What you need to open a Wells Fargo savings account

You can open a Wells Fargo savings account in person at a branch, online, or by phone. The bank will ask for a government-issued photo ID (a driver's license or passport), your Social Security number, and your date of birth. If you are opening the account online or by phone, you will also need a valid email address and a phone number where Wells Fargo can reach you.

You do not need to have an existing Wells Fargo checking account to open a savings account. You also do not need to bring an initial deposit to a branch — though you will need to fund the account within a set timeframe if you open it online. Wells Fargo does not require a minimum opening deposit for most of its savings products, though some accounts have minimum balance requirements to avoid monthly fees.

If you do not have a government-issued ID yet, you can ask a Wells Fargo branch what alternative documents they will accept. Policies vary slightly by location, so calling your nearest branch ahead of time can save you a trip.

Key Takeaways

  • You will need a photo ID, Social Security number, and date of birth; opening online also requires an email address and phone number.
  • Wells Fargo offers several types of savings accounts with different interest rates and fee structures, so comparing them before you open matters.
  • You can open an account in person, online, or by phone, and each method takes a different amount of time.
  • Most accounts do not require a minimum deposit to open, but some charge a monthly fee if your balance falls below a certain amount.
  • Once your account is open, you can deposit money by visiting a branch, using an ATM, or setting up direct deposit from your employer.

The three ways to open an account and how long each takes

In person at a branch: You walk in with your ID and Social Security number, speak to a banker, and complete the paperwork on the spot. This usually takes 15 to 30 minutes. You can fund the account when ready with cash or a check, or you can leave and fund it later online or at an ATM. A banker can also answer questions about which account type fits your situation.

Online: You go to wellsfargo.com, select "Open an Account," and fill out the form with your personal information. The process takes about 10 to 15 minutes. Wells Fargo will ask you to verify your identity by answering security questions based on your credit history. You will need to fund the account within 10 calendar days, either by transferring money from another bank account or by mailing a check to Wells Fargo.

By phone: You call Wells Fargo at 1-800-869-3557 and speak to a representative who will walk you through the process. This takes 20 to 30 minutes. Like the online method, you will need to fund the account within 10 days. Phone opening is useful if you prefer talking to a person but cannot visit a branch.

Wells Fargo savings account types and what sets them apart

Wells Fargo offers several savings products. The Wells Fargo Savings Account is the standard option — it has no minimum opening deposit, but charges a $5 monthly maintenance fee if your balance stays below $500. The interest rate (the amount the bank pays you for keeping money there) is very low, typically less than 0.01% annually, though rates change over time.

The Wells Fargo Way2Save Savings Account is designed for people who want to build savings gradually. It has no monthly fee, no minimum balance requirement, and offers a slightly higher interest rate than the standard account. Many people choose this one because there is no penalty for keeping a small balance.

The Wells Fargo Money Market Account requires a higher opening deposit (usually $2,500 or more, though this varies) and offers a higher interest rate in return. It also comes with a debit card and check-writing ability, making it more like a hybrid between a savings and checking account. This account has a monthly fee if your balance drops below the minimum.

Before you open, think about how much money you plan to keep in the account and whether you want to avoid monthly fees. If you are starting small, Way2Save is often the better choice. If you have more money to deposit and want to earn more interest, a Money Market Account might be worth the higher minimum.

What happens after you submit your process

If you opened in person, your account is usually active when ready. You can start using it the same day, and the banker will give you information about online access and your account number.

If you opened online or by phone, Wells Fargo will send you a confirmation email within a few minutes. Your account becomes active once you fund it (transfer or mail a deposit). After you fund it, you can log in to your online account and set up a debit card if you want one. A physical debit card will arrive by mail within 7 to 10 business days.

You will receive a welcome packet in the mail with your account details, a temporary debit card (if you ordered one), and information about online banking and mobile app access. Save this packet — it contains your account number and routing number, which you will need if you want to set up direct deposit from your employer or transfer money from another bank.

How to fund your account once it is open

You have several options for putting money into your new savings account. The fastest is to visit a Wells Fargo branch in person and deposit cash or a check directly to the teller. The money is available when ready for cash deposits and usually within one business day for checks.

If you have a bank account at another bank, you can transfer money online using Wells Fargo's external transfer feature. Log into your Wells Fargo account online, select "Transfer Money," and follow the prompts to link your other bank account. The transfer usually takes 1 to 3 business days.

You can also mail a check to Wells Fargo. The address will be in your welcome packet or on the bank's website. Mailed checks take 5 to 10 business days to clear.

If your employer offers direct deposit, you can set that up once your account is open. Ask your employer's payroll department for the direct deposit form, and provide them with your Wells Fargo account number and routing number (which is 121000248 for all Wells Fargo accounts). Direct deposit usually starts within one or two pay periods.

Fees to know about and how to avoid them

The main fee to watch for is the monthly maintenance fee on the standard Wells Fargo Savings Account. It is $5 per month if your balance falls below $500. You can avoid this fee by keeping at least $500 in the account at all times, or by switching to the Way2Save account, which has no monthly fee.

Other fees include overdraft fees (charged if you try to withdraw more than you have), out-of-network ATM fees (charged when you use an ATM that is not a Wells Fargo machine), and wire transfer fees (charged if you send money to another bank). Savings accounts do not typically allow overdrafts the way checking accounts do, so overdraft fees are less common. You can avoid ATM fees by using Wells Fargo's ATM network or by withdrawing cash at a branch.

Wells Fargo also charges an inactivity fee if your account sits unused for a very long time (typically over a year with no deposits or withdrawals), though this is rare. The best way to avoid all fees is to choose an account with no monthly maintenance fee, keep your balance above any minimums, and use Wells Fargo ATMs.

Setting up online and mobile banking

Once your account is open, you can manage it online or through the Wells Fargo mobile app. To set up online banking, go to wellsfargo.com and click "Sign On." If this is your first time, select "Enroll Now" and create a username and password. You will need your account number and Social Security number to enroll.

The Wells Fargo mobile app is available for iPhone and Android. read it from the App Store or Google Play, then log in with the same username and password you created for online banking. Through the app or website, you can check your balance, transfer money between accounts, pay bills, and deposit checks by taking a photo.

Wells Fargo also offers text and email alerts. You can set these up in your online account settings to notify you when your balance drops below a certain amount, when a deposit is made, or when a withdrawal occurs. These alerts help you keep track of your account and catch any unusual activity.

Frequently Asked Questions

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

If you are a non-citizen without a Social Security number, you may be able to open an account using an Individual Taxpayer Identification Number (ITIN) instead. Call your nearest Wells Fargo branch or the main customer service line at 1-800-869-3557 to ask what documents you will need to bring.

How long does it take to open an account online?

The online process itself takes about 10 to 15 minutes to complete. However, your account does not become fully active until you fund it, which must happen within 10 calendar days. Once you deposit money, you can start using the account when ready.

What is the difference between a savings account and a Money Market Account?

A Money Market Account requires a higher opening deposit and minimum balance, but pays more interest. It also comes with a debit card and check-writing ability. A regular savings account has lower minimums and fewer fees, but earns very little interest. Choose based on how much money you plan to keep in the account.

Can I have more than one savings account at Wells Fargo?

Yes, you can open multiple savings accounts. Some people open one for emergencies and another for a specific goal. Each account has its own number and can be managed separately online.

What should I do if I forget my online banking password?

Go to wellsfargo.com and click "Sign On." Select "Forgot Username or Password?" and follow the prompts to reset it. You will need to verify your identity by answering security questions or receiving a code by text or email.