opening deposit. If you transfer from another bank, ask the representative how long it will take — most transfers complete within one to two business days, but your account opens when ready even if the deposit has not cleared yet.

When you open the account, you will receive a debit card process. The card usually arrives in 7 to 10 business days. You can withdraw cash and make deposits at any Wells Fargo ATM before your card arrives.

Opening an account by phone

Call Wells Fargo at 1-800-869-3557 and tell the representative you want to open a savings account. They will ask for your name, date of birth, Social Security number, address, phone number, and email. You will need to verify your identity by answering security questions based on your credit history — questions like "Which of these addresses have you lived at?" or "Which of these is your correct middle name?"

After identity verification, you will fund the account with a debit card or a linked bank account. The representative will walk you through the process and confirm your opening deposit amount. Your account opens the same day, and you will receive account details by email and mail within a few business days.

The phone route is slower than online or in-person because you cannot upload an ID — the bank relies on security questions instead. If you have a thin credit history or have moved frequently, the representative may ask you to come into a branch with your ID to complete the opening.

Wells Fargo savings account types and their costs

Wells Fargo offers three main savings accounts: the Wells Fargo Way2Save Savings Account, the Wells Fargo Savings Account, and the Wells Fargo Gold Savings Account. Each has a different interest rate, monthly fee, and minimum balance requirement.

The Way2Save account has no monthly fee if you maintain a $25 minimum balance. The regular Savings Account charges $5 per month unless you keep $500 or more in the account. The Gold Savings Account charges $25 per month unless you maintain $10,000. Interest rates vary by market conditions and change regularly — check wellsfargo.com for current rates before you open.

If you fall below the minimum balance, you pay the monthly fee every month until you bring the balance back up. The fee is charged on the last day of the month, so if you dip below the minimum on the 28th, you will be charged. You can avoid fees by setting up a small automatic transfer from another account each month, or by choosing the Way2Save account, which has the lowest minimum.

What happens after you open your account

Your account is active when ready, even if your opening deposit has not cleared. You can log into your online banking portal right away and set up bill pay, transfers, and alerts. You will receive a debit card in 7 to 10 business days, and you can use it to withdraw cash at any Wells Fargo ATM or any ATM in the Allpoint network, which includes over 55,000 ATMs worldwide.

Wells Fargo will send you a welcome packet by mail with your account number, routing number, and information about online banking. Save this packet — you will need the routing number if you want to set up direct deposit or receive transfers from other banks. You can also find your routing number by logging into your online account or calling customer service.

Set up online banking as soon as you receive your login credentials. This lets you monitor your balance, set up spending alerts, and transfer money between accounts without visiting a branch. Wells Fargo also offers a mobile app where you can deposit checks by taking a photo, check your balance, and pay bills.

If Wells Fargo denies your account opening

Wells Fargo will deny your account if ChexSystems shows unpaid overdrafts, fraud, or repeated account closures due to negative balances. The bank will send you a letter explaining the reason within 30 days. The letter will include information about how to dispute inaccurate information in your ChexSystems file.

You can request your ChexSystems report for free at chexsystems.com or by calling 1-800-428-9623. If the report contains errors — like overdrafts you already paid or accounts you did not open — you can dispute them in writing. ChexSystems has 30 days to investigate and correct errors.

If your report is accurate but you still want a Wells Fargo account, ask about the bank's second-chance banking options. Some branches offer accounts designed for people with banking history issues, though these accounts may have higher fees or lower ATM access. Call your local branch to ask what options are available.

Frequently Asked Questions

Do I need a credit card to open a Wells Fargo savings account?

No. Wells Fargo checks your banking history through ChexSystems, not your credit score. You can open a savings account even if you have no credit history, bad credit, or no credit card. You only need a government ID, Social Security number, and an opening deposit.

Can I open a Wells Fargo savings account without a Social Security number?

Wells Fargo requires a Social Security number or an Individual Taxpayer Identification Number (ITIN) to open any account. If you do not have either, you cannot open an account at Wells Fargo. Some banks and credit unions accept accounts without a Social Security number, so you may want to contact local banks to ask about their requirements.

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

The online process usually takes 10 to 15 minutes from start to finish. Identity verification can take a few minutes or up to 24 hours depending on whether the system flags your ID for manual review. Your account opens the same day in most cases, though the opening deposit may take one to two business days to clear.

What is the minimum opening deposit for a Wells Fargo savings account?

The minimum opening deposit is $25 for most Wells Fargo savings accounts. Some accounts may require $100, so check the specific account details before you open. The opening deposit counts toward your minimum balance requirement, so if you open with $25, you must keep at least $25 in the account to avoid monthly fees.

Can I open a joint savings account at Wells Fargo?

Yes. Both account holders must be present in person or provide notarized authorization. Each person needs their own government ID and Social Security number. Joint accounts let both people access the money and make decisions about the account, though Wells Fargo may require both signatures to close the account.