What you need to open a savings account at Wells Fargo

To open a savings account at Wells Fargo, you need a government-issued photo ID, your Social Security number, and an initial deposit. Wells Fargo requires a minimum opening deposit that varies by account type—some savings accounts have no minimum, while others require $25 or more. You can open an account in person at a branch, online through Wells Fargo's website, or by phone.

If you do not have a Social Security number, you can use an Individual Taxpayer Identification Number (ITIN) instead. Wells Fargo will also run a background check through ChexSystems, which is a banking history database. This check looks at your past account closures and overdrafts—not your credit score.

Bring your ID and have your Social Security number or ITIN ready. If you are opening the account online or by phone, you will need to verify your identity by answering security questions or uploading a photo of your ID.

Key Takeaways

  • You need a government photo ID, Social Security number or ITIN, and an opening deposit to start a Wells Fargo savings account.
  • Wells Fargo offers several savings account types with different minimum deposits and interest rates, so compare them before opening.
  • You can open an account online, by phone, or in person at a branch, and the process usually takes 10 to 15 minutes.
  • Wells Fargo will check your banking history through ChexSystems, which may delay approval if you have recent overdrafts or closed accounts.
  • Once your account is open, you can deposit money through direct deposit, transfers from another bank, or in-person deposits at a branch.

Types of savings accounts Wells Fargo offers

Wells Fargo has three main savings account options: the Wells Fargo Way2Save Savings Account, the Wells Fargo Savings Account, and the Wells Fargo Gold Savings Account. Each one has different minimum balance requirements and interest rates.

The Way2Save Savings Account has no minimum opening deposit and no monthly maintenance fee. It earns interest, though the rate is typically lower than other options. This account is designed for people who want to start saving with a small amount of money.

The Wells Fargo Savings Account requires a $25 minimum opening deposit and has a monthly maintenance fee unless you maintain a minimum balance or set up direct deposit. The interest rate is higher than Way2Save.

The Gold Savings Account requires a $25 minimum opening deposit and is only open to customers who are 55 or older. It has a higher interest rate than the other two options and waives the monthly maintenance fee if you maintain a minimum balance.

How to open an account online

Go to Wells Fargo's website and click "Open an Account" or "Savings Accounts." Select the account type you want and click "Open Now." You will be asked to enter your personal information: full name, date of birth, Social Security number or ITIN, email address, and phone number.

Next, Wells Fargo will ask you to verify your identity. You can do this by answering security questions based on your credit history, or by uploading a photo of your government-issued ID. If you choose the photo upload route, take a clear picture of the front and back of your ID and upload it through the website.

After identity verification, you will set up login credentials and choose a username and password. Then you will review the account terms and sign electronically. The account usually opens within a few minutes, though it may take up to one business day for the system to fully activate.

Once your account is open, you can link it to an external bank account to transfer your opening deposit, or Wells Fargo can send you a temporary debit card to use at ATMs.

How to open an account in person at a branch

Find your nearest Wells Fargo branch using the branch locator on their website or by calling 1-800-869-3557. Bring your government-issued photo ID, Social Security number or ITIN, and your opening deposit (cash or a check).

Walk in during business hours and tell a representative you want to open a savings account. They will ask you which account type you prefer and collect your personal information. The representative will run the ChexSystems check and verify your identity in real time.

The entire process takes about 10 to 15 minutes. Once it is complete, the representative will give you a temporary debit card and your account number. You can start using the account immediately, though it may take one business day for online access to activate.

How to open an account by phone

Call Wells Fargo at 1-800-869-3557 and tell the representative you want to open a savings account. Have your government-issued photo ID and Social Security number or ITIN ready. The representative will ask for your personal information and verify your identity by asking security questions.

You will need to provide your opening deposit amount and how you want to fund it. If you are transferring money from another bank, the representative will ask for that bank's routing number and your account number there. If you are sending a check, the representative will give you a mailing address.

The account usually opens within one to two business days. Wells Fargo will mail you a debit card and checks (if you request them) within 7 to 10 business days. You can access your account online or by phone before the card arrives.

What happens after your account opens

Once your account is active, you can deposit money in several ways. Direct deposit is the fastest method—you can set it up through your employer's payroll system by providing your Wells Fargo account number and routing number. Money deposited this way usually appears in your account within one business day.

Transfers from another bank take one to three business days, depending on whether you are using ACH (Automated Clearing House) or a wire transfer. ACH is slower but free; wire transfers are faster but cost $15 to $20. You can set up transfers through Wells Fargo's online banking or by calling customer service.

In-person deposits at a Wells Fargo branch are immediate if you deposit before the branch closes. You can deposit cash or checks at the teller window or use the ATM if it accepts deposits.

Your account will start earning interest based on the annual percentage yield (APY) for your account type. Interest is usually compounded daily and deposited monthly. The APY changes based on Federal Reserve rate changes, so check your statement or log into online banking to see your current rate.

What to do if your account is denied

Wells Fargo may deny your account if ChexSystems shows recent overdrafts, unpaid fees, or fraud on a previous account. You have the right to see your ChexSystems report for free. Request it at www.chexsystems.com or call 1-800-428-9623.

If there is an error on your report, you can dispute it directly with ChexSystems. Send a letter explaining the error and include supporting documents (bank statements, proof of payment, etc.). ChexSystems has 30 days to investigate and respond.

If your account is denied because of your ChexSystems history, ask Wells Fargo if you can reapply after a certain period. Some banks have waiting periods of 6 to 12 months before you can try again. In the meantime, you may be able to open a savings account at a credit union or a bank that does not use ChexSystems.

Frequently Asked Questions

Can I open a Wells Fargo savings account if I do not have a Social Security number?

Yes. You can use an Individual Taxpayer Identification Number (ITIN) instead. You will still need a government-issued photo ID and an opening deposit. The process is the same whether you use a Social Security number or ITIN.

What is the minimum opening deposit for a Wells Fargo savings account?

The Way2Save Savings Account has no minimum opening deposit. The Wells Fargo Savings Account and Gold Savings Account both require a $25 minimum opening deposit. Check the current requirements on Wells Fargo's website, as they may change.

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

The account usually opens within a few minutes to one business day. You can start using it online or by phone immediately, but it may take one to two business days for your debit card to arrive in the mail and for in-person branch access to activate.

Can I open a Wells Fargo savings account without going to a branch?

Yes. You can open an account entirely online or by phone without visiting a branch. You will need to verify your identity through security questions or by uploading a photo of your ID. Your debit card will be mailed to you within 7 to 10 business days.

What happens if Wells Fargo denies my account application?

Wells Fargo will tell you why the account was denied. Most denials are due to ChexSystems history. You can request your free ChexSystems report and dispute any errors. You may be able to reapply after a waiting period, or you can open an account at another bank that does not use ChexSystems.