What you need to open a Wells Fargo savings account

Wells Fargo requires two forms of identification and proof of your current address to open a savings account. You will need a government-issued ID (driver's license, passport, or state ID card) and a second form of ID, which can be another government ID or a document like a utility bill, lease, or bank statement showing your name and address. If you do not have a second ID, Wells Fargo will accept a utility bill, mortgage statement, or lease agreement as proof of address instead.

You also need to bring money to fund the account. Wells Fargo does not require a minimum opening deposit for most savings accounts, but you will need at least some amount to complete the transaction — typically $1 or more, depending on the account type. If you are opening the account online or by phone, you can fund it from another bank account you already have.

Have your Social Security number ready. Wells Fargo will use it to verify your identity and check your banking history through ChexSystems, a system that tracks checking and savings account activity across banks.

Key Takeaways

  • You need a government-issued ID, proof of address, and your Social Security number to open an account.
  • Wells Fargo offers three main savings account types: regular savings, money market accounts, and certificates of deposit (CDs), each with different interest rates and withdrawal rules.
  • You can open an account in person at a branch, online through Wells Fargo's website, or by phone, and the process takes 10 to 20 minutes.
  • Once your account is open, you can fund it when ready with a debit card, transfer from another bank, or a cash deposit at a branch.

Opening an account in person at a Wells Fargo branch

Bring your ID, proof of address, and Social Security number to any Wells Fargo branch during business hours. A banker will walk you through the account setup, which takes about 10 to 15 minutes. You will choose which type of savings account you want — Wells Fargo offers a standard savings account, a money market account (which typically pays higher interest but has higher minimum balance requirements), and CDs (certificates of deposit, which lock your money for a set period in exchange for a fixed interest rate).

The banker will explain the current interest rate, any monthly fees, and the minimum balance required to avoid fees. Ask about the current rate before you commit — savings account rates change frequently and vary by account type. Once you agree to the terms, you will sign the account agreement and fund the account. You can deposit cash, use a debit card, or arrange a transfer from another bank account.

If you do not have a nearby branch, you can find one using Wells Fargo's branch locator on their website, which shows hours and services available at each location.

Opening an account online

Go to wellsfargo.com and select "Open an Account" from the homepage. You will be asked to choose your account type and enter your personal information: name, address, date of birth, Social Security number, phone number, and email. Wells Fargo will verify your identity by asking security questions based on your credit history — questions like previous addresses or loan amounts you may have had.

The online process typically takes 10 to 20 minutes. Once you complete the process, Wells Fargo will tell you when ready whether your account is approved. You will then fund the account by linking a bank account you already have and transferring money, or by providing a debit card number. The account is usually active within one business day, though you may not see the transferred funds for two to three business days depending on your other bank.

If Wells Fargo cannot verify your identity online, they will ask you to visit a branch in person or call 1-800-869-3557 to complete the process by phone with a representative.

Opening an account by phone

Call Wells Fargo at 1-800-869-3557 to open an account over the phone. A representative will ask for the same information as the online process: your name, address, date of birth, Social Security number, and employment information. They will verify your identity through security questions, then walk you through the account options and current rates.

You will need to provide a debit card or bank account information to fund the account by phone. The representative will confirm your account number and the next steps for accessing your account online or through the Wells Fargo mobile app. The entire call usually takes 15 to 25 minutes.

Types of savings accounts Wells Fargo offers

Wells Fargo's standard savings account is the most basic option. It has no minimum opening deposit, though Wells Fargo may charge a monthly maintenance fee if your balance falls below a certain amount (currently $300 on most accounts, though this varies). The interest rate is typically very low — often less than 0.01% annually — so this account is mainly for storing money you want to keep separate from checking, not for earning interest.

A money market account pays higher interest than a regular savings account but requires a higher minimum balance to avoid fees — usually $2,500 or more. Money market accounts also limit how many withdrawals you can make per month (typically six), so they work better for money you do not need to touch frequently.

Certificates of deposit (CDs) lock your money for a set period — typically three months, six months, one year, or five years. In exchange, Wells Fargo pays a fixed interest rate that is higher than savings or money market accounts. If you withdraw the money before the term ends, you pay an early withdrawal penalty, which is usually a few months' worth of interest. CDs are useful if you know you will not need the money for a specific period and want a may provide rate.

Funding your account after it opens

Once your account is open, you have several ways to add money. You can transfer funds from another bank account — this usually takes one to three business days. You can deposit cash at any Wells Fargo ATM or branch. You can use a debit card to fund the account online. You can also set up direct deposit from your employer, which moves your paycheck automatically into the account on payday.

If you are transferring from another bank, you will need your other bank's routing number and your account number at that bank. Wells Fargo can walk you through this process online or by phone. Keep in mind that some banks charge a fee for outgoing transfers, so check with your current bank before you move money.

What happens after you open the account

Wells Fargo will mail you a debit card and account statements within 7 to 10 business days. You can access your account online or through the Wells Fargo mobile app when ready after opening, even before the debit card arrives. Set up online banking and mobile banking right away so you can monitor your balance, transfer money, and set up alerts for low balances or large transactions.

Review the account agreement you signed to understand the monthly fees, minimum balance requirements, and interest rate. Interest is usually paid monthly and added to your account balance. If your balance drops below the minimum, Wells Fargo will charge a monthly maintenance fee — typically $5 to $12 depending on the account type. You can avoid this fee by maintaining the required balance or by setting up direct deposit of at least $500 per month.

Frequently Asked Questions

Can I open a Wells Fargo savings account if I have been denied before?

Wells Fargo uses ChexSystems to check your banking history. If you were denied in the past because of unpaid overdrafts or fraud, you may be denied again. Contact Wells Fargo directly at 1-800-869-3557 to ask whether your situation has changed or whether you can open a different account type.

What is the interest rate on a Wells Fargo savings account?

Interest rates change frequently and vary by account type and balance. Standard savings accounts currently pay less than 0.01% annually, while money market accounts pay higher rates. Check wellsfargo.com or call 1-800-869-3557 for current rates before you open an account.

Do I need to be a U.S. citizen to open an account?

You do not need to be a U.S. citizen, but you do need a valid government-issued ID and a Social Security number or Individual Taxpayer Identification Number (ITIN). Visit a branch or call 1-800-869-3557 to discuss your specific situation.

Can I open an account for someone else?

No. The person whose name is on the account must be present in person or complete the online or phone process themselves. If you want to add another person to an existing account as a joint owner, you can do that at a branch after the account is open.

How long does it take to access my money after I open an account?

Your account is active when ready, but transferred funds typically take one to three business days to arrive. Cash deposits at a branch or ATM are available the same day. Direct deposits from your employer appear on payday once you have set them up.