What you need to open a savings account at Wells Fargo
Wells Fargo requires a government-issued photo ID, your Social Security number, and an initial deposit to open a savings account. The minimum opening deposit varies by account type—some accounts require $25, others $100 or more. You will also need a current mailing address and a phone number.
If you are opening an account online, you will need an email address. If you are opening in person at a branch, bring your ID and the documents listed above. Wells Fargo will run a background check through ChexSystems, a banking history database, to verify you have not had serious account problems at other banks.
If you do not have a Social Security number, you may be able to open an account using an Individual Taxpayer Identification Number (ITIN), though this varies by branch and you should call ahead to confirm. Non-U.S. citizens can open accounts with a passport and ITIN.
Key Takeaways
- You need a photo ID, Social Security number or ITIN, current address, and an initial deposit ranging from $25 to $100 depending on the account type.
- Wells Fargo runs a ChexSystems check, which may deny you if you have unpaid overdrafts or fraud history at another bank.
- You can open an account online in minutes, by phone, or in person at a Wells Fargo branch.
- If you are denied, you can request a copy of your ChexSystems report and dispute inaccurate information before reapplying.
Opening an account online versus in person
Opening online is fastest—you can complete the process in 10 to 15 minutes on Wells Fargo's website or mobile app. You will upload a photo of your ID, enter your personal information, and fund the account with a debit card or bank transfer. The account opens when ready, though it may take one business day for your deposit to post.
Opening in person at a branch takes 20 to 30 minutes. A banker will verify your identity, explain account features, and process your deposit. This route is useful if you have questions about which account type fits your needs or if you prefer to speak with someone directly.
You can also open an account by phone by calling Wells Fargo at 1-800-869-3557. A representative will walk you through the process and arrange your initial deposit by debit card or bank transfer. Phone opening takes about 20 minutes.
Understanding Wells Fargo savings account types
Wells Fargo offers several savings account options, each with different features and minimum balances. The Wells Fargo Way2Save Savings Account has a $25 minimum opening deposit and no monthly maintenance fee if you maintain a $300 minimum balance or make one automatic transfer per month from a checking account. If you do not meet these conditions, the fee is $5 per month.
The Wells Fargo Platinum Savings Account requires a $25 minimum opening deposit and charges a $5 monthly maintenance fee unless you maintain a $2,500 minimum balance. This account offers slightly higher interest rates than Way2Save.
The Wells Fargo Gold Savings Account requires a $25 minimum opening deposit and has no monthly maintenance fee, but offers lower interest rates than the other two. Interest rates change regularly and vary based on market conditions, so check Wells Fargo's website for current rates before opening.
What happens if Wells Fargo denies your account
Wells Fargo may deny your account if ChexSystems shows unpaid overdrafts, fraud, or repeated insufficient funds incidents at another bank. You will receive a letter explaining the reason for denial within five business days. The letter will include information about how to contact ChexSystems and request a copy of your report.
You have the right to dispute any inaccurate information on your ChexSystems report. Contact ChexSystems directly at 1-800-428-9623 or through their website to request your report and file a dispute. Once you correct the information, you can reapply to Wells Fargo. This process typically takes 30 to 60 days.
If you were denied because of recent overdrafts or account closures, wait at least 12 months before reapplying. Some banks use a "second chance" checking account program for people with banking history problems—Wells Fargo does not currently offer this, but other banks do if you need an account sooner.
Funding your account and setting up deposits
You can fund your Wells Fargo savings account with a debit card, a bank transfer from another account, or a check deposit through the mobile app. When you open the account, you will provide your initial deposit method. After the account is open, you can add money by transferring from another bank, depositing checks through the app, or visiting a branch with cash.
If you receive a paycheck, you can set up direct deposit to your Wells Fargo savings account. Ask your employer for a direct deposit form and provide your Wells Fargo account number and routing number. Direct deposits typically post within one to two business days of your employer sending them.
Wells Fargo limits the number of transfers and withdrawals you can make from a savings account to six per month under federal rules. This limit applies to transfers to other accounts and withdrawals by phone or online, but not to in-person withdrawals at a branch or ATM.
Interest rates and account maintenance
Wells Fargo savings accounts earn interest, but the rate is low—typically between 0.01% and 0.05% annually, depending on the account type and current market conditions. You can check current rates on Wells Fargo's website. Interest is calculated daily and posted monthly to your account.
Once your account is open, you will receive monthly statements showing your balance, interest earned, and any fees charged. You can view statements online through Wells Fargo's website or app, or request paper statements by mail. Keep statements for at least one year to track your savings and verify transactions.
If your account falls below the minimum balance required to waive monthly fees, you will be charged. For example, Way2Save charges $5 per month if your balance drops below $300 and you do not make an automatic transfer. Review your account type's requirements and set a calendar reminder to check your balance monthly.
Frequently Asked Questions
Can I open a Wells Fargo savings account if I have been denied before?
Yes, but only after the issue on your ChexSystems report is resolved. Request your ChexSystems report, dispute any inaccurate information, and wait for the correction to post—usually 30 to 60 days. If the denial was for recent overdrafts, wait at least 12 months before reapplying.
What is the minimum opening deposit for Wells Fargo savings accounts?
Most Wells Fargo savings accounts require a $25 minimum opening deposit. Some promotional offers may have different minimums, so check the specific account details when you open. Your initial deposit can be made by debit card, bank transfer, or check.
How long does it take to open a Wells Fargo savings account?
Online opening takes 10 to 15 minutes and the account opens when ready. In-person opening at a branch takes 20 to 30 minutes. Phone opening takes about 20 minutes. Your initial deposit may take one business day to post, but the account itself is active right away.
Can I have multiple savings accounts at Wells Fargo?
Yes, you can open multiple savings accounts at Wells Fargo. Each account has its own balance and interest rate. This can be useful if you want to save for different goals, but remember that the six-transfer-per-month limit applies to all your savings accounts combined.
What happens if I do not maintain the minimum balance?
If your account balance falls below the minimum required to waive fees, Wells Fargo will charge a monthly maintenance fee—typically $5 for Way2Save and Platinum accounts. You can avoid the fee by maintaining the minimum balance, making automatic transfers, or switching to an account type with no minimum balance requirement.