You can open a Wells Fargo savings account online, by phone, or in person at a branch
Wells Fargo offers several types of savings accounts, each with different features and minimum balance requirements. You can start the process from your computer, phone, or by walking into a local branch. The online route is fastest — most people complete it in 10 to 15 minutes. If you already have a Wells Fargo checking account, opening a savings account takes even less time because the bank already has your identity verified.
The main savings products Wells Fargo offers are the Wells Fargo Way2Save Savings Account (designed for regular savers with lower balances) and the Wells Fargo Platinum Savings Account (which requires a higher opening deposit but pays a slightly higher interest rate). Both accounts let you link to checking for easy transfers, set up automatic deposits, and access your money through ATMs and online banking.
Key Takeaways
- You can open a Wells Fargo savings account online at wellsfargo.com, by calling 1-800-869-3557, or at any Wells Fargo branch location.
- Way2Save requires a $25 opening deposit and has no monthly fee if you maintain a $500 balance; Platinum Savings requires $2,500 to open and pays a higher interest rate.
- You will need a valid government ID, Social Security number, and an initial deposit amount to complete the account opening.
- If you already bank with Wells Fargo, you can link your new savings account to your checking account for transfers within minutes.
Opening an account online through Wells Fargo's website
Go to wellsfargo.com and look for the "Open an Account" button, usually located in the top navigation or under a "Products" menu. Select "Savings Account" from the account type options. The site will ask you to choose between Way2Save and Platinum Savings, then walk you through a series of screens asking for your personal information: full name, date of birth, Social Security number, address, phone number, and email.
You will need to verify your identity during this process. Wells Fargo typically does this by asking security questions based on your credit history — questions like "Which of these addresses have you lived at?" or "Which lender issued your auto loan?" Answer these correctly and the system verifies you instantly. If the system cannot verify you this way, Wells Fargo will ask you to upload a photo of your government ID (driver's license, passport, or state ID card).
Once identity verification is complete, you choose your opening deposit amount and how to fund it. You can transfer money from another bank account, use a debit card, or (if you have a Wells Fargo checking account) move funds from that account. The deposit posts immediately if you transfer from an existing Wells Fargo account. Transfers from outside banks take one to two business days.
Opening an account by phone
Call Wells Fargo at 1-800-869-3557 and tell the representative you want to open a savings account. They will ask the same questions as the online form: your name, address, date of birth, Social Security number, and which account type you prefer. The representative will verify your identity by asking security questions or requesting that you provide information from documents like a recent utility bill or tax return.
Once verified, you will choose your opening deposit amount and provide payment information. If you have a Wells Fargo checking account, the representative can transfer funds from that account over the phone. If you are funding from an outside bank, you will provide your account number and routing number, and the transfer typically completes within one to two business days. Phone opening takes about 20 to 30 minutes depending on how quickly the identity verification questions are answered. The account is active as soon as the call ends, and you can log into online banking immediately to see your new account number and routing number.
Opening an account in person at a Wells Fargo branch
Bring a valid government ID (driver's license, passport, or state ID), your Social Security number, and the amount you want to deposit. Walk into any Wells Fargo branch during business hours and ask to open a savings account. A banker will sit with you, confirm which account type you want, and collect the same information as the online and phone processes.
In-person opening has one advantage: you can hand over cash or a check for your opening deposit and it posts to your account the same day. If you transfer from another bank account, that still takes one to two business days. The banker will give you your account number and routing number before you leave, and you can set up online banking access at home that same day.
What happens after you open the account
Your new savings account is ready to use immediately. You will receive a debit card in the mail within 7 to 10 business days if you requested one (some savings accounts do not come with debit cards by default). You can access your account online at wellsfargo.com or through the Wells Fargo mobile app, which you can download to your phone.
If you have a Wells Fargo checking account, you can link the two accounts for transfers. Log into online banking, go to "Transfers," and select your new savings account as the destination. Transfers between your own Wells Fargo accounts happen instantly and are free. You can also set up automatic transfers — for example, moving $50 from checking to savings every payday — through the same menu. Interest on your savings account balance begins accruing the day your deposit posts. The interest rate varies based on market conditions and your account type. You can check your current rate by logging into online banking or calling 1-800-869-3557.
Minimum balance requirements and monthly fees
Way2Save Savings has a $25 opening deposit requirement and no monthly maintenance fee as long as you keep a $500 balance. If your balance drops below $500, Wells Fargo charges a $5 monthly fee. Platinum Savings requires a $2,500 opening deposit and has no monthly fee if you maintain that balance. If your Platinum balance falls below $2,500, the fee is $25 per month.
Both accounts allow you to make up to six withdrawals or transfers per month without penalty. If you exceed six in a calendar month, Wells Fargo charges $10 for each additional withdrawal. This limit applies to transfers to other accounts, checks, and ATM withdrawals — but not to deposits or transfers from other accounts into your savings.
If you do not have a Social Security number
Wells Fargo requires a Social Security number or Individual Taxpayer Identification Number (ITIN) to open a savings account. If you do not have either, you will not be able to open an account at Wells Fargo through the standard process.
Some banks offer accounts for people without a Social Security number, but Wells Fargo's policy does not include this option. If you have an ITIN because you are self-employed or a non-citizen resident, that number works the same way as a Social Security number for account opening purposes.
Frequently Asked Questions
Can I open a Wells Fargo savings account if I have been denied before?
Wells Fargo checks ChexSystems, a banking history database, when you open an account. If you were denied in the past, it may have been because of unpaid fees, fraud, or a closed account with a negative balance. You can request your ChexSystems report at chexsystems.com to see what is on file. If the issue has been resolved, you may be able to open an account now.
How long does it take to open an account online?
Most people complete the online process in 10 to 15 minutes. The account is active immediately after you finish, though if you fund it from an outside bank, that transfer takes one to two business days to appear in your account.
Do I need to open a checking account first?
No. You can open a savings account without a checking account. However, if you already have a Wells Fargo checking account, the process is slightly faster because your identity is already verified in their system.
What is the difference between Way2Save and Platinum Savings?
Way2Save has a lower opening deposit ($25) and lower balance requirement ($500) to avoid fees. Platinum Savings requires $2,500 to open but typically pays a higher interest rate. Choose Way2Save if you are starting with a small amount; choose Platinum if you have $2,500 or more to deposit and want to earn more interest.
Can I open multiple savings accounts?
Yes. You can open more than one savings account at Wells Fargo. Some people open one Way2Save account for everyday savings and another for a specific goal. Each account has its own number and can be managed separately through online banking.