Open a savings account directly in the Wells Fargo app in about five minutes
You can create a new savings account through the Wells Fargo mobile app without visiting a branch or calling. The process takes roughly five minutes if you have your Social Security number, a government ID, and a funding source ready. Wells Fargo will verify your identity on the spot and show you the account details before you finish.
The app walks you through each step in order: choosing the account type, entering personal information, setting up funding, and reviewing terms. Once you confirm, the account opens immediately and you can start using it the same day.
Key Takeaways
- You need your Social Security number, a valid government ID, and a debit card or linked bank account to fund the new savings account.
- The Wells Fargo app verifies your identity instantly during signup, so you do not have to wait for approval.
- Your new savings account is ready to use as soon as you finish the signup process.
- Wells Fargo offers multiple savings account types with different features and interest rates, so review the options before you choose.
- If you already have a Wells Fargo checking account, linking it to a new savings account takes one extra step in the app.
What you need before you start
Gather these items before you open the Wells Fargo app: your Social Security number, a valid government-issued ID (driver's license, passport, or state ID), your date of birth, and your current address. Wells Fargo uses this information to verify who you are.
You also need a way to fund the account. You can use a debit card (from any bank) or link an existing bank account. If you already have a Wells Fargo checking account, you can transfer money from that account to your new savings account immediately after it opens.
Steps to create a savings account in the app
Step 1: Open the Wells Fargo app and sign in. If you do not have the app, download it from the Apple App Store or Google Play Store. Sign in with your existing Wells Fargo username and password. If you are not yet a Wells Fargo customer, you will need to create an online profile first before you can open an account through the app.
Step 2: Navigate to the accounts section. Tap the menu icon (usually three horizontal lines) and look for "Open an Account" or "Accounts." The exact wording varies by app version, but it is typically in the main menu or under a "+" icon near your account list.
Step 3: Choose your savings account type. Wells Fargo offers several savings options: a standard savings account, a money market account, and certificates of deposit (CDs). Each has different interest rates and minimum balance requirements. Read the details for each before you choose. The app shows the current interest rate, any monthly fees, and minimum opening deposit for each type.
Step 4: Enter your personal information. The app will ask for your full name, date of birth, Social Security number, and current address. Make sure the information matches your government ID exactly. Wells Fargo uses this to verify your identity in real time.
Step 5: Verify your identity. Wells Fargo will run a quick verification check. This usually takes less than a minute. If you pass, you move to the next step. If there is a problem, the app will tell you and you may need to contact Wells Fargo by phone to complete the process.
Step 6: Fund your account. Enter the amount you want to deposit and choose your funding source. You can use a debit card from any bank or link an existing bank account. If you choose a debit card, enter the card number, expiration date, and CVV. If you link a bank account, enter the routing number and account number. Wells Fargo may place a small temporary hold on the account you are funding from to verify it is real.
Step 7: Review and confirm. The app shows you a summary of the account details, the opening deposit amount, and the terms and conditions. Read through this carefully. Once you confirm, the account opens and the money transfers to your new savings account.
What happens after you open the account
Your savings account is active immediately. You can see it in your account list in the app and start using it right away. The initial deposit you made during signup will appear in the account within one to two business days, depending on your funding source. If you funded it with a debit card, it may take slightly longer than if you linked a Wells Fargo checking account.
You can set up automatic transfers from your checking account to your savings account at any time through the app. This is useful if you want to move money regularly without having to do it manually each time. You can also transfer money out of the savings account whenever you need it, though some account types have limits on the number of withdrawals per month.
Interest rates and fees to know about
Wells Fargo savings accounts earn interest, but the rate changes based on market conditions and the account type you choose. The app shows the current rate when you are selecting your account, so you can compare before you open it. Money market accounts typically pay higher interest than standard savings accounts, but they may have higher minimum balance requirements.
Most Wells Fargo savings accounts have no monthly maintenance fee if you keep a minimum balance. If your balance drops below that minimum, Wells Fargo may charge a monthly fee (usually a few dollars). The app shows the minimum balance requirement for each account type during signup. Some accounts also limit the number of withdrawals you can make per month without a fee, so check the terms if you plan to move money frequently.
Linking your savings account to your checking account
If you already have a Wells Fargo checking account, the app automatically links your new savings account to it. This means you can transfer money between them instantly through the app without entering account numbers or routing information. You can also set up automatic transfers so money moves on a schedule you choose.
To make a transfer, open the app, tap "Transfer," select the accounts you want to move money between, enter the amount, and confirm. The transfer happens immediately if both accounts are at Wells Fargo. If you are transferring to or from an account at a different bank, it may take one to three business days.
Troubleshooting common problems
If the app says your identity cannot be verified, it usually means the information you entered does not match what Wells Fargo has on file. Double-check that your name, date of birth, and address are exactly as they appear on your government ID. If the problem continues, call Wells Fargo customer service at the number on the back of your card or visit a branch in person.
If your funding source is declined, the card or account you are trying to use may not be valid or may have insufficient funds. Try a different debit card or bank account. If you do not have another option, you can open the account with a zero balance and fund it later by transferring money from another Wells Fargo account or by making a deposit at an ATM or branch.
If you do not see your new account in the app after opening it, try signing out and signing back in. Sometimes the app needs to refresh to show new accounts. If it still does not appear after a few minutes, contact Wells Fargo support.
Frequently Asked Questions
Can I open a savings account in the app if I do not have an existing Wells Fargo account?
No. You must be an existing Wells Fargo customer with an online profile to open an account through the app. If you are not yet a customer, you can open a checking account first through the app or in a branch, then open a savings account afterward.
How much money do I have to deposit to open a savings account?
The minimum opening deposit varies by account type. Standard savings accounts often have a low minimum (sometimes as little as one dollar), while money market accounts may require $2,500 or more. The app shows the minimum for each account type before you choose, so you can see what is required before you commit.
Can I change my savings account type after I open it?
You cannot convert an existing account to a different type through the app. If you want a different account type, you would need to open a new account and transfer the money. Contact Wells Fargo support if you want to discuss your options.
What is the interest rate on a Wells Fargo savings account?
Interest rates change based on market conditions and the account type. The app shows the current rate when you are opening the account. You can also check the Wells Fargo website or call customer service to see current rates for all account types.
How do I close my savings account if I do not want it anymore?
You can close a savings account through the app or by calling Wells Fargo customer service. If there is money in the account, you will need to transfer it out or withdraw it before the account closes. There is no fee to close an account.