What you need to bring to open a Wells Fargo savings account

To open a savings account at Wells Fargo, you will need a government-issued photo ID, your Social Security number, and an initial deposit. The ID can be a driver's license, passport, state ID card, or tribal ID. Wells Fargo requires this information to verify your identity and comply with federal banking rules.

You will also need to decide how much money to deposit to start the account. Wells Fargo does not publicly state a minimum opening deposit for savings accounts, so the amount may vary. Call your local branch or visit Wells Fargo online to confirm the current requirement before you go in.

If you do not have a Social Security number, bring an Individual Taxpayer Identification Number (ITIN) instead. This is a tax ID issued by the IRS to people who are not may be able to access for a Social Security number but need to file taxes or open a bank account.

Key Takeaways

  • You will need a photo ID, Social Security number or ITIN, and an initial deposit to open a Wells Fargo savings account.
  • You can open an account in person at a branch, online through Wells Fargo's website, or by phone with a Wells Fargo representative.
  • The account opening process usually takes a few minutes in person or up to a few business days if you open online.
  • Wells Fargo savings accounts earn interest on your balance, though the interest rate changes based on market conditions.
  • You will receive a debit card and online access so you can check your balance and move money between accounts.

Opening an account in person at a Wells Fargo branch

Walking into a branch is often the fastest way to open a savings account. Bring your ID, Social Security number or ITIN, and your initial deposit. A Wells Fargo representative will ask you questions about your account — such as whether you want online banking and what your mailing address is — and will help you complete the paperwork.

The whole process usually takes 10 to 20 minutes. Before you leave, ask the representative to explain the account features, including how interest is calculated and when it is paid to your account. Most Wells Fargo savings accounts pay interest monthly.

If you are new to banking or uncomfortable with the process, opening in person is a good choice because you can ask questions as you go. The representative can also show you how to use online banking and the Wells Fargo mobile app on the spot.

Opening an account online or by phone

Wells Fargo allows you to open a savings account through their website without visiting a branch. Go to wellsfargo.com, find the savings account option, and follow the steps to enter your personal information, Social Security number, and initial deposit details. You will need to verify your identity, which Wells Fargo does by asking security questions based on your credit history.

If you prefer to talk to someone, you can call Wells Fargo at 1-800-869-3557 to open an account by phone. A representative will walk you through the same questions and take your information over the phone. You will still need to provide your ID and Social Security number, usually by uploading a photo of your ID or mailing a copy.

Online and phone accounts typically take one to three business days to fully set up. During that time, Wells Fargo is verifying your identity and setting up your account in their system. You will receive a confirmation email or letter with your account number and instructions for logging into online banking.

Understanding Wells Fargo savings account features

A Wells Fargo savings account is a place to store money and earn interest on it. Interest is money the bank pays you for letting them use your deposits. The interest rate changes based on what the Federal Reserve does with interest rates, so the amount you earn may go up or down over time.

Wells Fargo offers different types of savings accounts with different features. The basic savings account has no monthly fee if you keep a certain balance — usually around $300 to $500, though this varies. Some accounts have higher interest rates if you maintain a larger balance or agree not to withdraw money for a set period.

Once your account is open, you can move money into it from another bank account, deposit cash at a Wells Fargo ATM, or have your paycheck deposited directly into the account. You can withdraw money at any time, though some account types limit how many withdrawals you can make per month without a fee.

Setting up online banking and the mobile app

After your account opens, you can log into Wells Fargo's website or read the Wells Fargo mobile app to manage your account from your phone or computer. Online banking lets you check your balance, see recent transactions, transfer money between your accounts, and set up automatic transfers.

To log in, you will need to create a username and password. Wells Fargo will ask you security questions to verify your identity the first time you log in. Once you are set up, you can check your account anytime without visiting a branch.

The mobile app has the same features as the website and also lets you deposit checks by taking a photo of the front and back. This is called mobile check deposit and saves you a trip to the branch or ATM.

What happens after you open your account

Within one to two weeks, Wells Fargo will mail you a debit card linked to your savings account. This card lets you withdraw money at Wells Fargo ATMs and other ATMs in the network. Some savings accounts also let you use the debit card to make purchases, though this varies by account type.

You will also receive account statements, either by mail or email, showing all the deposits, withdrawals, and interest you earned that month. Review these statements to make sure all the transactions are correct. If you see something wrong, contact Wells Fargo right away.

If you have questions about your account after it opens, you can visit a branch, call 1-800-869-3557, or use the messaging feature in online banking to contact Wells Fargo. Most questions are answered within one business day.

Frequently Asked Questions

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

No. You can open a savings account on its own without a checking account. However, many people find it helpful to have both — a checking account for everyday spending and a savings account for money you want to keep and grow.

What if I do not have a Social Security number?

You can use an Individual Taxpayer Identification Number (ITIN) instead. An ITIN is issued by the IRS and works the same way as a Social Security number for banking purposes. Bring your ITIN documentation and photo ID to the branch, or mention it when opening online.

How much interest will I earn on my savings?

The interest rate changes based on market conditions and the type of savings account you choose. Wells Fargo publishes current rates on their website. Interest is usually paid monthly and added directly to your account balance.

Can I open an account if I have had banking problems in the past?

Wells Fargo checks your banking history using ChexSystems, a system that tracks closed accounts and unpaid fees. If you have issues in your history, you may still be able to open an account, but Wells Fargo may decline. Call ahead to ask about your specific situation.

What is the difference between a savings account and a money market account at Wells Fargo?

A savings account is simpler and designed for regular deposits and withdrawals. A money market account typically requires a larger balance but may pay higher interest. Both earn interest, but money market accounts sometimes come with a debit card and check-writing ability.