What you need to open a Wells Fargo savings account

Wells Fargo offers savings accounts online, by phone, or in person at a branch. You will need a valid government-issued ID, a Social Security number, and an initial deposit. Most accounts require a minimum opening deposit—this amount varies by account type and changes periodically, so call 1-800-869-3557 or visit a branch to confirm the current requirement before you start.

If you already have a Wells Fargo checking account, opening a savings account is faster because the bank already has your information on file. You can add a savings account to your existing profile in minutes through online banking or by visiting a branch. If you are new to Wells Fargo, the process takes longer because the bank must verify your identity and run a background check through ChexSystems, which is a banking history database.

You will also need to decide which type of savings account fits your situation. Wells Fargo offers standard savings accounts, money market accounts, and certificates of deposit (CDs). Each has different interest rates, minimum balances, and monthly fees. The standard savings account has the lowest barrier to entry and no monthly maintenance fee if you keep a minimum balance or set up direct deposit.

Key Takeaways

  • You need a valid ID, Social Security number, and an initial deposit to open any Wells Fargo savings account.
  • Opening online takes about 10 minutes if you already bank with Wells Fargo, or 15 to 20 minutes if you are new to the bank.
  • Wells Fargo runs a ChexSystems check on new customers, which may delay approval by one business day.
  • Monthly maintenance fees are waived if you maintain a minimum balance or set up direct deposit, depending on the account type.
  • You can open an account online, by phone at 1-800-869-3557, or in person at any Wells Fargo branch.

Opening a savings account online

The online route is the fastest if you already have a Wells Fargo online banking login. Go to wellsfargo.com, sign in, and look for "Open an Account" or "Add an Account" in the menu. Select the savings account type you want, review the terms and fees, and enter the information Wells Fargo already has on file. The process takes about 10 minutes, and your account opens when ready.

If you are new to Wells Fargo and opening your first account online, you will need to create a login and complete a full process. You will enter your name, address, date of birth, Social Security number, and employment information. Wells Fargo will ask for a valid ID number (driver's license or passport) and will run a ChexSystems check. This check usually completes within one business day, but can take up to three business days in some cases. You will receive an email or phone call confirming whether your account opened.

Once your account is open, you can fund it when ready using a transfer from another bank account, a debit card, or a wire transfer. If you choose to transfer from another bank, that transfer typically arrives within three to five business days. Direct deposits can be set up right away—you will receive your account and routing numbers when ready after opening.

Opening a savings account by phone or in person

Call Wells Fargo at 1-800-869-3557 to open a savings account over the phone. A representative will walk you through the process, ask for your ID and Social Security number, and explain the account features and fees. The call usually takes 15 to 20 minutes. If you are new to Wells Fargo, the bank will still run a ChexSystems check, which means your account may not open until the next business day.

Opening in person at a Wells Fargo branch is the slowest route but gives you a chance to ask questions and understand the account before committing. Bring your valid ID, Social Security number, and the initial deposit amount in cash or a check. A banker will complete the process on the spot, and your account opens when ready. You will receive your debit card and account information before you leave the branch, though the card itself will arrive by mail within 7 to 10 business days.

What happens after your account opens

Once your savings account is open, you can begin using it right away. If you funded it with a transfer from another bank, that money will arrive within three to five business days. If you deposited cash or a check in person, the funds are available when ready. You can check your balance and transaction history through Wells Fargo's website or mobile app.

Your debit card will arrive by mail within 7 to 10 business days if you opened the account online or by phone. If you opened in person at a branch, you may receive a temporary card on the spot. You will also receive a welcome packet with your account number, routing number, and information about setting up direct deposit or automatic transfers.

If you did not meet the minimum balance requirement at opening, you may be charged a monthly maintenance fee. This fee is typically $5 to $12 per month, depending on the account type. You can avoid the fee by maintaining the minimum balance or setting up a direct deposit of at least $500 per month. Check your account terms to see which option applies to your account.

Understanding Wells Fargo savings account types and fees

Wells Fargo offers three main savings products. The standard Savings Account has no monthly fee if you maintain a $300 minimum balance or set up direct deposit. Interest rates on savings accounts are low—currently around 0.01% APY, though this changes based on Federal Reserve decisions. The Money Market Account requires a higher minimum balance (usually $2,500) but offers a slightly higher interest rate and comes with a debit card and check-writing privileges. The Certificate of Deposit (CD) locks your money for a set term (3 months to 5 years) in exchange for a may provide interest rate, which is higher than savings accounts but still modest.

All Wells Fargo savings accounts charge a monthly maintenance fee if you do not meet the minimum balance or direct deposit requirement. Some accounts also charge fees for excessive withdrawals—federal law limits savings account withdrawals to six per month, and Wells Fargo may charge $10 per withdrawal over that limit. Overdraft fees explore if you accidentally withdraw more than your balance, though this is rare with a savings account since most people do not write checks against savings.

Interest rates and fees change periodically. Before opening an account, visit wellsfargo.com or call 1-800-869-3557 to confirm the current rates, minimum balances, and fee structure for the account type you want.

If Wells Fargo denies your process

Wells Fargo may deny your process if you have a negative ChexSystems record, which means you have unpaid overdrafts, closed accounts due to fraud, or other banking problems at another institution. If this happens, you will receive a letter explaining the reason. You have the right to request a copy of your ChexSystems report and dispute any errors on it.

To check your ChexSystems record before you explore, visit chexsystems.com and request your report. If there are errors, you can dispute them directly with ChexSystems. If the information is accurate but old, you can explain the situation to Wells Fargo and ask them to reconsider. Some banks offer "second chance" checking accounts for people with banking history problems, though Wells Fargo does not explicitly market this option—call a branch to ask if they can work with you.

If Wells Fargo will not open an account for you, consider a credit union or online bank instead. Many credit unions have less strict ChexSystems policies, and some online banks do not use ChexSystems at all.

Frequently Asked Questions

How long does it take to open a Wells Fargo savings account?

If you already have a Wells Fargo account, opening a savings account takes 10 minutes online or 15 minutes in person. If you are new to Wells Fargo, the process takes 15 to 20 minutes, but your account may not open until the next business day while the bank completes a ChexSystems check.

What is the minimum deposit to open a Wells Fargo savings account?

The minimum opening deposit varies by account type and changes periodically. Call 1-800-869-3557 or visit a branch to confirm the current requirement. Most savings accounts require $25 to $100 to open.

Can I open a Wells Fargo savings account without a Social Security number?

No. Wells Fargo requires a Social Security number or Individual Taxpayer Identification Number (ITIN) for all accounts. If you do not have either, you will not be able to open an account at Wells Fargo.

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

No. You can open a savings account as your first Wells Fargo account. However, if you already have a checking account with Wells Fargo, opening a savings account is faster because the bank already has your information.

What happens if I do not maintain the minimum balance?

You will be charged a monthly maintenance fee, typically $5 to $12 depending on the account type. You can avoid this fee by maintaining the minimum balance or setting up a direct deposit of at least $500 per month.