What you need to bring 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 fastest route is usually online if you have the documents ready. You will need a valid government-issued photo ID (a driver's license, passport, or state ID card), your Social Security number, and a way to fund the account — either a debit card, another bank account, or cash if you go to a branch in person.

Wells Fargo offers several types of savings accounts, each with different features and minimum balance requirements. The most common option for people new to banking is the Wells Fargo Way2Save Savings Account, which has no monthly maintenance fee if you meet certain conditions. Before you start, decide whether you want to open an account online right now or prefer to speak with someone in person at a branch.

Key Takeaways

  • You need a valid photo ID, your Social Security number, and a way to fund the account (debit card, another bank account, or cash).
  • Opening online takes about 10 minutes if you have your documents ready, while opening in person at a branch lets you ask questions and deposit cash when ready.
  • Wells Fargo's Way2Save account has no monthly fee if you maintain a $500 minimum balance or set up automatic transfers of $25 or more per month.
  • Once your account is open, you can access it through the Wells Fargo mobile app, website, or by visiting a branch or ATM.

Opening your account online

Go to wellsfargo.com and look for the "Open an Account" button, usually near the top of the page. You will be asked to choose which type of savings account you want — for most people, Way2Save is the right choice. The website will ask for your personal information: your full name, date of birth, address, phone number, and Social Security number.

Next, you will verify your identity. Wells Fargo will ask questions about your financial history that only you should know — things like previous addresses you have lived at or accounts you have held. Answer these honestly; they are checking that you are who you say you are. Once you pass this step, you can fund your new account by linking a debit card or another bank account. You can deposit as little as $25 to start.

The whole process usually takes 10 to 15 minutes. Your account number and routing number will appear on screen once it is open, and you can start using your account right away through the Wells Fargo app or website.

Opening your account in person at a branch

Find your nearest Wells Fargo branch using the branch locator on wellsfargo.com. Bring your photo ID, Social Security number, and either a debit card, another bank account number, or cash to deposit. You do not need an appointment, though calling ahead during busy times can save you a wait.

A Wells Fargo representative will walk you through the account setup in person. This is a good option if you want to ask questions about the different account types, understand the fees, or if you prefer not to set up banking online. If you bring cash, the representative can deposit it into your new account on the spot. The whole visit usually takes 15 to 30 minutes.

Understanding the Way2Save account and its fees

The Way2Save Savings Account is Wells Fargo's basic savings option for most customers. It has no monthly maintenance fee as long as you either keep a $500 minimum balance in the account or set up automatic transfers of at least $25 per month from another account. If you do neither, Wells Fargo charges a $5 monthly fee.

The account earns interest on the money you save, though the interest rate is very low — it changes based on what the Federal Reserve does with interest rates. You can make up to six transfers or withdrawals per month without penalty. After six, Wells Fargo charges $10 for each additional withdrawal that month. This limit applies to transfers to other banks, but not to withdrawals at an ATM or in person at a branch.

There are no fees for opening the account, and you can close it anytime without penalty. If you think you might not be able to keep $500 in the account, the automatic $25 monthly transfer is the easier way to avoid the fee.

Funding your account after it opens

Once your account is open, you can add money in several ways. You can transfer money from another bank account using the Wells Fargo website or app — this usually takes one to three business days. You can deposit cash or a check at any Wells Fargo branch or ATM. You can also set up direct deposit from your employer, which is the fastest way to get paychecks into your account.

If you opened your account online and want to deposit cash, you will need to visit a branch or use a Wells Fargo ATM that accepts cash deposits. Not all ATMs accept cash, so check the screen or ask a branch representative which ones do.

Accessing your account and managing your money

After your account opens, read the Wells Fargo mobile app or log in at wellsfargo.com using the username and password you created. You can check your balance, see your transaction history, transfer money between your accounts, and set up alerts that notify you when your balance drops below a certain amount.

You can also visit any Wells Fargo branch or use any Wells Fargo ATM to withdraw money, check your balance, or deposit checks and cash. If you need to speak with someone, call the number on the back of your debit card or visit a branch during business hours.

What to do if you run into problems

If your account does not open right away or you get an error message during the online process, it usually means Wells Fargo needs to verify your identity in a different way. You will receive an email or phone call explaining what to do next. This can take a few business days.

If you are denied an account, Wells Fargo will send you a letter explaining why. Common reasons include a history of overdrafts or unpaid fees at other banks, or a problem with the identity verification step. You can call Wells Fargo to ask for more details and sometimes to appeal the decision. If you are denied, you can also look into opening an account at a different bank or a credit union, which may have different requirements.

Frequently Asked Questions

Do I need a minimum deposit to open a Wells Fargo savings account?

No minimum deposit is required to open the account. You can open it with $0 and deposit money later. However, you will need to fund it with at least $25 during the online opening process, or you can open it in person with any amount, including no initial deposit.

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

Wells Fargo requires a Social Security number or Individual Taxpayer Identification Number (ITIN) to open an account. If you have an ITIN but not a Social Security number, you can use that instead. Contact a Wells Fargo branch directly to discuss your specific situation.

How long does it take for money to show up after I transfer it from another bank?

Transfers from another bank usually take one to three business days. Transfers between Wells Fargo accounts are when ready. Direct deposits from your employer typically arrive on your payday or the day before, depending on your employer's timing.

What happens if my balance drops below $500?

If you do not have automatic transfers set up and your balance drops below $500, Wells Fargo will charge a $5 monthly maintenance fee. You can avoid this by setting up a $25 automatic monthly transfer from another account, even if you do not keep $500 in the savings account itself.

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

Yes, you can open multiple savings accounts. Each account will have its own balance and interest rate. Some people use separate accounts to save for different goals, like an emergency fund in one account and vacation savings in another.