What you need to bring and where to start

You can open a Wells Fargo savings account either in person at a branch or online through their website. Both routes take about 15 minutes. You will need a government-issued photo ID (a driver's license, passport, or state ID card), your Social Security number, and an initial deposit — Wells Fargo does not require a minimum opening deposit for most savings accounts, though you will need at least $0.01 to fund the account.

If you choose the branch route, find your nearest Wells Fargo location on their website, walk in during business hours, and ask to open a savings account. A banker will walk you through the paperwork and answer questions about which account type fits your situation. If you prefer to open online, go to wellsfargo.com, select "Open an account," choose savings, and follow the steps on screen. You will need to verify your identity during the online process, which usually means answering security questions based on your credit history.

Key Takeaways

  • You need a photo ID, Social Security number, and an initial deposit of at least one cent to open a Wells Fargo savings account.
  • Opening in person at a branch or online both take about 15 minutes and require no minimum opening deposit for most savings accounts.
  • Wells Fargo savings accounts earn interest, though the rate changes and is typically low — check their current rate before you open.
  • Your account will have a monthly maintenance fee unless you meet one of the fee-waiver conditions, such as keeping a minimum balance or setting up direct deposit.

Which Wells Fargo savings account to choose

Wells Fargo offers several savings account types, and the main difference is the monthly fee and the interest rate. The Wells Fargo Way2Save Savings Account is the most common choice for people new to banking. It charges a $5 monthly maintenance fee, but the fee is waived if you keep a minimum balance (usually $500 to $1,000, depending on your state) or set up direct deposit of at least $25 per month from your paycheck or benefits.

The Wells Fargo Platinum Savings Account has no monthly maintenance fee but typically earns less interest. It is a good choice if you cannot meet the balance requirement for Way2Save. Both accounts let you withdraw money whenever you need it — there is no penalty for taking money out, though federal rules once limited savings withdrawals to six per month (this rule has changed, but some banks still enforce limits, so ask when you open).

Before you decide, check Wells Fargo's website for the current interest rate on each account. Interest rates change frequently and are usually very low on savings accounts, but knowing the rate helps you understand how much your money will earn over time.

What happens after you open your account

Once your account is open, you will receive a debit card in the mail within 7 to 10 business days. You can use this card to withdraw cash from any Wells Fargo ATM or from other banks' ATMs (though some charge a fee). You will also be able to set up online banking and mobile banking through the Wells Fargo app, which lets you check your balance, transfer money, and deposit checks by taking a photo.

Your account will have a routing number and an account number — you will need these if you want to set up direct deposit from your employer or receive payments from government benefits. You can find both numbers on the bottom left of any check, or by logging into online banking and looking at your account details.

How to avoid the monthly maintenance fee

The $5 monthly fee on Way2Save is straightforward to avoid if you know the options. The most common way is to keep a minimum balance — for most states this is $500, though it varies. If you cannot keep that much in savings, set up direct deposit instead. Direct deposit means your paycheck or benefits are deposited straight into your account automatically. You only need $25 per month to may have access to for the fee waiver.

If you do not have a job or regular income, ask the banker about other fee-waiver options when you open your account — some branches offer waivers for students, seniors, or people under 25. If you do not meet any of these conditions and cannot keep the minimum balance, the Platinum Savings Account with no monthly fee may be the better choice, even though it earns less interest.

Moving money into your new account

You have several ways to put money into your savings account. The simplest is direct deposit — if your employer or a government program (like Social Security or unemployment benefits) can deposit money directly, you can set that up by giving them your Wells Fargo routing number and account number. Direct deposit is free and automatic.

You can also transfer money from another bank account you own. If you have a checking account at another bank, you can link it to your Wells Fargo savings account and transfer money online. This usually takes 1 to 3 business days. You can also deposit cash or checks at any Wells Fargo branch, or deposit checks through the mobile app by taking a photo.

Understanding interest and how your money grows

A savings account earns interest, which means the bank pays you a small amount of money for letting them use your deposits. The interest rate tells you what percentage of your balance you will earn per year. Wells Fargo's savings rates are typically very low — often less than 0.01% per year — which means if you have $1,000 in the account, you might earn less than $1 per year.

The interest is added to your account automatically, usually monthly or daily depending on the account. You do not have to do anything to earn it — it happens as long as your money sits in the account. If you are looking for a higher interest rate, online banks and credit unions sometimes offer savings accounts with higher rates, though they may not have physical branches where you can walk in.

What to do if you run into problems

If you have trouble opening your account online, try opening it in person at a branch instead. If you cannot get to a branch, call Wells Fargo customer service at 1-800-869-3557. They can help you troubleshoot online opening problems or answer questions about which account type is right for you.

If you opened an account and later realize it is not what you need, you can close it at any time with no penalty. You can close it online, through the app, at a branch, or by calling customer service. Make sure you withdraw or transfer any money in the account before closing it.

Frequently Asked Questions

Do I need a minimum deposit to open a Wells Fargo savings account?

No. Wells Fargo does not require a minimum opening deposit for most savings accounts. You only need to deposit at least one cent to fund the account when you open it.

Can I open an account if I do not have a Social Security number?

Wells Fargo requires a Social Security number or Individual Taxpayer Identification Number (ITIN) to open an account. If you do not have either, ask about their options for people without a Social Security number — some branches may be able to help, but policies vary by location.

How long does it take to open an account online?

Opening online usually takes 10 to 15 minutes. You will need to verify your identity by answering security questions, and your account is typically active when ready. Your debit card arrives by mail in 7 to 10 business days.

What is the difference between a savings account and a checking account?

A savings account is meant for money you want to keep and grow — it earns interest and usually limits how many times you can withdraw per month. A checking account is meant for everyday spending — you can write checks and make unlimited withdrawals, but it typically earns no interest.

Can I have more than one savings account at Wells Fargo?

Yes. You can open multiple savings accounts at Wells Fargo if you want to save for different goals — for example, one for emergencies and one for a vacation. Each account is separate and earns interest independently.