Wells Fargo savings accounts do have minimum balance requirements, but the amount depends on which type of account you open
Wells Fargo requires a minimum opening deposit and a minimum balance to keep your account open without fees. The exact amount varies by account type — some accounts ask for $300, others for $500 or more. If your balance drops below the minimum, Wells Fargo charges a monthly maintenance fee, usually between $5 and $25 depending on the account.
The good news is that Wells Fargo offers at least one savings account with no minimum balance requirement at all. If you know which account type you are looking at, you can find out exactly what it costs to open and maintain it.
Key Takeaways
- Wells Fargo's basic savings account (Wells Fargo Way Savings) has no minimum balance requirement and no monthly maintenance fee.
- Other Wells Fargo savings accounts require opening deposits between $300 and $500, and charge monthly fees if your balance falls below the minimum.
- The minimum balance is the amount you must keep in the account at all times — it is not a one-time deposit.
- You can avoid monthly fees by keeping your balance above the minimum or by setting up direct deposit or other may have access to transactions.
Wells Fargo Way Savings: no minimum balance
If you want a Wells Fargo savings account with no minimum balance requirement, the Wells Fargo Way Savings account is the one to open. This account has no monthly maintenance fee and no minimum opening deposit. You can open it with as little as $1 and never worry about falling below a balance threshold.
The trade-off is that this account earns a lower interest rate than some of Wells Fargo's other savings accounts. Interest rates change frequently and vary based on how much money you have in the account, so check Wells Fargo's website or call a branch for the current rate.
Other Wells Fargo savings accounts and their minimums
Wells Fargo offers several other savings accounts, each with different minimum balance requirements. The Wells Fargo Savings account (sometimes called the standard savings account) typically requires a $300 minimum balance to avoid a $5 monthly maintenance fee. The Wells Fargo Gold Savings account usually requires $500 to $1,000 to avoid fees, depending on your account tier.
Wells Fargo also offers Money Market Accounts, which function like savings accounts but often have higher minimum balance requirements — sometimes $2,500 or more. These accounts typically pay higher interest rates in exchange for the larger minimum.
Minimum balance requirements can change, and they may vary by region or based on your relationship with Wells Fargo. Before opening any account, ask a Wells Fargo representative for the current minimum balance requirement and monthly fee structure.
What happens if your balance drops below the minimum
If your account balance falls below the required minimum, Wells Fargo will charge you a monthly maintenance fee. For most savings accounts, this fee is $5 to $10 per month, though it can be higher for premium accounts. The fee is deducted directly from your account, which can push your balance even lower.
Once you bring your balance back above the minimum, the monthly fee stops. There is no penalty for going below the minimum once — the fee only applies to months when your balance stays below the threshold.
Ways to avoid the monthly maintenance fee
Even if your account has a minimum balance requirement, you may be able to waive the monthly fee by meeting certain conditions. Many Wells Fargo savings accounts waive the fee if you set up direct deposit — having your paycheck or benefits deposited directly into the account. Some accounts also waive the fee if you maintain a combined balance across multiple Wells Fargo accounts, or if you link your savings account to a Wells Fargo checking account.
Ask your Wells Fargo branch or check your account documents for the specific fee waiver options available to you. The requirements vary by account type and may change over time.
How to check your account's minimum balance requirement
The easiest way to find out your account's minimum balance requirement is to log into your Wells Fargo online account or mobile app. Look for the account details or account information section — it should list the minimum balance and any monthly fees.
You can also call Wells Fargo customer service at 1-800-869-3557 or visit a local branch in person. Have your account number ready, and ask specifically about the minimum balance requirement and what happens if you fall below it.
Frequently Asked Questions
Can I open a Wells Fargo savings account with no money?
The Wells Fargo Way Savings account requires only a $1 opening deposit, which is the closest to opening with no money. Other Wells Fargo savings accounts require $300 to $500 or more to open.
Does the minimum balance have to stay in the account all the time?
Yes. The minimum balance is the lowest amount you must keep in the account at all times. If you withdraw money and your balance drops below the minimum even for one day, you may be charged a fee for that month.
What if I need to withdraw money but it would drop me below the minimum?
You can withdraw the money — Wells Fargo will not stop you. However, if your balance falls below the minimum, you will be charged a monthly maintenance fee. If you know you need the money, the Wells Fargo Way Savings account with no minimum is a better choice.
Do I earn interest on a Wells Fargo savings account?
Yes, all Wells Fargo savings accounts earn interest, though the rate is usually low. The exact rate depends on the account type and changes frequently. Check with Wells Fargo for the current rate on your specific account.
Can I move money between my Wells Fargo savings and checking account without penalty?
Yes. Moving money between your own Wells Fargo accounts does not cost anything. However, federal rules once limited savings account transfers to six per month — check with Wells Fargo about current transfer limits on your account.