You can open a Wells Fargo savings account online, by phone, or in person at a branch

Wells Fargo offers several types of savings accounts, each with different features and minimum balance requirements. You can start the process from your computer, phone, or by walking into a branch. The online route takes about 10 minutes and you can fund the account when ready. In-person and phone applications take longer but let you ask questions as you go.

The account you choose depends on how much you plan to keep in savings and how often you expect to withdraw money. Wells Fargo's main savings products are the regular savings account (no monthly fee if you maintain a $300 minimum balance), the money market account (higher interest rate, requires $2,500 minimum), and the certificate of deposit or CD (locks your money for a set term in exchange for a may provide rate). You do not need to choose today — you can research first and open later.

Key Takeaways

  • Online account opening takes about 10 minutes and requires a Social Security number, government ID, and initial deposit method.
  • Wells Fargo's regular savings account has no monthly fee if you keep at least $300 in the account, though interest rates are typically low.
  • You will need to verify your identity during signup, which usually happens when ready online but may take a phone call if you have no prior Wells Fargo account.
  • Once your account is open, you can deposit money when ready through transfer from another bank, debit card, or mobile check deposit.

Opening an account online through Wells Fargo's website

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 menu. You will be asked to enter your Social Security number, date of birth, and current address. Wells Fargo will run a soft credit check at this stage — this does not affect your credit score and is only to verify your identity.

Next, you choose which type of savings account you want. The standard savings account is the simplest option for most people. You will then set up online banking login credentials (username and password) and choose how to fund the account. Wells Fargo accepts transfers from another bank account, a debit card, or a wire transfer. If you transfer from another bank, that money typically arrives within one to three business days. If you use a debit card, the deposit posts when ready.

After you submit, Wells Fargo sends a confirmation email with your account number. Your account is active right away, though you may not see the full online banking dashboard for a few hours. If you already have a Wells Fargo checking account, the process is faster because the bank already has your identity on file.

Opening an account by phone or in a Wells Fargo branch

Call Wells Fargo at 1-800-869-3557 to open a savings account over the phone. A representative will walk you through the same questions as the online form: Social Security number, address, date of birth, and which account type you want. They will also ask how you want to fund the account. Phone applications usually take 15 to 20 minutes.

If you prefer to open an account in person, visit any Wells Fargo branch with a government-issued ID and proof of your current address (a utility bill, lease, or bank statement dated within the last 60 days works). Bring a debit card or checkbook from another bank if you want to fund the account that day. The branch representative will complete the paperwork, verify your identity, and your account opens on the spot. You can start using it when ready.

What you need before you start

Have your Social Security number ready. Wells Fargo will not open an account without it. You also need a government-issued ID — a driver's license, passport, or state ID card. If you are opening online, you will need to upload a photo of your ID or answer security questions to verify it.

Prepare a way to fund the account. This can be a debit card from another bank, a checking account at another institution, or cash if you are opening in person. Wells Fargo does not require a minimum opening deposit, but the regular savings account charges a $5 monthly fee if your balance drops below $300. Some people open with $300 or more to avoid the fee from the start.

If you are opening in person, bring proof of your current address. A recent utility bill, lease agreement, or bank statement works. If you are opening online or by phone, Wells Fargo will verify your address using public records, so you do not need to upload anything.

How long it takes and when you can use the account

Online applications are usually approved within minutes. Your account number appears on screen before you finish, and you can log in to online banking when ready. Money you transfer from another bank takes one to three business days to arrive. Money you deposit by debit card posts right away.

Phone and in-person applications take longer to process — usually 24 hours — but your account is still usable the same day. You can set up transfers, schedule bill payments, and check your balance as soon as you leave the branch or hang up the phone. If you need a debit card, Wells Fargo can issue one on the spot at a branch, or it will arrive by mail within 7 to 10 business days if you opened online or by phone.

Funding your account after it opens

Once your account is open, you have several ways to add money. The easiest is a transfer from another bank account — log into your Wells Fargo online banking, go to "Transfer Money," and link your other bank account. Wells Fargo will ask you to verify two small deposits (usually under $1 each) that the other bank sends to your Wells Fargo account. This takes one to two business days. After that, you can transfer money when ready or schedule transfers for future dates.

You can also deposit checks using the Wells Fargo mobile app. Take a photo of the front and back of the check, and the money usually appears in your account within one business day. If you have a Wells Fargo debit card, you can use it to withdraw cash at any Wells Fargo ATM or at partner ATMs, and you can deposit cash at a branch or at some Wells Fargo ATMs that accept deposits.

Understanding fees and interest rates

The regular Wells Fargo savings account charges a $5 monthly maintenance fee if your balance falls below $300. There is no fee if you keep at least $300 in the account at all times. You can avoid the fee by setting up a transfer from your checking account on payday, or by keeping your opening deposit in place.

Interest rates on savings accounts change based on the Federal Reserve's decisions and market conditions. Wells Fargo's savings account interest rate is typically lower than online-only banks offer, but it may be higher than some traditional banks. You can check the current rate on Wells Fargo's website before you open. The interest compounds daily and deposits into your account monthly.

Frequently Asked Questions

Do I need an existing Wells Fargo account to open a savings account?

No. You can open a savings account as your first Wells Fargo product. However, if you already have a checking account with Wells Fargo, the process is faster because the bank has already verified your identity.

Can I open a savings account if I have had banking problems in the past?

Wells Fargo uses ChexSystems, a banking history database, to review your process. If you have unpaid overdrafts or closed accounts due to fraud, you may be denied. You can request your ChexSystems report at chexsystems.com to see what Wells Fargo will see. Some people in this situation open accounts at banks that do not use ChexSystems.

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

A money market account requires a higher minimum balance ($2,500) but pays a higher interest rate. It also comes with a debit card and checkbook, so you can withdraw money more easily than from a regular savings account. A regular savings account has a lower minimum ($300) and is better if you are just starting to save.

How do I move money between my Wells Fargo checking and savings accounts?

Log into your Wells Fargo online banking or mobile app, go to "Transfer Money," and select the accounts you want to transfer between. You can move money when ready or schedule transfers for future dates. There is no fee for transfers between your own Wells Fargo accounts.

Can I open more than one savings account with Wells Fargo?

Yes. Some people open multiple savings accounts to separate money for different goals — one for emergencies, one for a vacation, one for a down payment. Each account has its own account number and can be managed separately in online banking.