Wells Fargo's high-yield savings account is called the Wells Fargo Active Cash Rewards Savings, and you open it online, by phone, or in a branch
Wells Fargo offers a savings account with a variable interest rate that changes based on market conditions. You do not need to visit a branch — most people open the account through the Wells Fargo website or mobile app in about 10 minutes. You can also call 1-800-869-3557 or walk into any Wells Fargo branch with a government-issued ID and proof of address.
The account has no monthly maintenance fee and no minimum balance requirement to open it. Interest compounds daily and posts to your account monthly. The rate fluctuates, so check the current rate on Wells Fargo's website before you open — it is not locked in for any period.
If you already have a Wells Fargo checking account, opening the savings account takes even less time because the bank already has your identity verified. If you are new to Wells Fargo entirely, you will need to provide your Social Security number, date of birth, and address during the process.
Key Takeaways
- You can open a Wells Fargo high-yield savings account online through the website or app, by phone at 1-800-869-3557, or in person at a branch.
- The account requires no minimum deposit to open and no monthly fee, but the interest rate changes monthly based on market conditions.
- If you are a new Wells Fargo customer, you will need a government ID, proof of address, and your Social Security number to complete the process.
- Existing Wells Fargo customers can link the savings account to their current checking account and transfer money between them when ready.
- Interest compounds daily and deposits into your account once per month, so you earn money on your money automatically.
What documents and information you need before you start
Gather these items before you open the account, whether you are explore online or in person. You will need a government-issued photo ID — a driver's license, passport, or state ID card. You also need proof of your current address, which can be a recent utility bill, lease, mortgage statement, or bank statement dated within the last 60 days.
Have your Social Security number ready. Wells Fargo will run a soft credit check, which does not affect your credit score. You will also need to choose how you want to fund the account — you can transfer money from another bank account, deposit a check through mobile deposit, or visit a branch with cash.
If you already bank with Wells Fargo, you can skip the ID and address verification because the bank has that on file. You will still need your Social Security number to confirm your identity during the process.
Opening the account online through the Wells Fargo website
Go to wellsfargo.com and look for the savings account option in the products menu. Click on the high-yield savings account (listed as the Active Cash Rewards Savings account). The site will ask you whether you are an existing Wells Fargo customer or opening an account for the first time.
If you are new to Wells Fargo, you will enter your name, date of birth, Social Security number, and address. The system will verify your identity in real time — this usually takes a few seconds. You will then create a username and password for online banking, choose a four-digit PIN, and set up security questions.
Next, you will choose how to fund the account. You can link an external bank account and transfer money, or you can start with zero balance and add money later. If you link an external account, Wells Fargo will send two small test deposits to that account within one to two business days — you will need to verify the amounts to confirm you own the account. After that, transfers between your external account and Wells Fargo take one to three business days.
Once you submit the process, you will receive a confirmation number on screen. The account opens when ready, and you can log in to online banking right away. Your debit card arrives by mail in seven to 10 business days.
Opening the account by phone or in a branch
Call 1-800-869-3557 to speak with a Wells Fargo representative. Have your ID, proof of address, and Social Security number ready. The representative will walk you through the same questions as the online process and can answer questions about the current interest rate and account features. The call usually takes 15 to 20 minutes.
If you prefer to open the account in person, visit any Wells Fargo branch with your government ID and proof of address. Bring your Social Security number. A banker will complete the process with you, answer your questions, and can often issue a temporary debit card on the spot. The account opens the same day, though your permanent card arrives by mail.
Opening in a branch is useful if you want to deposit cash when ready or if you have questions the online process does not answer. Branch hours vary by location, so check the Wells Fargo website for your nearest branch and its hours before you go.
How to move money into your new account
You have several ways to fund the account. The fastest is to transfer money from another Wells Fargo account you already own — that transfer happens when ready and shows up in your savings account right away. If you have a Wells Fargo checking account, you can move money between them through online banking or the mobile app anytime.
If you want to transfer from a bank account at a different institution, link that account during the process or afterward through online banking. Wells Fargo sends two small test deposits (usually under $1 each) to verify you own the account. Once you confirm those amounts, you can transfer up to your bank's daily limit. Transfers take one to three business days to complete.
You can also deposit a check through the Wells Fargo mobile app using mobile deposit — take a photo of the front and back of the check, and the funds appear in your account within one business day. If you have cash, deposit it at a Wells Fargo ATM or branch.
Understanding the interest rate and how it changes
Wells Fargo's high-yield savings rate is variable, meaning it changes based on the Federal Reserve's actions and market conditions. The bank publishes the current rate on its website, but that rate is not may provide to stay the same. When the Federal Reserve raises or lowers interest rates, Wells Fargo typically adjusts its savings rate within a few days.
Interest compounds daily, which means you earn interest on your interest. The bank calculates how much interest you have earned each day and adds it to your balance. Once a month, usually on the last business day, that accumulated interest posts to your account as a deposit. You can see the interest posted in your transaction history.
Because the rate changes, the amount of interest you earn each month will vary. If rates go up, you earn more. If rates go down, you earn less. This is different from a certificate of deposit (CD), where the rate is locked in for a set period. Check the Wells Fargo website regularly to see the current rate, or set a calendar reminder to review your account quarterly.
Limits on how often you can withdraw money
Wells Fargo does not limit how many times you can withdraw money from your savings account or how much you can withdraw. You can move money to your checking account, transfer it to another bank, or withdraw cash at a Wells Fargo ATM as often as you want.
Transfers to external bank accounts take one to three business days. Transfers between your Wells Fargo savings and checking accounts happen when ready. ATM withdrawals are when ready. There is no penalty for withdrawing money, and you do not lose interest if you make a withdrawal.
This is different from some other savings accounts that charge a fee after a certain number of withdrawals per month. Wells Fargo's account has no such restriction.
Frequently Asked Questions
Can I open a Wells Fargo savings account if I do not have a checking account with them?
Yes. You can open only a savings account without having a checking account. You will need to provide your ID, proof of address, and Social Security number, whether you explore online, by phone, or in a branch. The process is the same as opening both accounts together.
What is the difference between Wells Fargo's regular savings account and the high-yield savings account?
The high-yield savings account (Active Cash Rewards Savings) pays a higher interest rate than the standard savings account. The exact difference depends on the current rates, which change monthly. Check the Wells Fargo website to compare the two rates before you open an account.
How long does it take to open the account and start earning interest?
The account opens when ready when you complete the process online or in person. You start earning interest as soon as money is in the account. If you transfer from another Wells Fargo account, interest starts the same day. If you transfer from an external bank, interest starts once the transfer completes, which takes one to three business days.
What happens if I close my Wells Fargo checking account but keep the savings account?
You can keep the savings account open independently. Closing your checking account does not affect your savings account. You can still transfer money to external banks, use the debit card, and earn interest on the balance.
Can I set up automatic transfers from my paycheck to this savings account?
Yes. Once the account is open, you can set up direct deposit to the savings account through your employer's payroll system. You can also set up automatic transfers from your Wells Fargo checking account on a schedule you choose — weekly, biweekly, monthly, or any other frequency. Use online banking or the mobile app to create the automatic transfer.