What you need to open a savings account at Wells Fargo

You can open a Wells Fargo savings account in person at a branch, online through their website, or by phone. The bank will ask for a government-issued ID, your Social Security number, and proof of your current address. A utility bill, lease, or recent bank statement works for the address proof. You'll also need an initial deposit — the amount varies by account type, but some accounts have no minimum.

If you're opening online, you'll enter this information directly into Wells Fargo's process form. If you're opening in a branch, a banker will walk you through it and answer questions about which account fits your situation. Either way, the process takes about 15 to 20 minutes.

Key Takeaways

  • You need a government ID, Social Security number, and proof of address — a utility bill or lease is sufficient.
  • Wells Fargo offers several savings account types with different features and minimum deposit requirements, so compare them before you choose.
  • Online applications are usually faster than in-branch, but you can open an account either way depending on what works for you.
  • Your account opens when ready online or within one business day in a branch, and you can start depositing money right away.

The different Wells Fargo savings account types

Wells Fargo offers three main savings accounts: the Wells Fargo Savings, the Wells Fargo Way2Save Savings Account, and the Wells Fargo Gold Savings Account. Each one has different features and different interest rates.

The Wells Fargo Savings account has no monthly service fee and no minimum balance requirement. The Way2Save account charges a monthly fee unless you keep a minimum balance or set up automatic transfers from a checking account. The Gold Savings account requires a higher opening deposit and minimum balance but pays a higher interest rate. Check Wells Fargo's website or ask a banker which one matches what you're trying to do — save for emergencies, build a habit of regular deposits, or earn more interest on a larger balance.

How to open an account online

Go to Wells Fargo's website and look for the "Open an Account" button, usually near the top of the page. Select "Savings" and then choose which type of savings account you want. You'll be asked to enter your personal information: name, date of birth, Social Security number, address, phone number, and email.

Next, you'll verify your identity. Wells Fargo may ask you to confirm information from your credit report or send a code to your phone or email. Once you're verified, you'll choose your initial deposit amount and how you want to fund it — from another bank account, a debit card, or by mailing a check. The account opens when ready, and you'll receive a confirmation email with your account number and login details.

You can start using your account right away online, but your debit card will arrive by mail within 7 to 10 business days. If you need to deposit cash or withdraw money before the card arrives, you can visit a Wells Fargo branch.

Opening an account in person at a branch

Bring your government ID, Social Security number, and proof of address to any Wells Fargo branch during business hours. A banker will review the account types with you, answer questions about fees and interest rates, and help you decide which one fits your needs. They'll fill out the process with you and process it on the spot.

The account opens within one business day, and you can make your first deposit right there at the branch. You'll receive your debit card in the mail within 7 to 10 business days, but you can access your account online or through the Wells Fargo mobile app when ready. If you don't have a Social Security number, ask the banker about alternative forms of ID — Wells Fargo may be able to work with an ITIN (Individual Taxpayer Identification Number) in some cases.

What happens after your account opens

Once your account is open, you can log into Wells Fargo's website or read their mobile app to check your balance, transfer money, and set up automatic deposits or bill payments. Your debit card will arrive in the mail, and you can use it to withdraw cash at any Wells Fargo ATM or at other banks' ATMs (though some may charge a fee).

Wells Fargo will send you monthly statements showing your deposits, withdrawals, and interest earned. You can choose to receive statements by mail or email. If you have questions about your account or need to report a problem, you can call Wells Fargo's customer service, visit a branch, or use the chat feature in their mobile app.

Fees and interest rates to know about

The Wells Fargo Savings account has no monthly service fee. The Way2Save account charges $5 per month unless you keep a $500 minimum balance or set up a recurring automatic transfer of at least $25 per month from a checking account. The Gold Savings account also has a monthly fee unless you meet its higher minimum balance requirement.

Interest rates change based on the Federal Reserve's decisions and market conditions, so the rate you earn when you open your account may be different from the rate someone else earns a month later. Check Wells Fargo's website for the current rates on each account type before you open. You can also call a branch or speak with a banker online to ask what the rate is right now.

If you already have a Wells Fargo checking account

If you're a Wells Fargo customer with a checking account, opening a savings account is faster. You can open one online in minutes without re-entering all your information — Wells Fargo already has your ID and address on file. You can also visit a branch and a banker can open it for you while you wait.

Linking your savings account to your checking account makes it straightforward to transfer money between them. You can set up automatic transfers to move money from checking to savings on a schedule, which helps you build the habit of saving. Both accounts will show up in your Wells Fargo online banking and mobile app.

Frequently Asked Questions

Can I open a Wells Fargo savings account without a Social Security number?

Wells Fargo normally requires a Social Security number, but you may be able to use an ITIN if you don't have one. Call a branch or visit in person to ask — requirements can vary by location, and a banker can tell you what documents they'll accept.

How much money do I need to open a savings account?

The Wells Fargo Savings account has no minimum deposit requirement. Other account types may require $25 or more to open. Check the current requirements on Wells Fargo's website or ask a banker, since these can change.

Can I open a savings account for someone else, like a child?

Wells Fargo offers accounts for minors, but a parent or guardian must open it and be listed as the account owner. Visit a branch with your ID and the child's birth certificate to learn about youth savings accounts and what the options are.

What if I don't have proof of address?

A utility bill, lease, or recent bank statement are the most common forms. If you don't have any of those, ask a banker what else they'll accept — some branches may take a government letter, a phone bill, or other documents depending on the situation.

How long does it take to access my money after I open an account?

Your account opens when ready if you open online, or within one business day if you open in a branch. You can transfer money and make deposits right away through online banking or the mobile app, or visit a branch to deposit cash.