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 if you do it online, and you'll need a valid government-issued ID, your Social Security number, and an initial deposit (which varies by account type—some require as little as $0, others $25 or more). Wells Fargo will also run a check through ChexSystems, a banking history database, to verify you don't have outstanding issues with another bank.

If you're opening online, you'll need an email address and a phone number where Wells Fargo can reach you. If you're opening in person or by phone, a Wells Fargo representative will walk you through the same information but can answer questions in real time. You don't need to have an existing Wells Fargo account to open a savings account—it can be your first account with them.

Key Takeaways

  • You can open a Wells Fargo savings account online in about 10 to 15 minutes with a valid ID, Social Security number, and an initial deposit.
  • Wells Fargo offers several savings account types with different features and minimum deposit requirements, so compare them before you choose.
  • If you open online, you'll receive account details and a debit card within 7 to 10 business days; in-person opening gives you immediate access to your account number.
  • Wells Fargo will check your banking history through ChexSystems, and a previous banking problem may delay or prevent account opening.
  • You can link your new savings account to an existing Wells Fargo checking account or keep it separate, depending on your needs.

Wells Fargo savings account types and what they cost

Wells Fargo offers three main savings account options: the Wells Fargo Way2Save Savings Account, the Wells Fargo Savings Account, and the Wells Fargo Gold Savings Account. The Way2Save account has no monthly service fee and no minimum balance requirement, making it the lowest-barrier option. The standard Savings Account also has no monthly fee but requires a $25 minimum opening deposit. The Gold Savings Account is designed for customers with higher balances and offers higher interest rates, but requires a $25,000 minimum balance to avoid a monthly service fee.

Interest rates on all three accounts change based on the Federal Reserve's rate decisions and market conditions, so the rate you see today may not be the rate you earn next month. You can check current rates on Wells Fargo's website or ask a representative when you open your account. The difference between accounts is mainly in the interest rate tier and the balance threshold—if you're starting out or have a modest balance, Way2Save is usually the right choice.

Opening your account online

Go to wellsfargo.com and select "Open an Account" or "Savings" from the menu. You'll be asked to enter your email address, phone number, and basic personal information (name, date of birth, address, Social Security number). Wells Fargo will then verify your identity by asking security questions based on your credit history. This step usually takes 2 to 3 minutes.

Next, you'll choose which savings account type you want and decide whether to link it to an existing Wells Fargo checking account or open it as a standalone account. You'll also set up online banking login credentials and review the account terms. At the end, you'll be asked to make an initial deposit—you can do this by transferring money from another bank account or, if you have a Wells Fargo account already, by moving money from that account. Your new account number will appear on screen immediately, but your debit card will arrive by mail in 7 to 10 business days.

Opening your account in person or by phone

To open an account in person, visit any Wells Fargo branch with your valid government-issued ID (driver's license, passport, or state ID card), your Social Security number, and proof of your current address (a recent utility bill, lease, or bank statement). Bring a checkbook or recent bank statement if you plan to fund the account by transfer. A Wells Fargo representative will complete the application with you, run the ChexSystems check, and process your initial deposit on the spot. You'll leave with your account number and can begin using the account immediately, though your debit card will still arrive by mail.

To open by phone, call Wells Fargo at 1-800-869-3557. A representative will guide you through the same process as online, but you'll need to provide your information verbally and may be asked to verify your identity through additional security questions. Phone opening typically takes 15 to 20 minutes. You'll receive your account number during the call and can set up online banking access right away, but your debit card will arrive by mail.

What happens after you open your account

Once your account is open, you can log into Wells Fargo's online banking or mobile app using the login credentials you created. You can transfer money in from another bank using the account number Wells Fargo provided, set up automatic transfers, or deposit checks using mobile check deposit (available through the Wells Fargo app). Your debit card will arrive within 7 to 10 business days if you opened online; if you opened in person, you may be able to request a card at the branch and receive it immediately, or it will arrive by mail.

If Wells Fargo's ChexSystems check flagged an issue—such as an unpaid overdraft or closed account with a negative balance at another bank—you may receive a letter explaining that your account opening was denied or delayed. In that case, contact Wells Fargo directly to understand what the issue is and whether it can be resolved. Some issues can be cleared if you pay an outstanding debt or provide documentation that the problem has been addressed.

Linking your savings account to other accounts

If you already have a Wells Fargo checking account, you can link your new savings account to it during the opening process or afterward through online banking. Linking allows you to transfer money between accounts instantly and see both balances in one place. You can also set up automatic transfers—for example, moving $50 from checking to savings every payday—to help you build savings without thinking about it.

If you don't have a Wells Fargo checking account yet, you can open a savings account alone and add a checking account later. The two accounts don't have to be linked, but linking them makes it easier to manage your money. You can also link external bank accounts (from other banks) to your Wells Fargo savings account for transfers, though external transfers typically take 1 to 3 business days to complete.

What to do if your account opening is denied

Wells Fargo may deny your account opening if ChexSystems reports a serious banking problem, such as an account you closed with a negative balance, unpaid overdraft fees, or fraud. You have the right to request a copy of your ChexSystems report and dispute any errors on it. You can order your report for free at www.chexsystems.com or by calling 1-800-428-9623.

If the denial is based on accurate information, you may be able to reopen an account with Wells Fargo after a waiting period (usually 6 to 12 months) or by resolving the underlying issue—for example, paying off an overdraft. Contact Wells Fargo's customer service to ask what specific action would allow you to open an account. In the meantime, you can explore savings accounts at other banks, many of which have different underwriting standards.

Frequently Asked Questions

Can I open a Wells Fargo savings account without a Social Security number?

No. Wells Fargo requires a Social Security number to open any account. If you don't have one, you may be able to open an account using an Individual Taxpayer Identification Number (ITIN) instead, but you'll need to visit a branch in person and bring additional documentation. Call Wells Fargo at 1-800-869-3557 to ask about ITIN accounts before you visit.

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

The Way2Save Savings Account requires $0 to open. The standard Savings Account requires a $25 minimum opening deposit. The Gold Savings Account requires $25,000 to avoid a monthly fee. You can fund your account with a transfer from another bank, a check deposit, or cash if you open in person.

Can I open a savings account for someone else?

No. The account holder must open the account themselves using their own ID and Social Security number. If you want to open an account for a minor, you'll need to open a joint account or custodial account, which requires the minor to be present (or you to be their legal guardian). Visit a Wells Fargo branch to discuss options for minors.

What if I already have a Wells Fargo account but want to open another savings account?

You can open a second savings account with Wells Fargo using the same process. Log into your existing online banking account and select "Open an Account," or visit a branch or call 1-800-869-3557. You can keep the accounts separate or link them for easy transfers between them.

How long does it take to access my money after I open an account?

If you open online or by phone, your account is active immediately and you can transfer money in from another Wells Fargo account right away. External transfers from other banks take 1 to 3 business days. If you open in person and fund the account with cash or a check, the money is available immediately. Your debit card arrives by mail in 7 to 10 business days.