What You Need to Open a Joint Account at Wells Fargo

You and the other account holder will both need to be present in person at a Wells Fargo branch, or you can start the process online and complete it in the branch. Bring a government-issued photo ID for each person — a driver's license, passport, or state ID card. You'll also need a Social Security number for each account holder so Wells Fargo can verify your identity and run a background check through ChexSystems, which is a banking history database.

If either of you has a recent address change, bring a piece of mail showing your current address — a utility bill, lease, or bank statement dated within the last 60 days works. Wells Fargo will ask how much you want to deposit to open the account; the minimum varies by account type, but many joint savings accounts have no minimum opening deposit. You can fund the account with a check, a transfer from another bank, or cash.

Key Takeaways

  • Both account holders must provide government ID and a Social Security number, and at least one person must visit a Wells Fargo branch to complete the account opening.
  • You can start the process online through Wells Fargo's website, but you will need to finish it in person at a branch within a set timeframe.
  • Joint accounts at Wells Fargo are set up as "joint tenants with rights of survivorship" by default, meaning either person can withdraw money and the surviving account holder inherits the balance if one dies.
  • The account will be linked to both Social Security numbers, so both account holders will see the activity on their credit reports and ChexSystems records.

Starting Your process Online or In Person

You can begin the process on Wells Fargo's website by going to the savings accounts section and selecting the joint account option. The online form will ask for basic information about both account holders — names, dates of birth, addresses, and Social Security numbers. Once you submit the online process, you'll receive a confirmation and instructions to visit a branch within 30 days to verify your identity and complete the account opening.

If you prefer to skip the online step, you can walk into any Wells Fargo branch and ask to open a joint savings account. A banker will guide you through the same information-gathering process in person. Either way, the branch visit is required — Wells Fargo cannot open a joint account entirely online because both account holders must be verified face-to-face.

What Happens During Your Branch Visit

When you and the other account holder arrive at the branch, a banker will review the information you provided online (if you started there) or collect it during the appointment. They will scan both IDs, verify both Social Security numbers, and ask questions about the account's purpose — whether it's for household expenses, saving for a goal, or something else. This is routine and helps Wells Fargo meet federal anti-money-laundering requirements.

The banker will also explain the account terms, including the interest rate (which changes over time and varies by account type), any monthly fees, and how the account is structured. They will ask whether you want the account set up as "joint tenants with rights of survivorship" — the default option — or as "tenants in common." With rights of survivorship, the surviving account holder automatically inherits the full balance if one person dies. With tenants in common, the deceased person's share goes through their estate instead. Most people choose rights of survivorship.

Once you both agree to the terms, you'll sign the account agreement, and the account will be opened when ready. You can deposit money that day if you want, or wait until later. Wells Fargo will issue debit cards for both account holders, which typically arrive within 7 to 10 business days.

Understanding How a Joint Account Works After Opening

Both account holders have equal access to all the money in the account. Either person can deposit funds, withdraw funds, or close the account without the other person's permission. This means you need to trust the other account holder completely — there is no way to restrict one person's access or require both signatures for withdrawals. If you want more control over spending, you might consider a different arrangement, such as separate accounts with automatic transfers.

Both account holders will receive statements and can set up online banking access. Wells Fargo will send statements to the address on file, though you can request electronic statements instead. Both people will see all transactions in real time through the Wells Fargo app or website. If one account holder closes the account or makes a large withdrawal without telling the other, the other will find out when they check their balance.

Fees and Interest Rates for Joint Savings Accounts

Wells Fargo charges a monthly maintenance fee on some savings accounts, though many accounts waive the fee if you maintain a minimum balance or set up direct deposit. The current fee structure and minimum balance requirements change periodically, so ask the banker what applies to the specific account type you're opening. Interest rates on savings accounts are very low — typically well under 1 percent annually — and Wells Fargo's rates are usually lower than online banks offer, so compare before you commit.

If the account falls below the minimum balance (if there is one), you'll be charged a monthly fee until the balance is restored. If you close the account within a certain period — usually 90 days — Wells Fargo may charge an early closure fee, though this varies by account type. Ask about all fees before you sign the agreement.

What Happens If One Account Holder Wants to Close the Account

Either account holder can close a joint account at any time without the other person's permission. The person who closes it can withdraw the full balance or leave money for the other person to retrieve. If you want to prevent this, a joint account is not the right structure for you. Some couples use joint accounts only for shared expenses and keep separate accounts for personal savings.

If one account holder dies, the surviving account holder can continue using the account or close it. Because the account is set up with rights of survivorship (unless you chose otherwise), the surviving person owns the full balance and does not need to go through probate. They can visit a branch with a death certificate to update the account and remove the deceased person's name.

Frequently Asked Questions

Can I open a joint account if one person lives out of state?

One person must visit a Wells Fargo branch in person to complete the account opening, but the other person can complete their part online or by phone in some cases. Contact Wells Fargo directly to ask whether both people must be present at the same branch or whether you can finish the process at different locations.

Will opening a joint account affect my credit score?

Opening a savings account does not affect your credit score because savings accounts do not appear on your credit report. However, Wells Fargo will run a ChexSystems check, which is a banking history report, not a credit check. This inquiry does not lower your score.

What if I want to change the account from joint to individual later?

You cannot convert a joint account to an individual account. You would need to close the joint account and open a new individual account. If the other account holder disagrees with closing it, you may need to withdraw your share and let them decide what to do with the remaining balance.

Do both account holders need to be U.S. citizens?

Both account holders must have a Social Security number or an Individual Taxpayer Identification Number (ITIN). Non-citizens with an ITIN can open a joint account, but bring documentation showing your legal status in the United States.