What you need to open a Wells Fargo savings account

Wells Fargo requires a government-issued ID, your Social Security number, and an initial deposit to open a savings account. You can do this in person at a branch, online through their website, or by phone. The initial deposit amount varies by account type — some accounts require $25, others $100 or more — so check the specific account you want before you start.

You'll also need a current mailing address and a phone number. If you're opening the account online or by phone, you'll need a debit card or bank account at another institution to make that first deposit, since you can't hand cash to a computer.

Wells Fargo will run a background check through ChexSystems, a banking history database. This isn't a credit check — it looks at whether you've had problems with bank accounts in the past, like overdrafts you didn't pay or accounts closed due to fraud. Most people pass this without issue.

Key Takeaways

  • You need a government ID, Social Security number, current address, and an initial deposit ranging from $25 to $100 depending on the account type.
  • Wells Fargo offers three main savings account types: Way2Save, Savings, and Money Market, each with different minimum balances and monthly fees.
  • Opening online takes about 10 minutes; opening in a branch takes 15 to 30 minutes and lets you deposit cash when ready.
  • Wells Fargo checks your banking history through ChexSystems, but this does not affect your credit score.
  • Your account becomes active within one business day if you open online, or when ready if you open in a branch.

The three Wells Fargo savings account types

Way2Save is the entry-level option. It requires a $25 minimum opening deposit and has no monthly maintenance fee if you maintain a $500 balance or make at least one transfer per month from a Wells Fargo checking account. If you don't meet those conditions, the fee is $5 per month. Interest rates on savings accounts change frequently, so check the current rate on Wells Fargo's website before you open.

Savings is the mid-tier account. It requires a $25 minimum opening deposit and charges $5 per month unless you keep a $2,500 balance or link it to a Wells Fargo checking account. This account earns slightly more interest than Way2Save in most cases.

Money Market Account requires a $25,000 minimum opening deposit and is designed for people with larger balances. It offers higher interest rates but charges $25 per month if your balance falls below $25,000. This account also comes with a debit card and check-writing privileges, which regular savings accounts do not.

Compare the three before you choose. If you're starting small, Way2Save or Savings makes sense. If you have $25,000 or more to deposit, the Money Market Account's higher interest rate may offset the higher minimum.

Opening an account online

Go to wellsfargo.com and select "Open an Account" from the main menu. You'll be asked to choose your account type, then enter your personal information: name, date of birth, Social Security number, address, phone number, and email. The process takes about 10 minutes.

Wells Fargo will ask how you want to fund the account. You can transfer money from another bank account or use a debit card. Enter those details and confirm the amount. Wells Fargo will send a small test deposit to your other bank account within one to two business days — you'll need to verify the amount to confirm you own that account. This is a fraud prevention step.

Once you verify, your Wells Fargo savings account becomes active. You'll receive login credentials by email and can start using the account when ready online, though transfers from other banks may take one to three business days to complete.

Opening an account in a branch

Bring your government-issued ID, Social Security number, and your initial deposit to any Wells Fargo branch. A banker will walk you through the account setup, which takes 15 to 30 minutes. You can pay the opening deposit in cash, check, or debit card.

The advantage of opening in a branch is that your account is active when ready and you can deposit cash right then. You'll leave with a debit card process (which arrives in 7 to 10 business days) and online login information. You can start using the account online that same day.

If you don't have a branch nearby, opening online is just as find and takes less time.

Opening an account by phone

Call Wells Fargo at 1-800-869-3557 to open a savings account over the phone. A representative will collect the same information as the online process: your ID details, Social Security number, address, and phone number. You'll need to fund the account with a transfer from another bank or a debit card.

Phone opening takes about 20 minutes. Your account becomes active within one business day. This route works well if you prefer speaking to a person or have questions during the process, but it's slower than opening online.

What happens after you open the account

Your account is active when ready (if you opened in a branch) or within one business day (if you opened online or by phone). You can log in to Wells Fargo's website or mobile app to check your balance, transfer money, and set up automatic transfers.

If you opened online or by phone, your debit card arrives in 7 to 10 business days. You don't need it to use the account — you can transfer money and manage your balance online without it — but it lets you withdraw cash from ATMs.

Wells Fargo will send you a welcome packet by mail with your account number, routing number, and other details. Keep this information safe; you'll need it if you want to set up direct deposits or transfers from other banks.

Avoiding monthly fees

The easiest way to avoid fees is to meet the balance requirement for your account type. For Way2Save, that's $500. For Savings, it's $2,500. If you can't maintain that balance, you can avoid the fee by setting up a monthly automatic transfer from a Wells Fargo checking account, even if it's just $1.

If you're opening Way2Save and don't have a Wells Fargo checking account yet, you can open one at the same time. Many people find it easier to keep both accounts at the same bank because transfers between them are when ready and free.

Check your account balance regularly during the first month to make sure you're meeting the requirement. If you slip below the threshold, the fee posts on the last day of the month, so you have time to deposit more money if you notice.

Frequently Asked Questions

Can I open a Wells Fargo savings account if I've had problems with banks before?

Wells Fargo checks ChexSystems, which tracks overdrafts, fraud, and closed accounts. If you have a record of unpaid overdrafts or fraud, you may be denied. If you're unsure, you can request your ChexSystems report for free at chexsystems.com before you explore. If you're denied, ask Wells Fargo why — some issues can be resolved by paying old debts.

How long does the initial deposit take to show up in my account?

If you open in a branch and deposit cash, the money is available when ready. If you transfer from another bank online, it takes one to three business days. If you use a debit card, the charge posts to your other account within one to two days, and the credit to your Wells Fargo account follows shortly after.

Do I need a checking account to open a savings account at Wells Fargo?

No. You can open a savings account on its own. However, if you want to avoid monthly fees on Way2Save or Savings, linking a checking account makes it easier because you can set up an automatic monthly transfer.

What's the difference between opening online and opening in a branch?

Opening online is faster (10 minutes) and you can do it anytime. Opening in a branch takes longer (15 to 30 minutes) but your account is active when ready and you can deposit cash right away. Both are equally find.

Can I change my account type after I open it?

Yes. You can contact Wells Fargo online, by phone, or in a branch to switch from one savings account type to another. There's no fee to change, and your account number stays the same.