What you need to open a Wells Fargo savings account
You can open a Wells Fargo savings account in person at a branch, online through their website, or by phone. The fastest route is online if you have your documents ready. You will need a government-issued ID (driver's license, passport, or state ID), your Social Security number, and an initial deposit—usually $25 for most savings accounts, though some accounts require more.
Wells Fargo offers several savings account types: the Wells Fargo Way2Save Savings Account (designed for frequent savers with low minimums), the Wells Fargo Savings Account (their standard option), and higher-yield accounts like the Wells Fargo Gold Savings Account (which requires a larger opening deposit). Each has different features and interest rates, so knowing which one fits your situation before you start saves time.
You will also need a current mailing address and a phone number. If you are opening the account online, you may need to verify your identity through their digital process, which typically involves answering security questions based on your credit history or uploading a photo of your ID.
Key Takeaways
- You need a government ID, Social Security number, and an initial deposit (usually $25 minimum) to open any Wells Fargo savings account.
- Online opening is the fastest method and takes about 10 minutes if your information is ready, while branch visits may require a wait.
- Wells Fargo offers multiple savings account types with different interest rates and minimum balances, so compare them before you start.
- You can link your new savings account to an existing Wells Fargo checking account during setup, or open both at the same time.
- Once your account is open, you can fund it through transfers from another bank, direct deposit, or in-person deposit at a Wells Fargo branch.
Opening online through Wells Fargo's website
Go to wellsfargo.com and look for the "Open an Account" button, usually located at the top of the page. Select "Savings Account" from the account type menu. You will be asked to choose which savings product you want—Way2Save, the standard Savings Account, or Gold Savings—and then enter your personal information: name, date of birth, Social Security number, address, phone number, and email.
Wells Fargo will then ask you to verify your identity. This typically happens through their digital verification system, which may ask security questions based on your credit file or request that you upload a photo of your ID. The process usually takes 5 to 10 minutes. Once verified, you will set up online banking credentials (username and password) and choose your account settings, such as whether you want paperless statements.
After you complete the online application, Wells Fargo will tell you immediately whether your account is open. You can then fund it right away by linking an external bank account (which takes one to two business days to verify) or by transferring money from an existing Wells Fargo account if you have one. Your account number and routing number will be available in your online banking portal as soon as the account is active.
Opening in person at a Wells Fargo branch
Find your nearest branch using the Wells Fargo branch locator on their website or by calling 1-800-869-3557. Bring your government-issued ID, Social Security number, and your initial deposit (cash or a check). You do not need to call ahead; you can walk in during business hours, though arriving early in the day typically means shorter waits.
A Wells Fargo representative will walk you through the account setup process, which takes about 15 to 20 minutes. They will verify your identity, confirm your address and contact information, and help you choose which savings account type fits your needs. If you already have a Wells Fargo checking account, they can link the two accounts so you can transfer money between them easily.
Once the account is open, you can deposit your initial funds immediately at the branch. Your debit card (if you opened a checking account) will be ordered and arrive in 7 to 10 business days, but your savings account is active right away and you can access it online or by phone the same day.
Opening by phone with a Wells Fargo representative
Call Wells Fargo at 1-800-869-3557 to open a savings account over the phone. A representative will guide you through the process and answer questions about which account type is right for you. You will need your government ID, Social Security number, and your initial deposit amount ready when you call.
The phone representative will verify your identity by asking security questions and confirming your personal information. The call typically takes 20 to 30 minutes. Once your account is open, the representative will provide you with your account number and explain how to fund the account—either by transferring from another bank, setting up direct deposit, or mailing a check to Wells Fargo.
Phone opening is useful if you prefer speaking to a person or if you have questions about account features, but it is slower than online opening. Your account will be active the same day, but you will not have immediate online access until you set up your username and password, which you can do on wellsfargo.com or by calling back.
Funding your new savings account
Once your account is open, you have several ways to add money. The fastest is an internal transfer if you already have a Wells Fargo checking account—this happens instantly and costs nothing. You can transfer through your online banking portal or at an ATM.
If you want to transfer money from another bank, you can link that external account to your Wells Fargo savings account. The first transfer usually takes one to two business days while Wells Fargo verifies the account. After that, transfers typically clear within one business day. You can also set up direct deposit from your employer or other income source, which deposits funds on your regular pay schedule.
You can also deposit cash or checks in person at any Wells Fargo branch, or mail a check to the address provided in your account welcome materials. Mobile check deposit through the Wells Fargo app is available if you have a linked checking account, though some savings accounts may have restrictions on this feature.
Account features and interest rates
Wells Fargo savings accounts earn interest, but the rate varies by account type and changes based on market conditions. The Way2Save Savings Account typically has a lower interest rate but no monthly maintenance fee and a low opening deposit. The standard Savings Account has a slightly higher rate and similar features. The Gold Savings Account offers higher interest rates but requires a larger opening deposit (usually $25,000 or more) and a higher minimum balance to earn the top rate.
All Wells Fargo savings accounts come with online and mobile banking access, the ability to set up automatic transfers, and FDIC insurance up to $250,000 (or $500,000 if you have a joint account). You can withdraw money from your savings account at any time, though federal rules limit you to six withdrawals per month from a savings account—exceeding this limit may result in a fee or account restrictions.
Check the current interest rates on wellsfargo.com before you open, since rates change frequently. You can also call 1-800-869-3557 to ask about current rates and which account type offers the best return for your situation.
What happens after your account opens
Your savings account is active immediately after you complete the opening process, whether online, in person, or by phone. You can log into your online banking account and see your balance, set up transfers, and manage your account right away. If you opened online or by phone, you will receive a welcome packet in the mail within 7 to 10 business days with your account details and any promotional materials.
If you opened a checking account at the same time, your debit card will arrive separately in 7 to 10 business days. Your savings account does not come with a debit card—you access it through online banking, mobile app, ATM, or by visiting a branch. You can set up alerts to notify you when your balance drops below a certain amount or when a transfer occurs.
If you have questions about your account after it opens, you can contact Wells Fargo customer service at 1-800-869-3557, through their mobile app, or by visiting a branch. You can also change your account settings, add beneficiaries, or close the account at any time through online banking or by calling customer service.
Frequently Asked Questions
Do I need an existing Wells Fargo account to open a savings account?
No. You can open a Wells Fargo savings account as your first account with the bank. However, if you already have a checking account with Wells Fargo, you can link the two accounts during setup, which makes transferring money between them easier.
What is the minimum deposit to open a Wells Fargo savings account?
Most Wells Fargo savings accounts require a $25 opening deposit. The Gold Savings Account requires a higher opening deposit, usually $25,000, to earn the highest interest rate. Check wellsfargo.com for current minimums, as these can change.
How long does it take to open a Wells Fargo savings account online?
Online opening typically takes 10 to 15 minutes if you have your documents ready and your identity verifies immediately. In some cases, Wells Fargo may need additional information, which can extend the process to a few hours or a business day.
Can I open a joint savings account at Wells Fargo?
Yes. During the opening process, you can choose to open a joint account. Both account holders will need to provide their Social Security number, government ID, and other personal information. Joint accounts can be opened online, in person, or by phone.
What if I need to close my savings account after I open it?
You can close your Wells Fargo savings account at any time by visiting a branch, calling 1-800-869-3557, or using online banking. Wells Fargo will ask where you want any remaining balance sent—to another bank account or as a check. There is no penalty for closing a savings account.