What you need to open a Wells Fargo savings account

Wells Fargo offers several types of savings accounts, and the steps to open one depend on whether you do it online, by phone, or in a branch. You will need a valid government-issued ID, a Social Security number or ITIN, and an initial deposit (the amount varies by account type). If you already have a Wells Fargo checking account, the process is faster because the bank already has your information on file.

The bank will also run a ChexSystems check — a banking history report that shows whether you have had problems with previous accounts, such as unpaid fees or fraud. This is standard practice across the banking industry and does not affect your credit score. Wells Fargo may decline to open an account if your ChexSystems report shows certain issues, though you can request to see your report and dispute inaccuracies.

Key Takeaways

  • You can open a Wells Fargo savings account online, by phone, or in a branch, and the process takes minutes to a few hours depending on the method you choose.
  • You will need a valid ID, Social Security number or ITIN, and an opening deposit that ranges from $0 to $25 depending on the account type.
  • Wells Fargo runs a ChexSystems check on all new accounts, which looks at your banking history but does not affect your credit score.
  • If you already have a Wells Fargo checking account, you can open a linked savings account in minutes without repeating identity verification.

Opening an account online through Wells Fargo's website

The online route is the fastest if you have a computer or phone and a valid ID. Go to wellsfargo.com, select "Open an Account," and choose the savings product you want — Wells Fargo offers the Way2Save Savings Account (designed for regular deposits) and the Savings Account (a standard option). The site will ask for your personal information: name, date of birth, address, Social Security number or ITIN, employment status, and annual income.

You will then verify your identity by uploading a photo of your ID or answering security questions based on your credit history. If you choose the photo upload route, the process is usually when ready. If you answer questions instead, it may take a few minutes. Once verified, you will set up your opening deposit — you can link an external bank account and transfer funds, or use a debit card. The account opens when ready, and you can start using it the same day.

If you run into trouble during the online process, Wells Fargo's website offers a chat option with a representative who can walk you through the steps or switch you to a phone call.

Opening an account by phone or in a branch

You can call Wells Fargo at 1-800-869-3557 to open a savings account. A representative will walk you through the same information you would enter online — personal details, identity verification, and deposit method. Phone verification typically takes 10 to 15 minutes. You will need to provide your ID information verbally, and the bank may ask follow-up questions to confirm your identity.

Opening an account in a Wells Fargo branch is also an option if you have one nearby. Bring your ID, Social Security card or ITIN documentation, and your opening deposit (cash or a check). A banker will complete the paperwork, verify your identity in person, and the account opens the same day. Branch hours vary by location, so check the Wells Fargo website for your nearest branch and its hours before you go.

What happens after you open the account

Once your account is open, you will receive a debit card in the mail within 7 to 10 business days if you opened online or by phone. In-branch accounts sometimes issue a card when ready. You can start making deposits and withdrawals right away using your online banking login or mobile app, even before the physical card arrives.

Wells Fargo will send you account statements monthly (or you can view them online). The bank also sends a welcome packet with your account number, routing number, and information about fees and interest rates. Interest rates on savings accounts change over time, so check your account details or call the bank if you want to know the current rate.

Minimum deposits and account fees

The opening deposit requirement depends on which savings account you choose. The Way2Save Savings Account requires $0 to open, while the standard Savings Account requires $25. Both accounts charge a monthly maintenance fee ($5 for Way2Save, $5 for the standard Savings Account) unless you meet certain conditions — for example, maintaining a minimum balance or having a linked Wells Fargo checking account with direct deposit.

If you do not want to pay a monthly fee, the easiest route is to link your savings account to a Wells Fargo checking account that already has direct deposit set up. Some customers also avoid fees by maintaining a minimum balance, though the threshold varies. Check your account details online or call 1-800-869-3557 to confirm which fee waivers explore to your specific account.

If you already have a Wells Fargo checking account

If you are already a Wells Fargo customer, opening a linked savings account is much faster. Log into your online banking or mobile app, select "Open an Account," and choose a savings product. Because the bank already has your identity information and banking history on file, you skip the verification step entirely. The account opens in minutes, and you can transfer money between your checking and savings accounts when ready.

Linking accounts also makes it easier to manage your money — you can set up automatic transfers from checking to savings, and both accounts appear in one login. If you want to open a savings account but do not have a Wells Fargo checking account, you can open both at the same time online or in a branch.

Frequently Asked Questions

How long does it take to open a Wells Fargo savings account?

Online and phone accounts open in minutes to a few hours, depending on how quickly you complete identity verification. In-branch accounts open the same day. You can start using the account when ready, though a physical debit card arrives in 7 to 10 business days.

Can I open a savings account if I do not have a Social Security number?

Yes. Wells Fargo accepts an ITIN (Individual Taxpayer Identification Number) instead of a Social Security number. You will need to provide documentation of your ITIN when you open the account, either in person or by uploading it during online verification.

What if Wells Fargo declines to open my account?

The bank may decline based on your ChexSystems report or other factors. If this happens, ask the reason in writing. You can request your ChexSystems report for free at chexsystems.com and dispute any errors. Some banks offer second-chance accounts if you have had past banking issues.

Do I need to open a checking account to get a savings account?

No. You can open a savings account alone. However, linking a checking account to your savings account waives the monthly maintenance fee on many Wells Fargo savings products, so it may be worth considering if you need both.

Can I transfer money from another bank into my new Wells Fargo savings account?

Yes. During account opening, you can link an external bank account and transfer funds. You can also deposit cash or checks in a Wells Fargo branch, or set up external transfers later through your online banking.