What you need to open a Wells Fargo savings account

Wells Fargo will ask for a government-issued photo ID, your Social Security number, and proof of your current address. The ID can be a driver's license, passport, or state ID card. For proof of address, bring a recent utility bill, lease, or bank statement with your name and address on it — it usually needs to be from the last 60 days.

You will also need to decide how much money to deposit to open the account. Wells Fargo's savings accounts do not require a minimum opening deposit, though some of their other products do. You can start with as little as $1 if that is what you have available right now.

If you do not have a Social Security number yet, you can open an account with an Individual Taxpayer Identification Number (ITIN) instead. Bring the same documents, plus the ITIN letter from the IRS.

Key Takeaways

  • You will need a photo ID, Social Security number or ITIN, and proof of your current address to open an account.
  • Wells Fargo savings accounts have no minimum opening deposit, so you can start with whatever amount you have.
  • You can open an account in person at a branch, online through the Wells Fargo website, or by phone.
  • The account opens when ready if you explore in person or online, and you can begin using it the same day.
  • Wells Fargo charges a monthly maintenance fee on most savings accounts unless you meet certain balance or deposit requirements.

Opening an account in person at a Wells Fargo branch

Walk into any Wells Fargo branch with your ID, proof of address, and Social Security number. Tell the banker you want to open a savings account. They will ask you a few questions about how you plan to use the account and show you the different savings products Wells Fargo offers.

The banker will fill out the paperwork with you, explain the monthly fees and interest rate, and ask you to sign. Once you sign, the account is open. You can deposit money right then and there, and you will receive a debit card in the mail within 7 to 10 business days. You can also set up online banking on the spot so you can check your balance and move money from home.

Bring your documents in original form — do not send copies by mail. If you are opening the account for someone else (like a parent opening one for a child), both people need to be present with ID.

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 product options. You will answer questions about yourself, your income, and how you plan to use the account.

Wells Fargo will ask you to upload photos of your ID and proof of address using your phone or computer camera. Make sure the photos are clear and show all four corners of the document. The system will also ask for your Social Security number and date of birth.

Once you submit, Wells Fargo reviews your information — this usually takes a few minutes to a few hours. If approved, you will see a confirmation on screen and receive an email. You can then log in to your new account and set up online banking. Your debit card arrives in 7 to 10 business days, but you can transfer money into the account and use it online right away.

Opening an account by phone

Call Wells Fargo at 1-800-869-3557 and tell them you want to open a savings account. A banker will walk you through the same questions as the online process. You will need to read your ID number, Social Security number, and address out loud, so make sure you are in a private place.

The banker will mail you documents to sign and return. Once Wells Fargo receives your signed paperwork, the account opens. This method takes longer than in-person or online — usually 5 to 7 business days from the time you mail back the signed forms.

Understanding Wells Fargo savings account fees

Most Wells Fargo savings accounts charge a monthly maintenance fee of $5. You can avoid this fee in a few ways: keep a minimum balance (usually $300 to $500, depending on the account type), set up direct deposit of your paycheck, or link the account to a Wells Fargo checking account and maintain a certain balance in that checking account.

Wells Fargo also pays interest on the money you keep in savings, though the rate changes based on what the Federal Reserve does. The rate is usually very small — often less than 1 percent per year — but it means your money grows slightly just by sitting there.

Ask the banker or check the account details online to see which fee waiver option works best for your situation. If you are paid by check or cash rather than direct deposit, the balance requirement might be easier to meet than waiting for a paycheck to arrive.

What happens after you open the account

Your account is ready to use when ready, even before your debit card arrives. You can transfer money in from another bank account, have your paycheck deposited directly, or go to a Wells Fargo branch and deposit cash or checks at the teller window.

Set up online banking and the Wells Fargo mobile app so you can check your balance, see your transaction history, and move money between accounts from your phone or computer. You can also set up alerts that notify you when your balance drops below a certain amount or when a large transaction happens.

If you have questions after opening, you can call Wells Fargo customer service at 1-800-869-3557, visit a branch, or use the chat feature in the mobile app. Most questions get answered within a few minutes.

Frequently Asked Questions

Do I need to be a U.S. citizen to open a Wells Fargo savings account?

No. You need a valid government-issued ID and either a Social Security number or an ITIN. Many people who are not yet citizens open accounts using an ITIN. Bring the same documents as anyone else — ID, proof of address, and your ITIN letter from the IRS.

Can I open an account if I have been denied by ChexSystems?

ChexSystems is a checking account history system that banks use to screen applicants. If you have had problems with a previous bank account, it may show up there. Wells Fargo will tell you during the process process if there is an issue. Some people in this situation can still open an account; it depends on what happened and how long ago.

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

A savings account is simpler and has fewer restrictions. A money market account usually requires a higher minimum balance and limits how many times per month you can withdraw money, but it pays a slightly higher interest rate. For most people starting out, a regular savings account is the better choice.

Can I open a joint savings account with someone else?

Yes. Both people need to be present with ID and proof of address. You both sign the paperwork, and you both have full access to the account and the money in it. Either person can withdraw, deposit, or close the account without the other's permission.

How long does it take to receive my debit card?

Wells Fargo mails debit cards within 7 to 10 business days of opening the account. You can use your account online and transfer money before the card arrives. If you need cash before then, you can withdraw at a Wells Fargo branch or ATM using your account number.