What you need 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 bank will ask for a government-issued ID (a driver's license, passport, or state ID card), your Social Security number, and an initial deposit. Most Wells Fargo savings accounts require a minimum opening deposit — this amount varies by account type, so ask which account you're looking at before you bring money in.

If you're opening online or by phone, you'll need to verify your identity by answering security questions about your financial history, or by uploading a photo of your ID. The process usually takes 10 to 15 minutes. If you're opening in a branch, bring your ID and be ready to sign paperwork.

You don't need to have a checking account with Wells Fargo to open a savings account there, though the bank may offer you a discount on fees if you have both.

Key Takeaways

  • You need a government-issued ID, your Social Security number, and an opening deposit to start a Wells Fargo savings account.
  • You can open online, by phone, or in person at a branch — online usually takes 10 to 15 minutes.
  • Different Wells Fargo savings accounts have different minimum opening deposits, so confirm the amount before you go to the branch or start online.
  • Once your account is open, you can deposit money by transferring from another bank, using a Wells Fargo ATM, or depositing a check through the mobile app.

Opening in person at a Wells Fargo branch

Walk into any Wells Fargo branch with your ID, Social Security number, and opening deposit. Tell the banker you want to open a savings account. They will show you the savings account options available — Wells Fargo typically offers a basic savings account and may offer higher-yield savings accounts with different minimum balances and interest rates.

The banker will explain the differences, including the interest rate (the percentage the bank pays you on your balance each month), any monthly fees, and the minimum balance required to avoid those fees. Ask questions about anything you don't understand. Once you choose an account, you'll sign paperwork, provide your opening deposit, and your account will be active the same day.

Bring a checkbook or recent bank statement if you have one — it helps the banker verify your identity faster, though it's not required if you have your ID.

Opening online through Wells Fargo's website

Go to wellsfargo.com and look for the "Open an Account" or "Savings" link on the homepage. You'll be asked to choose which type of savings account you want, then enter your personal information: name, address, date of birth, Social Security number, phone number, and email address.

Wells Fargo will then ask you to verify your identity by answering questions about your credit history or by uploading a photo of your ID. This usually takes a few minutes. Once you're verified, you'll choose your opening deposit amount and how you want to fund it — you can transfer money from another bank account, or Wells Fargo will give you instructions to mail a check.

Your account will be set up within one business day if you transfer funds electronically. If you mail a check, it may take longer. You'll receive a confirmation email with your account number and login information.

Opening by phone

Call Wells Fargo at 1-800-869-3557 (the number for opening new accounts) and tell the representative you want to open a savings account. They will walk you through the same questions as the online process: your personal information, Social Security number, and which type of savings account you want.

The representative will verify your identity by asking security questions or by arranging a video call where you can show your ID. Once verified, you'll decide on your opening deposit and how to fund it. The representative will explain your options — transferring from another bank, mailing a check, or in some cases, arranging a wire transfer.

Your account will be active within one business day if you transfer funds electronically.

What happens after your account opens

Once your savings account is active, you'll receive a debit card in the mail within 7 to 10 business days. You can use this card to withdraw money at Wells Fargo ATMs or at other banks' ATMs (though you may be charged a fee by the other bank). You can also withdraw money in person at any Wells Fargo branch.

To deposit money into your new account, you can transfer it from another bank using online banking, deposit a check through the Wells Fargo mobile app (take a photo of the front and back), or deposit cash at a Wells Fargo ATM or branch. You can also set up direct deposit if your employer or a government program sends you money — ask Wells Fargo for your account and routing number to give to your employer.

Log into your account online or through the mobile app to check your balance, see your interest earnings, and set up alerts if your balance drops below a certain amount.

Understanding Wells Fargo savings account types

Wells Fargo offers a basic savings account (sometimes called a "Savings" account) that has a lower interest rate but may have a lower or no minimum balance requirement. The bank also offers a "High Yield Savings Account" that pays more interest but typically requires a higher opening deposit and minimum balance.

The interest rate on savings accounts changes over time based on what the Federal Reserve does with interest rates. When you open your account, ask what the current rate is and whether it's may provide to stay the same or if it can change. Most savings account rates can change at any time.

Some Wells Fargo savings accounts charge a monthly maintenance fee if your balance drops below a certain amount, while others do not. Ask about this before you open — it matters if you plan to keep a small balance.

Frequently Asked Questions

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

No. You can open a savings account at Wells Fargo without having a checking account. However, Wells Fargo may offer you a discount on fees or a higher interest rate if you have both a checking and savings account with them.

What's the minimum opening deposit for a Wells Fargo savings account?

The minimum opening deposit varies depending on which savings account you choose. Basic savings accounts may have a lower minimum (sometimes $0), while high-yield savings accounts typically require $25,000 or more. Call Wells Fargo or check their website to confirm the current minimum for the account you're interested in.

Can I open a savings account if I don't have a Social Security number?

Wells Fargo requires a Social Security number or Individual Taxpayer Identification Number (ITIN) to open an account. If you don't have either, you may want to contact Wells Fargo directly to ask about your options, as policies can vary.

How long does it take to open a savings account online?

The online process usually takes 10 to 15 minutes from start to finish. Your account will be active within one business day if you transfer funds electronically. If you mail a check as your opening deposit, it may take several business days for the check to clear.

Can I transfer money from another bank into my new Wells Fargo savings account?

Yes. Once your account is open, you can transfer money from another bank using online banking. You'll need your Wells Fargo account number and routing number (Wells Fargo's routing number is 121000248). The transfer usually takes one to three business days.