What you need to open a Wells Fargo savings account
Wells Fargo lets you open a savings account online, by phone, or in a branch. You will need a government-issued ID, your Social Security number, and an initial deposit. The deposit amount depends on which savings product you choose — some accounts have no minimum, while others require $25 or more to open.
You will also need a way to fund the account: a debit card, another bank account, or cash if you open in person. If you already have a Wells Fargo checking account, the process is faster because the bank already has your identity information on file.
Wells Fargo runs a background check through ChexSystems, which is a banking history database. This check looks at your past account closures and overdrafts, not your credit score. A history of unpaid overdrafts or fraud can result in denial, but most people with standard banking histories will not face issues.
Key Takeaways
- You need a government ID, Social Security number, and an opening deposit to start a Wells Fargo savings account.
- Wells Fargo offers multiple savings products with different interest rates and minimum balance requirements, so compare them before you choose.
- You can open online in minutes, by phone with a representative, or in person at a branch.
- The bank checks your ChexSystems history, which tracks past account problems but not your credit score.
- If you already bank with Wells Fargo, opening a savings account takes less time because your identity is already verified.
Opening online through Wells Fargo's website
The online route is the fastest. Go to wellsfargo.com, click "Open an Account," and select the savings product you want. You will enter your personal information, Social Security number, and initial deposit method. The entire process takes about 10 minutes.
Wells Fargo will ask you to verify your identity by answering security questions based on your credit history. This is not a credit check — it is a way to confirm you are who you say you are. Once you pass verification, your account opens when ready and you can start using it the same day.
If you choose to fund the account from another bank, you will provide that bank's routing and account numbers. Wells Fargo will initiate an electronic transfer, which typically takes one to three business days. If you fund it with a debit card, the money appears in your Wells Fargo account within minutes.
Opening by phone or in a Wells Fargo branch
Call Wells Fargo at 1-800-869-3557 to open a savings account with a representative. Have your ID and Social Security number ready. The representative will walk you through the same questions as the online process and can answer questions about which savings product fits your situation.
Opening in a branch takes longer because you will wait for an available banker, but you can deposit cash when ready and leave with a debit card. Bring your government ID, Social Security number, and the cash or check you want to deposit. The banker will verify your identity in person and open the account while you wait.
Wells Fargo savings account types and their differences
Wells Fargo offers several savings products, each with different interest rates and rules. The Wells Fargo Way2Save Savings Account has no minimum balance requirement and no monthly fee. It earns interest, though the rate is typically lower than other savings products.
The Wells Fargo Platinum Savings Account requires a $25 minimum balance and also has no monthly fee. It earns a slightly higher interest rate than Way2Save, making it worth choosing if you can keep $25 in the account at all times.
The Wells Fargo Gold Savings Account requires a $500 minimum balance and offers a higher interest rate in return. If you have savings you plan to keep in the account long-term, this product pays more interest than the lower-tier accounts.
Interest rates change regularly and vary based on market conditions. Check the current rates on wellsfargo.com before you open, because the rate you see today may not be the rate you earn next month. You can move money between Wells Fargo savings accounts without penalty, so you can start with one product and switch later if your situation changes.
What happens after your account opens
Once your account is open, you can deposit money through Wells Fargo's mobile app, online banking, ATMs, or in person at a branch. You can also set up direct deposit from your employer or transfer money from another bank account.
Wells Fargo will mail you a debit card within 7 to 10 business days if you opened online or by phone. You can use your account before the card arrives by logging into online banking or the mobile app. In-branch accounts sometimes include an when ready debit card.
Your savings account comes with online banking access, which lets you check your balance, view transactions, and set up alerts. You can also link your savings account to your Wells Fargo checking account (if you have one) to transfer money between them when ready.
Fees and rules to know
Wells Fargo savings accounts have no monthly maintenance fee, regardless of which product you choose. However, there are limits on how many times you can withdraw money each month. Federal rules allow six transfers or withdrawals per month from a savings account. Transfers made through online banking, the mobile app, or automatic payments count toward this limit. Withdrawals at an ATM or in person at a branch do not count.
If you exceed six transfers in a month, Wells Fargo may charge a fee or convert your account to a checking account. The exact consequence depends on your account type and Wells Fargo's current policies, so check your account agreement or call the bank if you think you will need more than six transfers per month.
Interest is calculated daily and deposited monthly. The amount you earn depends on the account type and the current interest rate. You can see your interest earnings in your monthly statement or online banking.
If Wells Fargo denies your account
Wells Fargo may deny your account if you have a history of fraud, unpaid overdrafts, or repeated account closures due to negative balances. The bank will send you a letter explaining the reason for denial. You can request a copy of your ChexSystems report to see what information the bank used to make its decision.
If the report contains errors, you can dispute them directly with ChexSystems. If the denial was based on accurate information, you may be able to reapply after six months or a year, depending on the reason for denial. Some people in this situation open accounts at banks with less strict policies and rebuild their banking history before trying Wells Fargo again.
Frequently Asked Questions
Can I open a Wells Fargo savings account if I do not have a Social Security number?
No. Wells Fargo requires a Social Security number or Individual Taxpayer Identification Number (ITIN) to open any account. If you have an ITIN, you can use that instead of a Social Security number.
How much money do I have to put in to open the account?
It depends on the account type. Way2Save and Platinum Savings have no minimum or a $25 minimum. Gold Savings requires $500. You can deposit more than the minimum, and the amount you deposit does not affect your interest rate.
Can I open a savings account online if I do not have another bank account?
Yes. You can fund your new Wells Fargo savings account with a debit card, and the money will appear in minutes. You do not need an existing bank account to open one at Wells Fargo.
What is the interest rate on a Wells Fargo savings account?
Interest rates change regularly and vary by account type. Check wellsfargo.com for current rates before you open. Rates are typically lower at large banks like Wells Fargo than at online-only banks, but you get access to physical branches and ATMs.
Can I have multiple savings accounts at Wells Fargo?
Yes. You can open more than one savings account and use them for different purposes — one for emergency savings, one for a vacation fund, and so on. Each account earns interest separately and counts toward your six-transfer limit.