What you need to open a savings account at Wells Fargo
Wells Fargo will ask for a government-issued photo ID, your Social Security number, and an initial deposit. The ID can be a driver's license, passport, or state ID card. You'll also need to bring a debit card or bank account number if you want to fund the account by transfer on the same day — otherwise you can deposit cash or a check in person at a branch.
If you don't have a Social Security number yet, Wells Fargo can still open an account, but the process takes longer and requires additional documents. Ask at your local branch what they need in your specific situation.
You can open an account online, by phone, or in person at a Wells Fargo branch. Opening online is fastest if you have all your documents ready and a way to verify your identity — usually a video call with a Wells Fargo representative or uploading photos of your ID.
Key Takeaways
- You need a government photo ID, your Social Security number, and money to deposit — even $1 will open most Wells Fargo savings accounts.
- Opening online takes about 10 minutes if you have your documents ready, but you may need to verify your identity by video or photo upload.
- Wells Fargo savings accounts earn interest, but the rate is very low — currently less than 0.01% at most branches, so your money grows slowly.
- You can deposit money in person at any Wells Fargo branch, by transfer from another bank account, or by mailing a check.
- Once your account is open, you can withdraw money at any Wells Fargo ATM or branch, but some savings accounts limit how many times per month you can withdraw.
Opening an account online versus in person
Opening online is faster and you can do it from home. You'll need to upload a photo of your ID, enter your personal information, and verify your identity — usually by answering security questions or taking a video call. Once Wells Fargo approves you, your account opens when ready and you can start using it the same day.
Opening in person at a branch takes longer but can be simpler if you're not comfortable with technology or if you have questions. A Wells Fargo employee will walk you through the paperwork, check your ID in front of you, and you can deposit cash or a check right away. Bring your ID, Social Security number, and the money you want to deposit.
Opening by phone is also an option — you can call Wells Fargo at 1-800-869-3557 and a representative will guide you through the process. You'll still need to verify your identity, usually by answering security questions.
How much money you need to deposit
Most Wells Fargo savings accounts have no minimum opening deposit. You can open an account with $1 if you want. However, some specialty savings products — like high-yield savings accounts or money market accounts — may require a larger deposit, usually $2,500 or more.
Ask which type of savings account you're opening before you go in. If you're just starting out and don't have much money yet, a regular savings account with no minimum is the right choice.
What happens after you open the account
Once your account is open, Wells Fargo will send you a debit card in the mail, usually within 7 to 10 business days. You can use this card to withdraw money at any Wells Fargo ATM for free. You can also withdraw money in person at any Wells Fargo branch by showing your ID.
Your account will come with online banking access. You can log in to Wells Fargo's website or mobile app to check your balance, transfer money, set up automatic deposits, or pay bills. You'll receive a username and password when your account opens, or you can create them yourself online.
Money you deposit will start earning interest when ready, though the amount is very small. Wells Fargo publishes its current savings rates on its website — you can check what your account will earn before you open it.
Limits on how often you can withdraw
Federal rules used to limit savings account withdrawals to six per month, but those rules changed in 2020. Wells Fargo now allows unlimited withdrawals from most savings accounts. However, if you withdraw money very frequently — more than a few times per week — Wells Fargo may contact you to ask why, or may close the account if the pattern continues.
Savings accounts are designed for money you're setting aside, not for everyday spending. If you need to withdraw money constantly, a checking account is a better fit.
Fees and things that cost money
Wells Fargo does not charge a monthly fee to maintain most savings accounts. However, you will be charged if you overdraft — that is, if you try to withdraw more money than you have in the account. An overdraft fee is usually $35 per transaction.
If you link your savings account to a checking account and overdraft the checking account, Wells Fargo may automatically transfer money from your savings to cover it. This is called an overdraft transfer, and it may come with a small fee, usually $0 to $12.50 depending on the account type.
ATM withdrawals at Wells Fargo ATMs are free. If you withdraw from an ATM that is not owned by Wells Fargo, you may be charged a fee by that ATM's owner — usually $2 to $3 — and Wells Fargo may also charge you a fee, usually $1 to $3.
Moving money in and out of your account
You can deposit money by going to a Wells Fargo branch and handing cash or a check to a teller. You can also deposit checks using the Wells Fargo mobile app — take a photo of the front and back of the check, and it will be deposited within one or two business days.
You can transfer money from another bank account into your Wells Fargo savings account online. Log into your Wells Fargo account, go to the transfer section, and enter the other bank's routing number and your account number there. The transfer usually takes one to three business days.
To withdraw money, use any Wells Fargo ATM, visit a branch, or set up an automatic transfer to another account. If you set up a transfer to another bank, it usually takes one to three business days.
Frequently Asked Questions
Can I open a Wells Fargo savings account if I don't have a Social Security number?
Yes. Wells Fargo can open an account using an Individual Taxpayer Identification Number (ITIN) instead. The process takes longer and requires additional documents — usually a passport or consulate ID plus proof of address. Call your local branch or visit in person to ask what documents they need.
What's the difference between a Wells Fargo savings account and a checking account?
A savings account earns interest and is meant for money you're setting aside. A checking account is for everyday spending — it usually comes with a debit card and checks. Most people use both: a checking account for bills and daily expenses, and a savings account to build emergency money.
How long does it take to open a Wells Fargo savings account online?
The process itself takes about 10 minutes. Identity verification can happen when ready by video call, or you may need to upload photos of your ID and wait a few hours for approval. Once approved, your account opens right away and you can start using it the same day.
Will Wells Fargo report my savings account to credit bureaus?
No. Savings accounts are not reported to credit bureaus, so opening one will not affect your credit score. Only loans and credit cards are reported. A savings account is a good place to start if you're new to banking.
What if I want to close my savings account later?
You can close a Wells Fargo savings account anytime by visiting a branch, calling 1-800-869-3557, or using online banking. Withdraw any remaining money first, or tell Wells Fargo where to send it. There is no fee to close an account.