What you need to bring and where to start
You can open a Wells Fargo savings account either online, by phone, or in person at a branch. The fastest route is online if you have a government-issued ID and a Social Security number ready. You will also need an initial deposit — the amount varies by account type, but many savings accounts have no minimum.
If you go in person, bring your ID, Social Security number, and initial deposit (cash or a check). If you open online, you will upload a photo of your ID and provide your information directly into the process. Either way, the account opens the same day or within one business day.
Wells Fargo offers several savings account types: the regular Savings Account, the Growth Savings Account (which requires a higher balance but pays more interest), and the Way2Save Savings Account (designed for smaller, regular deposits). The differences matter mainly if you plan to keep a large balance or make frequent small deposits.
Key Takeaways
- You can open online with just an ID, Social Security number, and an initial deposit; the account is usually active the same day.
- In-person opening at a branch takes the same amount of time and requires the same documents, plus cash or a check for your first deposit.
- Wells Fargo offers three main savings account types, each with different interest rates and balance requirements.
- Once your account is open, you can link it to a checking account, set up automatic transfers, or deposit money through mobile deposit.
Opening online through Wells Fargo's website
Go to wellsfargo.com and select "Open an Account" from the main menu. You will be asked whether you want a checking account, savings account, or both. Choose savings account and select the type you want.
The form will ask for your name, address, date of birth, Social Security number, phone number, and email. You will then upload a photo of the front and back of your government-issued ID — a driver's license, passport, or state ID card all work. Wells Fargo's system reads the ID automatically, so the photo needs to be clear and fully visible.
Next, you choose your initial deposit method. You can transfer money from another bank account (which takes one to two business days), deposit a check through mobile deposit once the account opens, or wait to deposit in person. After you submit, Wells Fargo will verify your information and send you a confirmation email within a few minutes. Your account number appears in that email, and you can log in to your online account when ready.
Opening in person at a Wells Fargo branch
Find your nearest branch on wellsfargo.com using the branch locator tool. You do not need an appointment for a savings account, though calling ahead during busy times can save you a wait.
Bring your government-issued ID, Social Security number (or an ITIN if you do not have a Social Security number), and your initial deposit. The deposit can be cash, a check from another bank, or a transfer from another account you control. A banker will walk you through the account type options, answer questions about interest rates and fees, and complete the paperwork.
The account opens on the spot. You will receive a temporary debit card if you opened a checking account as well, though savings accounts do not come with debit cards. You will also get login information for online banking, which you can use when ready to check your balance and set up transfers.
What happens after your account opens
Once your account is active, you can deposit money through several methods: in person at a branch, through mobile deposit (photographing a check through the Wells Fargo app), by transferring from another bank account, or by having your employer or another source deposit directly into the account.
You can also link your new savings account to an existing Wells Fargo checking account or open a checking account at the same time. Many people set up automatic transfers from checking to savings on payday, which helps build the habit of saving regularly.
Your first statement will arrive 30 to 45 days after opening. It will show your opening balance, any deposits or withdrawals, and the interest earned. Interest rates change based on the Federal Reserve's actions, so the rate you see when you open may not be the rate you earn six months from now.
Account types and what each one offers
The Savings Account is the standard option. It has no monthly fee if you keep a $300 minimum balance; if your balance drops below that, you pay $5 per month. Interest rates are modest but change with market conditions.
The Growth Savings Account requires a $25,000 opening deposit and a $25,000 minimum balance to avoid a $25 monthly fee. In exchange, it pays a higher interest rate. This account makes sense only if you have a large balance you plan to keep in savings for a while.
The Way2Save Savings Account has no monthly fee and no minimum balance. It pays a lower interest rate than the standard Savings Account, but it is designed for people who want to make small, frequent deposits without worrying about falling below a balance threshold.
Fees and things that cost money
The main fee is the monthly maintenance fee, which applies to the Savings Account and Growth Savings Account if your balance falls below the minimum. The Savings Account fee is $5 per month; the Growth Savings Account fee is $25 per month. Way2Save has no monthly fee.
Other fees are less common but possible: if you exceed six withdrawals or transfers out of your savings account in a calendar month, you pay $10 for each withdrawal over six. This is a federal rule that applies to most savings accounts, not just Wells Fargo. You can avoid it by keeping most of your transfers to once a month or fewer.
If you close your account within 90 days of opening, Wells Fargo may charge an early closure fee of $25. This discourages people from opening accounts just to get a promotional offer and then closing when ready.
If you already have a Wells Fargo account
If you already have a checking account with Wells Fargo, opening a savings account is faster. You can do it online in about five minutes by logging into your existing account, selecting "Open an Account," and choosing savings. You do not need to re-enter your ID or Social Security number because Wells Fargo already has that information on file.
You can also open a savings account at a branch by straightforward walking in with your existing Wells Fargo debit card or account number. The banker will pull up your account, confirm your information, and open the savings account without asking for ID again.
Once both accounts are open, you can transfer money between them when ready online or through the mobile app. Many people use this to move money from checking to savings on payday, which keeps the savings account separate and harder to spend from.
Frequently Asked Questions
Do I need a minimum deposit to open a Wells Fargo savings account?
No minimum deposit is required for the Savings Account or Way2Save Savings Account. The Growth Savings Account requires a $25,000 opening deposit. However, the Savings Account charges a $5 monthly fee if your balance drops below $300, so most people deposit at least that amount to avoid the fee.
How long does it take to open an account online?
The process takes about 10 to 15 minutes. Your account opens when ready after you submit, and you can log in and see your account number within minutes. If you transfer money from another bank to fund the account, that transfer takes one to two business days to arrive.
Can I open a savings account without a Social Security number?
Yes. You can use an ITIN (Individual Taxpayer Identification Number) instead. You will need to open in person at a branch and bring your ITIN documentation along with your government-issued ID. The process is otherwise the same.
What is the interest rate on a Wells Fargo savings account?
Interest rates change frequently based on Federal Reserve decisions. Check wellsfargo.com or call 1-800-869-3557 to see the current rate for each account type. Rates are typically higher for the Growth Savings Account than the standard Savings Account.
Can I open a savings account for someone else?
No. The person whose name is on the account must be present (in person or online with their own ID) to open it. If you want to open an account for a minor, you will need to open a joint account or a custodial account, which requires the minor to be present at a branch with a parent or guardian.