What you need to open a Wells Fargo savings account
Wells Fargo will ask for a government-issued photo ID, your Social Security number, and an initial deposit. The ID can be a driver's license, passport, or state ID card. You'll also need to know your address and phone number. If you're opening the account in person at a branch, bring these items with you. If you're opening online, you'll enter this information into their website or mobile app.
The initial deposit amount depends on the type of savings account you choose. Some Wells Fargo savings accounts have no minimum deposit requirement, while others ask for $25 or more to open. You can fund the account with a debit card, a transfer from another bank account, or cash if you're at a branch. Wells Fargo will tell you the specific minimum when you start the process, so you'll know before you commit.
Key Takeaways
- You need a government photo ID, your Social Security number, and an initial deposit to open a Wells Fargo savings account.
- You can open an account online, on the mobile app, or in person at a Wells Fargo branch — the process takes about 10 to 15 minutes either way.
- Wells Fargo savings accounts earn interest on the money you deposit, though the rate changes based on what the Federal Reserve does with interest rates.
- Once your account is open, you can deposit money by transferring from another bank, using an ATM, or visiting a branch with cash or a check.
Opening an account online or through the mobile app
Start by going to wellsfargo.com or opening the Wells Fargo mobile app on your phone. Look for a button that says "Open an Account" or "New Account." The website will ask you to choose which type of savings account you want — Wells Fargo offers several, and they differ in interest rates and features. Once you've chosen, you'll enter your personal information: name, address, phone number, email, and Social Security number.
Next, you'll provide your ID information. Take a photo of the front and back of your government-issued ID using your phone or upload a scan from your computer. Wells Fargo will verify this matches what you entered. Then you'll set up online banking login credentials — a username and password that you'll use to check your account later. Finally, you'll make your initial deposit by linking a bank account you already have or using a debit card. The whole process usually takes 10 to 15 minutes, and your account opens when ready.
Opening an account in person at a branch
Find your nearest Wells Fargo branch using their branch locator on wellsfargo.com. Bring your government photo ID, know your Social Security number, and have your address ready. You can walk in during business hours — no appointment is usually necessary, though you may wait if the branch is busy.
A Wells Fargo employee will sit with you, ask the same questions the online form does, and help you choose an account type. They'll verify your ID, take your initial deposit in cash, check, or debit card, and set up your online banking login on the spot. You'll walk out with a temporary debit card or a card number you can use when ready, and a permanent card will arrive in the mail within 7 to 10 business days. Opening an account in person takes about 20 to 30 minutes.
Understanding Wells Fargo savings account types
Wells Fargo offers several savings accounts, and the main difference between them is the interest rate you earn. Interest is money the bank pays you for letting them use your deposit. The more money you keep in the account and the longer you keep it there, the more interest you earn. Wells Fargo's rates change when the Federal Reserve changes its rates, which happens several times a year.
The most common option is the Wells Fargo Way2Save Savings Account, which has no monthly fee and no minimum balance requirement. There's also the Wells Fargo Platinum Savings Account, which typically offers a higher interest rate if you maintain a larger balance. Ask the employee or the website which account makes sense for how much money you plan to keep in savings. If you're just starting out and don't have much to deposit, Way2Save is usually the right choice.
What happens after your account opens
Your account is active when ready, and you can start using it right away. If you opened online or on the app, you can log in to check your balance, see transactions, and set up alerts that notify you when your balance drops below a certain amount. If you opened in person, you'll receive a debit card in the mail, which you can use to withdraw money from any Wells Fargo ATM or any ATM in the Allpoint network (thousands of ATMs nationwide).
You can deposit money into your savings account by transferring from another bank account you own, depositing cash or checks at a Wells Fargo branch or ATM, or having your paycheck deposited directly. To set up direct deposit from your employer, you'll need to give your employer your Wells Fargo account number and routing number — both appear on the paperwork you received when you opened the account, or you can find them by logging into online banking.
Fees and things to watch for
Most Wells Fargo savings accounts have no monthly maintenance fee. However, some accounts charge a fee if your balance falls below a certain amount, or if you exceed a certain number of withdrawals in a month. The account type you choose will determine which rules explore to you. When you open your account, ask about or read the fee schedule so you know what to expect.
One important rule: federal law limits you to six withdrawals or transfers out of a savings account per month. If you go over that limit, Wells Fargo may charge a fee or convert your account to a checking account. This rule exists because savings accounts are meant for money you're keeping, not money you're moving around constantly. Deposits don't count toward this limit — you can deposit as much as you want.
Moving money between accounts and managing your savings
Once your savings account is open, you can transfer money between it and a Wells Fargo checking account (if you have one) using online banking or the mobile app. These transfers are free and usually happen within one business day. You can also set up automatic transfers — for example, moving $50 from checking to savings every payday — to help you build savings without thinking about it.
If you need to move money to or from a bank account at a different bank, you can do that too. Log into Wells Fargo online banking, go to "Transfers," and choose "Transfer to External Account." You'll enter the other bank's routing number and your account number there. The first transfer usually takes three to five business days while Wells Fargo verifies the account. After that, transfers typically happen within one to two business days.
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 on its own without a checking account. However, if you already have a Wells Fargo checking account, opening a savings account is faster because Wells Fargo already has your information on file.
What if I don't have a government photo ID?
Wells Fargo requires a government-issued photo ID to open an account. If you don't have one, you'll need to get a state ID card or passport first. Your state's DMV can issue an ID card even if you don't drive.
Can I open a savings account if I'm under 18?
Yes, but you'll need a parent or guardian to open it with you. The adult will be the account owner, and you'll be an authorized user. Some banks offer teen savings accounts with slightly different rules — ask Wells Fargo whether they have one when you visit.
How long does it take to earn interest on my deposit?
Interest starts accruing (building up) as soon as your deposit clears, which is usually the same day you deposit it. However, Wells Fargo pays interest monthly, so you won't see it in your account until the end of the month. The amount you earn depends on the interest rate and how much money you have in the account.
What if I want to close my savings account later?
You can close your account anytime by visiting a branch, calling Wells Fargo customer service, or using online banking. Wells Fargo will send you any remaining balance by check or transfer it to another account you specify. There's no penalty for closing an account.