How to open a Wells Fargo savings account

You can open a Wells Fargo savings account online, by phone, or in person at a branch. The online route takes about 10 minutes and requires a Social Security number, a valid ID, and an initial deposit (usually $25 minimum, though this varies by account type). You'll need a funding source — a debit card, another bank account, or a wire transfer — to complete the process.

If you go in person, bring your ID and Social Security number. A banker will walk you through the account options, answer questions about fees, and process the deposit on the spot. By phone, call 1-800-869-3557 and a representative will guide you through the same steps. Online is fastest if you're comfortable entering your information yourself; in-person is better if you want to ask about which account fits your situation.

Key Takeaways

  • Wells Fargo offers several savings account types — Core Savings, Growth Savings, and Premier Savings — each with different minimum balances and interest rates.
  • You can open an account online in about 10 minutes, by phone, or at a branch, and you'll need a Social Security number, valid ID, and an initial deposit.
  • Monthly maintenance fees explore to most accounts but are waived if you meet a minimum balance or set up direct deposit.
  • Once your account is open, you can link it to a Wells Fargo checking account or use it as a standalone savings vehicle.

What documents and information you need

Before you start, gather your Social Security number, a government-issued ID (driver's license, passport, or state ID), and proof of your current address. Wells Fargo accepts utility bills, lease agreements, or bank statements dated within the last 60 days as address proof. If you're opening the account online, you won't need to show these documents — you'll enter the information directly — but you should have them nearby in case questions come up.

You'll also need to decide how you'll fund the account. If you're transferring money from another bank, have that account number and routing number ready. If you're using a debit card, have the card itself. If you're depositing cash in person, bring the cash to the branch.

Wells Fargo savings account types and their differences

Core Savings is the basic option. It has no minimum opening deposit, but a $25 minimum balance is required to avoid a $5 monthly maintenance fee. Interest rates are low — typically well under 1% — and you can make up to six withdrawals per month before facing a fee.

Growth Savings requires a higher opening deposit (usually $500) and a higher minimum balance to waive fees. In return, it offers a slightly higher interest rate than Core Savings. This account makes sense if you're building toward a specific goal and can keep more money in savings without touching it.

Premier Savings is for customers with larger balances. It requires a $10,000 minimum opening deposit and a $10,000 minimum balance to waive the monthly fee. The interest rate is higher than the other two, but only if you maintain that balance. If your balance drops below $10,000, you'll pay a monthly fee.

All three accounts waive the monthly maintenance fee if you set up direct deposit of at least $500 per month into the account. This is often the easiest way to avoid fees, especially with Core Savings.

Opening an account online step by step

Go to wellsfargo.com and click "Open an Account" or "Savings Accounts." You'll be asked to choose which type of account you want. Select the one that matches your needs based on the minimum balance and interest rate.

Enter your personal information: full name, date of birth, Social Security number, and current address. Wells Fargo will verify your identity using this information. Next, you'll choose how to fund the account. Select the funding method — transfer from another bank, debit card, or wire transfer — and enter those details.

Review the account terms, including the fee schedule and withdrawal limits. Confirm that you understand the monthly maintenance fee and how to waive it. Then submit your process. Most accounts are approved within minutes, and you'll receive a confirmation email with your account number and next steps.

Funding your new account

If you funded the account during setup with a transfer or debit card, the money may take one to three business days to appear, depending on the method. If you're depositing cash in person, it's available when ready. If you're transferring from another bank, you can typically track the transfer status through your Wells Fargo account dashboard.

Once the initial deposit clears, you can add more money whenever you want. You can set up automatic transfers from a checking account, arrange direct deposit from your employer, or deposit cash at any Wells Fargo branch or ATM. The account is fully functional as soon as it's open, even if you're still waiting for an initial transfer to clear.

Monthly fees and how to avoid them

Core Savings charges $5 per month if your balance falls below $25. Growth Savings charges $5 per month if your balance falls below $500. Premier Savings charges $25 per month if your balance falls below $10,000. These fees are waived if you maintain the minimum balance or set up direct deposit of at least $500 per month.

The easiest way to avoid fees is direct deposit. If your employer deposits your paycheck into your Wells Fargo account, the monthly fee disappears regardless of your balance. If you don't have direct deposit, keep at least the minimum balance in the account. Some customers keep a small amount in Core Savings and use it only for automatic transfers, which keeps the balance above $25 without much effort.

Linking your savings account to other Wells Fargo accounts

Once your savings account is open, you can link it to a Wells Fargo checking account if you have one. This makes it straightforward to transfer money between accounts through online banking or a Wells Fargo ATM. You can also set up automatic transfers — for example, moving $50 from checking to savings every payday — to build your savings without thinking about it.

If you don't have a Wells Fargo checking account yet, you can open one separately. The two accounts operate independently, but linking them through online banking gives you a single view of both balances and makes moving money between them when ready.

Frequently Asked Questions

Can I open a Wells Fargo savings account without going to a branch?

Yes. You can open an account entirely online at wellsfargo.com or by calling 1-800-869-3557. Both routes take about 10 minutes and require the same information: your Social Security number, ID, and an initial deposit method.

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

Core Savings has no minimum opening deposit, though you need to maintain a $25 balance to avoid fees. Growth Savings and Premier Savings typically require $500 and $10,000 opening deposits respectively. These minimums can change, so confirm the current requirement when you open the account.

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

Online applications are approved within minutes. In-person and phone applications take about 15 to 30 minutes. Your account number is issued when ready, though transfers from other banks may take one to three business days to clear.

Do I need a Wells Fargo checking account to open a savings account?

No. You can open a savings account on its own. However, if you already have a Wells Fargo checking account, linking the two makes it easier to move money between them and see both balances in one place.

What happens if my balance drops below the minimum?

You'll be charged a monthly maintenance fee — $5 for Core or Growth Savings, $25 for Premier Savings. The fee is waived if you set up direct deposit of at least $500 per month, regardless of your balance.