What you need to open a Wells Fargo savings account

You can open a Wells Fargo savings account online, by phone, or in person at a branch. The process takes about 10 to 15 minutes. You will need a valid government-issued ID (driver's license, passport, or state ID), your Social Security number, and an initial deposit—the amount varies by account type, but many accounts require $25 or more to open.

Wells Fargo runs a background check through ChexSystems, which is a banking history database. If you have had accounts closed due to overdrafts or fraud, or if you owe money to another bank, this check may delay or prevent approval. You can request your ChexSystems report before you apply if you want to know what the bank will see.

You will also need a way to fund the account—a debit card, another bank account, or cash if you open in person. If you are opening online or by phone, you will link an existing account to transfer the opening deposit.

Key Takeaways

  • You need a valid ID, Social Security number, and an opening deposit of at least $25 to start a Wells Fargo savings account.
  • Wells Fargo checks your banking history through ChexSystems, and a record of unpaid overdrafts or closed accounts may block your application.
  • Online and phone applications take 10 to 15 minutes, while in-person opens at a branch are usually faster.
  • Interest rates on savings accounts vary by account type and change regularly, so compare the current rate before you open.
  • You can close a Wells Fargo savings account at any time with no penalty, but you must withdraw or transfer your balance first.

Opening online through Wells Fargo's website

Go to wellsfargo.com and select "Open an Account" from the homepage. Choose the savings account type you want—Wells Fargo offers several, including the Wells Fargo Way2Save Savings Account and the Wells Fargo Gold Savings Account. Each has different interest rates and monthly fees, so read the details for each before you choose.

Enter your personal information: full name, date of birth, Social Security number, address, phone number, and email. Wells Fargo will verify your identity by asking questions about your credit history or by sending a code to your phone or email. This step usually takes a few minutes.

Link a bank account to transfer your opening deposit. You will need the routing number and account number from your existing bank account. Wells Fargo will make two small test deposits to that account (usually under $1 each) within one to two business days, and you will need to confirm the amounts to prove you own the account. After confirmation, your savings account opens and you can begin using it.

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 walk you through the same questions as the online process: your name, address, Social Security number, and the type of account you want. The call usually takes 10 to 15 minutes.

You will need to provide a way to fund the account. If you have another bank account, give the representative the routing and account numbers. If you do not have another account, ask whether you can mail a check or visit a branch to deposit cash. Some representatives can also arrange for a check to be mailed to you so you can deposit it later.

After the call ends, you will receive a confirmation email with your new account number and login details. Your account opens immediately, though the opening deposit may take one to two business days to arrive if you linked another bank account.

Opening in person at a Wells Fargo branch

Bring your ID, Social Security number, and your opening deposit to any Wells Fargo branch. You can bring cash, a check, or a debit card to fund the account. A banker will fill out the paperwork with you and answer questions about the account features and fees.

The in-person process is usually the fastest—you can walk out with an active account and a debit card in the same visit, though the debit card may take a few days to arrive by mail if the branch does not issue it on the spot. Ask the banker whether they can print a temporary card number you can use online while you wait for the physical card.

If you do not have an opening deposit with you, some branches will let you open the account with a promise to deposit funds within a set time frame. Call your local branch first to confirm their policy.

Understanding Wells Fargo savings account types and fees

Wells Fargo offers several savings accounts with different interest rates and monthly maintenance fees. The Way2Save Savings Account typically has a lower interest rate but also a lower monthly fee (or no fee if you meet certain conditions). The Gold Savings Account usually offers a higher interest rate but charges a higher monthly fee unless you maintain a minimum balance.

Monthly fees range from $0 to $5 depending on the account type and whether you meet the bank's requirements—such as maintaining a minimum balance or setting up direct deposit. You can avoid most monthly fees by keeping a certain amount in the account (often $300 to $500) or by having your paycheck deposited directly into the account.

Interest rates change frequently and vary based on the Federal Reserve's actions. Check the current rate for the account you want before you open, because the rate you see today may not be the rate you earn tomorrow. Wells Fargo publishes current rates on its website.

What happens after your account opens

Once your account is open, you can log into your Wells Fargo online banking account or mobile app using your username and password. You will see your account balance, transaction history, and options to transfer money, set up bill pay, or link other accounts.

Your debit card will arrive by mail within 7 to 10 business days if you did not receive one in person. You can use your account number to set up direct deposit from your employer or to receive transfers from other people. You can also visit any Wells Fargo branch or ATM to make deposits or withdrawals.

If you want to close the account later, you can do so at any time by visiting a branch, calling the bank, or using online banking. You must withdraw or transfer your balance before the account closes. Wells Fargo does not charge a fee to close a savings account.

What to do if your application is denied

If Wells Fargo denies your application, the bank will send you a letter explaining the reason. Common reasons include a negative ChexSystems report, a history of unpaid overdrafts, or fraud flags. You have the right to request a copy of your ChexSystems report and to dispute any errors on it.

If your denial was due to ChexSystems, contact ChexSystems directly at 1-800-428-9623 or through their website to review your report and file a dispute if information is wrong. Correcting errors can take 30 to 60 days. After the dispute is resolved, you can reapply to Wells Fargo.

If you were denied because of insufficient funds or other reasons, you may be able to reapply after 30 to 90 days. Some people who are denied by Wells Fargo can open accounts at banks that use different screening systems, such as Chime, LendingClub, or regional banks in your area. Ask about second-chance banking accounts, which are designed for people with banking history issues.

Frequently Asked Questions

Can I open a Wells Fargo savings account if I do not have a checking account?

Yes. You can open a savings account on its own without a checking account. However, if you open online or by phone, you will need to link an existing bank account (from any bank) to transfer your opening deposit. If you do not have another account, open in person at a branch and bring cash or a check.

How much money do I need to open a Wells Fargo savings account?

Most Wells Fargo savings accounts require a minimum opening deposit of $25. Some accounts may require more, so check the specific account details before you apply. The opening deposit counts toward your account balance and earns interest.

How long does it take to open a Wells Fargo savings account online?

The application itself takes 10 to 15 minutes. Your account opens immediately after you complete the application and verify your identity. If you link another bank account to fund the deposit, the money may take one to two business days to arrive.

What is the current interest rate on Wells Fargo savings accounts?

Interest rates change frequently and vary by account type. Check wellsfargo.com for the current rate on the account you want. Rates are typically lower at large banks like Wells Fargo than at online banks, but you have access to physical branches and ATMs.

Can I change my savings account type after I open it?

Yes. You can convert your account to a different Wells Fargo savings account type by visiting a branch, calling the bank, or using online banking. There is no fee to change account types, and your existing balance and account number usually stay the same.