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 have a minimum opening deposit of $0 to $25, depending on the account type, though some savings products require more. You will also need a valid email address and phone number.

Wells Fargo runs a background check through ChexSystems, a banking history database, when you apply. If you have been flagged for fraud or unpaid overdrafts at another bank, Wells Fargo may deny your application. You can request your ChexSystems report before you apply if you want to know whether you might face rejection.

Key Takeaways

  • You need a government ID, Social Security number, and initial deposit to open an account, whether you apply online, by phone, or in a branch.
  • Wells Fargo checks your banking history through ChexSystems, and a record of fraud or unpaid overdrafts can result in denial.
  • Online applications typically take a few minutes, and your account opens immediately if approved, though transfers may take one to three business days to appear.
  • You can fund your new account with a debit card, bank transfer, or cash deposit at a Wells Fargo ATM or branch.

Opening an account online

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 Savings Account. The online form will ask for your name, address, date of birth, Social Security number, and employment information. You will also enter your email and phone number, which Wells Fargo uses to verify your identity and send account confirmations.

After you submit the form, Wells Fargo verifies your identity using information from credit bureaus and ChexSystems. If approved, your account opens immediately and you receive an account number. You can then transfer money from another bank account or add funds using a debit card. Your debit card and checks arrive by mail within seven to ten business days.

Opening an account by phone or in person

Call Wells Fargo at 1-800-869-3557 to open an account over the phone. A representative will walk you through the same questions as the online form and verify your identity verbally. You will need to provide your government ID number and Social Security number. The call typically takes 10 to 15 minutes. Once approved, the representative will give you your account number and can help you set up an initial transfer or deposit.

To open an account in person, visit a Wells Fargo branch with your government ID and Social Security number. A banker will complete the application with you and can answer questions about account features and fees. In-person applications are approved on the spot in most cases, and you can make your first deposit immediately. Bring a checkbook or debit card if you want to fund the account that day.

What happens after you open the account

Once your account is open, you can begin using it right away. If you transferred money from another bank, the funds typically arrive within one to three business days, depending on the sending bank. If you deposited cash at a Wells Fargo ATM or branch, the money posts to your account the same day or the next business day.

Your debit card arrives by mail within seven to ten business days. Until it arrives, you can withdraw cash at any Wells Fargo ATM using your account number and PIN, or visit a branch to make withdrawals. You can also set up automatic transfers from another bank account or arrange direct deposit of your paycheck once you have your account number.

Minimum deposit and account fees

The minimum opening deposit for most Wells Fargo savings accounts is $0, meaning you can open an account without depositing money upfront. However, some savings products, such as the Wells Fargo Active Cash Rewards Savings, may have higher minimums. Check the specific account details before you apply to confirm the opening deposit requirement.

Wells Fargo charges a monthly maintenance fee on most savings accounts, typically $5 per month. You can waive this fee by maintaining a minimum daily balance—usually $500 to $2,500, depending on the account type—or by setting up direct deposit. Read the account terms before opening to understand which fee waivers apply to the account you choose.

If your application is denied

Wells Fargo may deny your application if ChexSystems shows unpaid overdrafts, fraud, or repeated NSF (non-sufficient funds) fees at another bank. If you are denied, Wells Fargo will send you a letter explaining the reason and providing contact information for ChexSystems. You can request a free copy of your ChexSystems report to see what information the bank saw.

If the report contains errors, you can dispute them directly with ChexSystems. If the denial is due to legitimate banking history issues, consider waiting six months to a year before reapplying, as older negative marks carry less weight. Some banks, such as Chime or LendingClub, offer accounts to people with ChexSystems records, so you have other options if Wells Fargo denies you.

Funding your new account

You can fund your Wells Fargo savings account in several ways. The fastest method is an electronic transfer from another bank account—funds typically arrive within one to three business days. You can also deposit cash at any Wells Fargo ATM or branch, and the money posts the same day or next business day. If you have a debit card from another bank, you can use it to fund the account during the online or phone application process, though Wells Fargo may place a temporary hold on the funds while it verifies the card.

Once your account is open, you can set up direct deposit by providing your employer or benefit administrator with your Wells Fargo routing number and account number. Direct deposit typically posts within one to two business days of the scheduled deposit date. You can also transfer money between your Wells Fargo accounts using online banking or the Wells Fargo mobile app.

Frequently Asked Questions

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

Online applications are approved within minutes if you meet the bank's requirements. In-person and phone applications also close on the same day. Your account opens immediately upon approval, though transfers from other banks may take one to three business days to appear in your account.

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 ITIN (Individual Taxpayer Identification Number) to open an account. If you have an ITIN, you can use it in place of a Social Security number during the application process.

What if I don't have a government-issued ID?

You need a government-issued ID to open an account. Acceptable forms include a driver's license, passport, state ID card, or military ID. If you do not have one of these, you will need to obtain one before Wells Fargo can open your account.

Can I open a savings account online if I'm under 18?

No, Wells Fargo requires you to be at least 18 years old to open an account in your own name. If you are under 18, a parent or guardian can open a custodial savings account for you, which gives them control over the account until you reach the age of majority.

What's the difference between Wells Fargo savings accounts?

Wells Fargo offers several savings products with different features and fee structures. The Way2Save Savings Account has a low monthly fee that can be waived with direct deposit or a minimum balance. Other accounts may offer higher interest rates or different fee waivers. Compare the options on Wells Fargo's website to choose the account that fits your needs.