What you need to open a Wells Fargo savings account

Wells Fargo offers several types of savings accounts, each with different features and minimum balance requirements. To open one, you'll need a government-issued ID, your Social Security number, and an initial deposit. The amount varies by account type — some have no minimum, while others require $25 or more to start.

You can open an account online, by phone, or in person at a Wells Fargo branch. Online is usually fastest if you have your documents ready. In-person is useful if you want to ask questions about which account fits your situation before committing.

Key Takeaways

  • You need a government ID, Social Security number, and an initial deposit to open any Wells Fargo savings account.
  • Wells Fargo offers multiple savings account types with different minimum balances and features, so compare them before you choose.
  • Opening online takes about 10 minutes if you have your information ready; in-person takes longer but lets you ask questions first.
  • Once your account is open, you can link it to a checking account or external bank account to move money in and out.

Opening an account online

Go to wellsfargo.com and select "Open an Account" from the main menu. You'll be asked to choose which type of savings account you want — Wells Fargo offers the Way2Save Savings Account, the Preferred Savings Account, and the Youth Savings Account, among others. Each has different features like interest rates and monthly fees, so read the descriptions carefully.

Enter your personal information: full name, date of birth, Social Security number, address, phone number, and email. Wells Fargo will verify your identity using information from credit bureaus. This usually takes a few minutes, but occasionally Wells Fargo asks for additional documents like a utility bill or recent bank statement to confirm your address.

Choose your initial deposit method. You can transfer money from another bank account, use a debit card, or arrange a wire transfer. The deposit posts within one to three business days depending on the method. Once the deposit clears, your account is fully active and you can start using it.

Opening an account in person at a branch

Bring your government-issued ID (driver's license, passport, or state ID), your Social Security number, and the amount you want to deposit as your opening balance. A Wells Fargo representative will walk you through the account options and help you choose the one that matches your needs.

The in-person process usually takes 15 to 30 minutes. The representative will enter your information into their system, verify your identity, and process your initial deposit. You'll receive a debit card on the spot or by mail within 7 to 10 business days, depending on the account type.

Ask the representative about linking your new savings account to an existing Wells Fargo checking account if you have one. This makes it easier to move money between accounts online or through the mobile app.

Account types and what they cost

The Way2Save Savings Account has no minimum balance requirement to open and no monthly maintenance fee. It earns interest, though the rate is typically low. This account is a good choice if you're starting with a small amount and want to avoid fees.

The Preferred Savings Account requires a $25 minimum balance to open and has a $12 monthly maintenance fee, though the fee is waived if you maintain a $500 balance or set up automatic transfers from a checking account. This account usually earns a higher interest rate than Way2Save.

The Youth Savings Account is for customers under 18 and has no monthly fee. A parent or guardian must open it with the minor. Once the account holder turns 18, it converts to a standard savings account.

Interest rates change based on market conditions, so check the current rates on wellsfargo.com before you open. The difference between accounts may be small, but over time it adds up.

Linking your savings account to other accounts

Once your savings account is open, you can link it to a Wells Fargo checking account or to accounts at other banks. This lets you transfer money between accounts without visiting a branch or calling customer service.

To link a Wells Fargo checking account, log into your Wells Fargo online banking or mobile app, go to the transfer section, and select both accounts. The link is usually when ready. To link an external account at another bank, you'll provide the account number and routing number. Wells Fargo will make two small test deposits to verify the account is yours, then you confirm the amounts in your other bank's system. This process takes one to three business days.

What happens after you open your account

Your savings account number and routing number will be provided when ready online or on your receipt if you opened in person. You can use these to set up direct deposits or automatic transfers from your paycheck or another account.

Your debit card will arrive by mail within 7 to 10 business days. Until it arrives, you can still access your account online or through the mobile app to transfer money or check your balance. You can also withdraw cash at any Wells Fargo ATM using your account number.

Set up online banking if you haven't already. This lets you monitor your balance, set up automatic transfers, and receive alerts when your balance drops below a certain amount. You can also turn on overdraft protection, which links your savings account to a checking account and automatically transfers money if you overdraw.

Frequently Asked Questions

How much money do I need to open a Wells Fargo savings account?

It depends on the account type. The Way2Save Savings Account has no minimum. The Preferred Savings Account requires $25 to open. Check the current requirements on wellsfargo.com, as they can change.

Can I open a Wells Fargo savings account if I don't have a checking account?

Yes. You can open a savings account on its own. However, linking it to a checking account later makes transferring money easier, and some account types waive monthly fees if you have automatic transfers set up from a checking account.

How long does it take to open an account online?

The process usually takes 10 to 15 minutes if your identity verifies when ready. If Wells Fargo needs additional documents to confirm your address, it may take a few extra days. Your account is usually active the same day, but your initial deposit may take one to three business days to post.

What if I'm denied when I try to open an account?

Wells Fargo may deny an account if you have a history of overdrafts, unpaid fees, or fraud reported to ChexSystems (a banking history system). You can request a copy of your ChexSystems report to see what's on file. If there's an error, you can dispute it directly with ChexSystems.

Can I change my account type after I open it?

Yes. Log into your Wells Fargo online banking, go to account settings, and look for the option to change your account type. You can also call Wells Fargo customer service or visit a branch. There's usually no fee to switch, but confirm this before you make the change.