What you need to open a Wells Fargo savings account

Wells Fargo requires you to bring a government-issued ID, proof of your current address, and your Social Security number or tax ID. You can open an account in person at a branch, online through their website, or by phone. The process takes about 15 minutes in a branch and roughly the same time online, though online accounts are sometimes held for verification before you can deposit money.

If you're opening online, you'll need an email address and a phone number where Wells Fargo can reach you. If you're opening in a branch, bring your ID and address proof with you. For phone applications, a representative will walk you through the same questions but you'll need to verify your identity through additional steps afterward.

Wells Fargo offers several savings account types — their basic savings account, money market savings account, and high-yield savings account each have different minimum balance requirements and interest rates. The basic savings account has no minimum opening deposit, though some account types do. Check which type fits your situation before you start, because switching later means closing one account and opening another.

Key Takeaways

  • You need a government ID, proof of address, and your Social Security number to open any Wells Fargo savings account.
  • Online accounts take the same time as in-branch accounts but may be held for verification before you can deposit funds.
  • Wells Fargo offers multiple savings account types with different minimum balances and interest rates, so choose the right one before you start.
  • Once your account is open, you can deposit money through ATM, transfer, direct deposit, or mobile check deposit depending on the method you choose.
  • Your account number and routing number are available when ready after opening, even if verification is still in progress.

Opening an account online through Wells Fargo's website

Go to wellsfargo.com and look for the "Open an Account" button, usually on the homepage. Select "Savings Account" from the account type menu. You'll enter your name, date of birth, Social Security number, and current address. Wells Fargo will ask for an email address and phone number — use ones you check regularly because they'll send verification codes and account information there.

Next, you'll choose which savings account type you want and set up your initial deposit method. You can link an external bank account to transfer money in, or you can skip the initial deposit and add money later. Wells Fargo will show you the account terms, including the interest rate and any monthly fees. Read these carefully because they vary by account type.

After you submit your information, Wells Fargo sends a verification code to your email or phone. Enter that code to confirm your identity. Your account opens when ready, and you'll see your account number and routing number on the screen. Some accounts are placed on a temporary hold for additional verification — Wells Fargo will tell you if yours is, and the hold typically lasts one to three business days. During that time you can see your account but cannot withdraw or transfer money out.

Opening an account in person at a Wells Fargo branch

Find your nearest Wells Fargo branch using their branch locator on wellsfargo.com. Walk in during business hours with your government ID, proof of your current address (a utility bill, lease, or recent bank statement works), and your Social Security number. Tell the representative you want to open a savings account.

The representative will ask you the same questions as the online form — name, date of birth, address, and Social Security number. They'll show you the different savings account types and their terms. Ask about the current interest rate and any monthly fees, because these change and the representative has the current numbers. Once you choose an account type, the representative will process your process and print your account number and routing number before you leave.

In-branch accounts usually open without a verification hold, so you can deposit money when ready if you want to. The representative can take a deposit from you that day, or you can deposit money later through ATM, transfer, or mobile check deposit. Your debit card arrives by mail within 7 to 10 business days.

Opening an account by phone

Call Wells Fargo at 1-800-869-3557 to open a savings account by phone. A representative will walk you through the same questions as online or in-branch — name, date of birth, address, and Social Security number. Have your ID and proof of address nearby so you can answer questions about them accurately.

The representative will explain the different savings account types and help you choose one. They'll set up your initial deposit method, either by linking an external bank account or by taking your information to deposit by check or transfer later. After the call ends, Wells Fargo sends a verification code to your email or phone — enter it to confirm your identity.

Phone-opened accounts are usually placed on a verification hold for one to three business days. During that time, you can see your account and your account number, but you cannot withdraw or transfer money out. The hold is automatic and you don't need to do anything — Wells Fargo lifts it once verification is complete.

What happens after your account opens

Your account number and routing number are available when ready, even if your account is on a verification hold. You can use these to set up direct deposit from your employer or to receive transfers from other people. If your account is on hold, the money will arrive but you won't be able to move it until the hold lifts.

Your debit card arrives by mail within 7 to 10 business days. Until it arrives, you can withdraw money at a Wells Fargo ATM using your account number and PIN, or you can visit a branch and withdraw in person. You can also transfer money out to another bank account you own, unless your account is on a verification hold.

Your first statement arrives 30 days after your account opens. It shows any deposits, withdrawals, and interest earned. Wells Fargo sends statements by mail unless you change your preference to electronic statements through your online account settings. You can view your account balance and transaction history anytime through the Wells Fargo website or mobile app.

Linking an external bank account for transfers

Once your account is open, you can link another bank account to transfer money in and out. Log into your Wells Fargo account online or through the mobile app. Go to "Transfer Money" or "Linked Accounts" and select "Add External Account." Enter the bank name, account number, and routing number of the account you want to link.

Wells Fargo will make two small test deposits to that account — usually less than $1 each — within one to two business days. Check the other bank's statement for those deposits and their exact amounts. Go back to Wells Fargo and enter those amounts to verify the account. Once verified, you can transfer money between the accounts.

Transfers between Wells Fargo and external accounts usually take one to three business days. Transfers within Wells Fargo — from your savings account to your checking account, for example — are usually when ready or complete the same day. If you need money faster, use a Wells Fargo ATM or visit a branch to withdraw cash directly.

Understanding fees and interest on your savings account

Wells Fargo's basic savings account has no monthly maintenance fee. Some of their other savings account types charge a monthly fee if your balance falls below a certain amount — usually $300 to $500 depending on the account type. The fee is typically $5 to $10 per month. You can avoid the fee by keeping your balance above the minimum or by setting up a direct deposit.

Interest rates on Wells Fargo savings accounts vary by account type and change regularly. Their basic savings account earns a lower rate than their money market or high-yield savings accounts. The interest is calculated daily and paid monthly. You can see your current interest rate in your account settings online or by calling the number on the back of your debit card.

If you close your account within 90 days of opening it, Wells Fargo may charge an early closure fee of $25. This fee applies only if you close the account yourself — if Wells Fargo closes it, there is no fee. Keep your account open for at least 90 days if you want to avoid this fee.

Frequently Asked Questions

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

No. Wells Fargo requires a Social Security number or Individual Taxpayer Identification Number (ITIN) to open any account. If you have an ITIN, you can use that instead. You'll need to bring documentation of your ITIN when you open in person, or enter it online or over the phone.

What's the difference between Wells Fargo's savings account types?

The basic savings account has no minimum balance and no monthly fee. The money market savings account requires a higher minimum balance but pays a higher interest rate. The high-yield savings account pays the highest rate but may have different terms. Ask a representative which one matches your savings goals and how much you plan to keep in the account.

How long does it take to deposit money after I open my account?

If you open in person, you can deposit money when ready. If you open online or by phone, your account may be on a verification hold for one to three business days — during that time, deposits will arrive but you cannot withdraw them. Once the hold lifts, you can move the money freely.

Can I open a Wells Fargo savings account without visiting a branch?

Yes. You can open online at wellsfargo.com or by phone at 1-800-869-3557. Both methods take about 15 minutes and require the same information — your ID, proof of address, and Social Security number. In-person opening is faster if you want to deposit money when ready, but online and phone opening work just as well.

What do I do if Wells Fargo asks for additional information after I open my account?

Wells Fargo may ask for more details during verification, especially if your account is on hold. Check your email and phone for messages from Wells Fargo — they'll tell you exactly what they need. You can usually respond through your online account or by calling the number in the message. Providing the information quickly lifts the hold.