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 bank requires a government-issued ID, your Social Security number, and an initial deposit. Most accounts need at least $25 to open, though some savings products have higher minimums. You'll also need a current mailing address and a phone number.
If you're opening online, you can complete the entire process in about 10 minutes. Wells Fargo will verify your identity using information from credit bureaus and public records. If you open in a branch or by phone, a representative will walk you through the same steps but can answer questions in real time.
You do not need an existing Wells Fargo checking account to open a savings account. The two products are separate, though linking them makes transfers between accounts instant and free.
Key Takeaways
- You need a government ID, Social Security number, current address, and at least $25 to open most Wells Fargo savings accounts.
- Online applications take about 10 minutes and are verified automatically; in-branch or phone applications let you ask questions but may take longer.
- Wells Fargo offers multiple savings products with different interest rates and features, so compare them before you choose.
- You can link your new savings account to an existing checking account at any bank, not just Wells Fargo.
Opening online through Wells Fargo's website
Go to wellsfargo.com and select "Open an Account" from the homepage. Choose the savings product you want — Wells Fargo offers a standard savings account, a money market account, and a high-yield savings option. Read the terms for each, including the interest rate, monthly fees, and minimum balance requirements, because these vary by product.
Enter your personal information: full name, date of birth, Social Security number, current address, phone number, and email. Wells Fargo will ask whether you want paperless statements and how you prefer to receive account information. You'll create a username and password for online banking.
Review the account agreement and disclosures, then submit your application. Wells Fargo verifies your identity electronically, usually within minutes. If verification is successful, you'll see your new account number immediately and can set up your first deposit. If the system cannot verify you automatically, Wells Fargo will call the phone number you provided to confirm your identity before the account opens.
Opening in person at a Wells Fargo branch
Bring your government-issued ID and Social Security number to any Wells Fargo branch during business hours. A banker will ask the same questions as the online form: your name, address, phone, email, and which savings product interests you. They will explain the features and fees of each account type and answer questions about interest rates and withdrawal limits.
The banker will verify your identity using your ID and may run a check against ChexSystems, which is a banking history database. This takes a few minutes. Once verified, they'll open the account and give you a temporary debit card if you're also opening a checking account. Your savings account will be active immediately, and you can make your first deposit that same day.
In-person applications are useful if you want to discuss which account type fits your goals or if you have questions about linking accounts or setting up automatic transfers.
Opening by phone with Wells Fargo customer service
Call Wells Fargo at 1-800-869-3557 to open a savings account by phone. A representative will guide you through the application, asking for the same information as the online form. They'll explain the different savings products and help you choose based on your needs.
The representative will verify your identity using your Social Security number and answers to security questions based on your credit history. This verification usually takes 5 to 10 minutes. Once approved, they'll provide your account number and routing number over the phone so you can set up your first deposit immediately.
Phone applications work well if you prefer speaking to a person or if you have questions about features and fees. You can also ask the representative to link your new savings account to an existing checking account at Wells Fargo or another bank.
Funding your new account and setting up transfers
Wells Fargo gives you several ways to deposit money into your new savings account. You can transfer funds from another bank account using ACH (Automated Clearing House), which typically takes one to three business days. You can also deposit cash or a check at any Wells Fargo branch, and the funds post immediately for cash or within one business day for checks.
If you have an existing Wells Fargo checking account, you can transfer money between your checking and savings accounts instantly through online banking or the Wells Fargo mobile app. Set up a one-time transfer or create a recurring transfer — for example, $50 every payday — to build your savings automatically.
If you're funding from an account at another bank, you'll need the routing number and account number of that bank. Wells Fargo's routing number varies by region, so the system will provide the correct one when you set up the transfer. The first transfer may take longer while the bank verifies the account, but subsequent transfers from the same account will be faster.
Understanding Wells Fargo savings account types and fees
Wells Fargo offers three main savings products. The standard savings account has no monthly fee if you maintain a minimum balance (usually $300 to $500, depending on your region) or if you set up a recurring transfer of at least $25 per month. If you don't meet either requirement, the monthly fee is typically $5.
The money market account requires a higher opening deposit and minimum balance but pays a higher interest rate. It also limits the number of withdrawals you can make per month — usually six — though transfers to a linked checking account don't count against this limit. Monthly fees apply if you fall below the minimum balance.
The high-yield savings account pays interest rates higher than the standard account but may have different fee structures and minimum balance requirements. Interest rates change based on the Federal Reserve's rate decisions, so compare current rates on Wells Fargo's website before you open.
What happens after your account opens
Your savings account is active immediately after approval, and you can begin using it right away. If you opened online or by phone, you can log into your account through wellsfargo.com or the mobile app within minutes. If you opened in a branch, the banker will provide you with temporary access information and a card if you also opened a checking account.
A physical debit card for your savings account will arrive by mail within 7 to 10 business days if you requested one. You can use your savings account online and through the app without waiting for the card. If you want to withdraw cash, you can visit any Wells Fargo branch or use any ATM in the Wells Fargo network.
Set up online banking and the mobile app as soon as your account opens. This lets you monitor your balance, transfer money, and set up automatic savings transfers. You can also turn on account alerts to notify you when your balance drops below a certain amount or when a withdrawal is made.
Frequently Asked Questions
Do I need a Wells Fargo checking account to open a savings account?
No. You can open a Wells Fargo savings account without any other Wells Fargo products. However, if you already have a checking account at Wells Fargo, linking it to your new savings account makes transfers between them instant and free.
What's the minimum deposit to open a Wells Fargo savings account?
Most Wells Fargo savings accounts require a minimum opening deposit of $25. Some money market accounts may require $2,500 or more. Check the specific product details on Wells Fargo's website or ask a representative, because minimums can vary by account type and region.
How long does it take to open a Wells Fargo savings account online?
Online applications usually take 10 to 15 minutes to complete. Your account opens immediately if Wells Fargo verifies your identity automatically. If manual verification is needed, a representative will call you, and the process may take an additional day.
Can I open a savings account if I'm not a U.S. citizen?
Wells Fargo requires a valid government-issued ID and a Social Security number or Individual Taxpayer Identification Number (ITIN). Non-citizens with an ITIN can open accounts, but you'll need to bring additional documentation to a branch or verify your status by phone with a representative.
What interest rate will I earn on my savings?
Interest rates vary by account type and change based on Federal Reserve decisions. Check wellsfargo.com for current rates on each savings product, or ask a representative when you open your account. Rates are typically higher on money market and high-yield savings accounts than on standard savings accounts.