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 process takes about 15 minutes online or at a branch. 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 less to start.
If you are opening online, you will also need an email address and a phone number where Wells Fargo can reach you. If you open in person, bring your ID and the money or card you plan to use for the initial deposit. If you open by phone, a representative will walk you through the same questions you would answer online.
Wells Fargo offers several savings account types: the basic savings account, money market accounts, and certificates of deposit (CDs). Each has different minimum balance requirements and interest rates. The basic savings account is the most common choice for people starting out.
Key Takeaways
- You need a valid ID, Social Security number, and an initial deposit to open any Wells Fargo savings account.
- Online account opening takes about 15 minutes and you can start using the account the same day in most cases.
- Wells Fargo offers multiple savings account types with different minimum balances and interest rates.
- You can fund your new account with a debit card, bank transfer, or cash deposit at a branch.
- Wells Fargo charges monthly maintenance fees on some accounts, but many are waived if you meet balance or deposit requirements.
Opening an account online
Go to wellsfargo.com and click the link to open a savings account. You will be asked to enter your email address, create a username and password, and provide your full name, date of birth, and Social Security number. Wells Fargo will ask for your current address and phone number. This information is used to verify your identity and check for fraud.
Next, you will choose which type of savings account you want and review the terms and fees. You will then enter payment information for your initial deposit — either a debit card or bank account number. If you use a debit card, the deposit posts immediately. If you transfer from another bank account, it may take one to three business days.
Once your deposit clears, your account is active and you can log in to view your balance, set up transfers, and manage your account online or through the Wells Fargo mobile app. You will receive a debit card in the mail within 7 to 10 business days if you requested one.
Opening an account at a Wells Fargo branch
Find your nearest Wells Fargo branch using their branch locator on wellsfargo.com. Bring your valid ID, Social Security number, and your initial deposit. You can deposit cash, a check, or use a debit card to fund the account. A banker will fill out the paperwork with you, answer questions about account features, and activate your account on the spot.
If you open in person, you can request a debit card immediately, and the banker can issue a temporary card number you can use right away. Your physical card will arrive in 7 to 10 business days. Your account is ready to use the same day.
Opening an account by phone
Call Wells Fargo customer service at 1-800-869-3557 to open a savings account over the phone. A representative will ask the same questions as the online process: your name, date of birth, Social Security number, address, and phone number. They will explain the account types and fees, then help you choose which account fits your needs.
For the initial deposit, you will provide a debit card number or bank account information. The representative will confirm all details before finalizing the account. You will receive login credentials by email so you can access your account online immediately. Your debit card and any other materials will arrive by mail within 7 to 10 business days.
Funding your new account
You have three main ways to fund a new Wells Fargo savings account: debit card, bank transfer, or cash deposit. Debit card deposits post immediately and require no waiting. Bank transfers from another institution typically take one to three business days, depending on the other bank's processing time. Cash deposits at a Wells Fargo branch post the same day.
If you are opening online or by phone, you cannot deposit cash until you receive your debit card or set up a transfer from another account. If you need to deposit cash immediately, open your account at a branch instead. You can also transfer money from an existing Wells Fargo account you already have.
Monthly fees and how to avoid them
Wells Fargo charges a monthly maintenance fee on most savings accounts, but the fee is often waived if you meet certain conditions. Common ways to waive the fee include maintaining a minimum daily balance (often $300 to $500), setting up a direct deposit, or linking the account to a Wells Fargo checking account. The exact requirements depend on which savings account type you choose.
When you open your account, ask the banker or representative which fee waivers apply to your account type. You can also review the fee schedule on wellsfargo.com or in the account agreement you receive. If you fall below the minimum balance or miss a direct deposit requirement, the fee will be charged, but you can often have one fee reversed per year if you contact customer service.
What happens after you open your account
Once your account is open and funded, you can log in to wellsfargo.com or use the Wells Fargo mobile app to check your balance, transfer money, and manage your account. You can set up automatic transfers from your checking account to your savings account, which helps you save consistently. You can also set up alerts to notify you when your balance drops below a certain amount.
Your savings account earns interest, though the rate varies based on market conditions and your account type. Wells Fargo publishes current rates on their website. Interest is typically compounded daily and deposited monthly. You can withdraw money from your savings account at any time, but federal rules limit you to six withdrawals per month (this rule has been suspended in recent years, but Wells Fargo may reinstate it).
Frequently Asked Questions
Can I open a Wells Fargo savings account if I don't have a Social Security number?
No. Wells Fargo requires a Social Security number or Individual Taxpayer Identification Number (ITIN) to open any account. This is a federal requirement for all banks. If you have an ITIN, you can use that instead of a Social Security number.
How much money do I need to open a Wells Fargo savings account?
Most Wells Fargo savings accounts require a minimum initial deposit of $25, though some accounts may require more. Check the specific account type you are interested in on wellsfargo.com to confirm the minimum. Once the account is open, you can maintain any balance you want, though some accounts waive fees only if you keep a higher balance.
Can I open a savings account online if I don't have a debit card?
Yes. You can fund your online account using a bank transfer from another institution instead of a debit card. Provide your routing number and account number from your other bank, and the transfer will process in one to three business days. Alternatively, open your account at a branch and deposit cash.
How long does it take to access my money after I open an account?
If you open online or by phone and fund with a debit card, your account is active immediately and you can transfer money the same day. If you fund with a bank transfer, it takes one to three business days for the deposit to clear. If you open at a branch and deposit cash, your account is active the same day.
What is the difference between a Wells Fargo savings account and a money market account?
A money market account typically offers a higher interest rate than a basic savings account, but requires a larger minimum balance to open and maintain. Money market accounts may also come with a debit card or checkbook. Choose a basic savings account if you want simplicity and low minimums; choose a money market account if you have a larger balance and want higher interest earnings.