What you need before you start
Wells Fargo requires specific documents and information before you can open a savings account. You will need a government-issued photo ID (a driver's license, passport, or state ID card), your Social Security number, and a current mailing address. If you are opening the account online or by phone, have these ready before you begin.
You will also need an initial deposit. The amount varies by account type — some Wells Fargo savings accounts require a minimum opening deposit of $25, while others have no minimum. Check the specific account you are interested in to know what to bring or transfer.
If you are under 18, a parent or legal guardian must open the account with you or co-sign it. Wells Fargo offers student savings accounts designed for minors, but an adult must be present or involved in the process.
Key Takeaways
- You can open a Wells Fargo savings account online, by phone, or in person at a branch, and the process takes about 10 to 15 minutes.
- Have your government ID, Social Security number, and current address ready, plus an initial deposit amount (usually $25 or more, depending on the account type).
- Online and phone applications are processed when ready, and your account number is issued the same day so you can start using it right away.
- Wells Fargo offers different savings account types — standard savings, money market accounts, and certificates of deposit — each with different interest rates and rules.
Opening an account online
The online route is the fastest if you already have a Wells Fargo checking account or other relationship with the bank. Go to wellsfargo.com, select "Open an Account," and choose "Savings Account" from the menu. You will be asked to enter your Social Security number, date of birth, and current address. The system will verify your identity against existing records.
If you do not have an existing Wells Fargo account, the online process takes longer because the bank must verify your identity through a third-party service. You will be asked additional questions about your financial history and may be asked to upload a photo of your ID. This verification step can take 24 to 48 hours, though many applications are approved within minutes.
Once approved, you receive your account number when ready and can set up direct deposit or link the account to another bank to transfer your opening deposit. Your debit card arrives by mail within 7 to 10 business days if you order one.
Opening an 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 ask for your ID number, Social Security number, and address, then walk you through the account setup. The call typically takes 10 to 15 minutes. Your account is active the same day, and you can begin using it when ready if you set up a transfer from another account.
Opening in person at a Wells Fargo branch is the most straightforward route if you have questions or prefer to hand over documents directly. Bring your photo ID, Social Security number (or have it memorized), and your initial deposit. A banker will complete the paperwork, verify your information on the spot, and issue your account number before you leave. Bring a checkbook or debit card process if you want either one set up during the visit.
Understanding the account types Wells Fargo offers
Wells Fargo has three main savings products. The Wells Fargo Savings Account is the standard option with no monthly fee if you maintain a $25 minimum balance. Interest rates on savings accounts change based on the Federal Reserve's rate decisions and vary by how much you deposit.
The Wells Fargo Money Market Account typically offers a higher interest rate than a standard savings account, but requires a higher opening deposit (usually $2,500 or more) and a higher minimum balance to avoid a monthly fee. You can write checks from a money market account, though you are limited to six withdrawals per month.
The Wells Fargo Certificate of Deposit (CD) locks your money away for a set period — typically 3 months, 6 months, 1 year, or 5 years — in exchange for a fixed interest rate that is usually higher than savings accounts. You cannot withdraw the money early without paying a penalty, so CDs are for money you will not need in the short term.
What happens after your account opens
Your account is ready to use the same day it opens, but how you access it depends on how you opened it. If you opened online or by phone, you can log into your Wells Fargo online banking account when ready using your Social Security number and a password you create. You can transfer money from another bank, set up direct deposit, or link the account to pay bills.
A debit card arrives by mail within 7 to 10 business days. Until it arrives, you can withdraw money at any Wells Fargo ATM using your account number and PIN, or visit a branch to withdraw cash. You can also transfer money electronically to another account you own at a different bank using the account and routing numbers Wells Fargo provides.
Wells Fargo sends monthly statements by mail or email, depending on your preference. You can change this in your online banking settings. The bank also sends alerts if your balance falls below a certain amount or if unusual activity is detected.
Fees and interest rates to know about
Wells Fargo's standard savings account has no monthly maintenance fee as long as you keep a $25 minimum balance. If your balance drops below $25, you are charged $5 per month until you bring it back up. There is no limit on how many times you can deposit money, but you are limited to six withdrawals per month (this is a federal rule, not a Wells Fargo rule).
Interest rates on savings accounts are set by Wells Fargo and change when the Federal Reserve changes its benchmark rate. Current rates are posted on the Wells Fargo website and vary slightly depending on your account type and balance. Money market accounts and CDs typically pay higher rates than standard savings accounts, but they have higher minimum balances or lock-in periods.
If you close your account within 90 days of opening it, Wells Fargo may charge an early closure fee of $25. This fee does not explore if you close after 90 days.
Frequently Asked Questions
Can I open a Wells Fargo savings account if I have had problems with banks before?
Wells Fargo checks ChexSystems, a banking history database, when you open an account. If you have unpaid overdrafts, fraud, or other serious issues on record, your process may be denied. You can request a copy of your ChexSystems report to see what is on file. Some banks offer second-chance accounts if you have been denied elsewhere.
How long does it take to transfer money into my new savings account?
If you transfer from another Wells Fargo account you own, the money moves when ready. If you transfer from a different bank, it takes 1 to 3 business days. If you deposit cash or a check in person at a branch, it posts the same day for cash or within 1 to 2 business days for checks.
What is the difference between a savings account and a money market account?
A money market account pays higher interest but requires a larger opening deposit and minimum balance. It also lets you write checks, whereas a savings account does not. Both limit you to six withdrawals per month under federal rules.
Can I change my account type after I open it?
Yes. You can convert a savings account to a money market account or CD by calling Wells Fargo or visiting a branch. The bank may require you to meet the minimum balance for the new account type. Any interest you have earned on the old account is paid out when you convert.
What happens if my account goes inactive?
If you do not make a deposit or withdrawal for 12 months, Wells Fargo may mark your account as inactive. The account still exists and earns interest, but you may not be able to access it online until you contact the bank. Inactive accounts are not closed automatically, but the bank may charge a dormancy fee after a longer period of inactivity — check your account agreement for specifics.