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 bank requires a government-issued ID, your Social Security number, and an initial deposit — the amount varies by account type but typically starts at $0 for some savings products and $25 for others. You will also need a current mailing address.

If you already have a Wells Fargo checking account, opening a linked savings account takes minutes and can often be done entirely online. If you are a new customer, the process is slightly longer because the bank runs a background check through ChexSystems, a banking history database, to verify you have not had fraud or overdraft issues at other institutions.

Key Takeaways

  • You need a government ID, Social Security number, and initial deposit to open any Wells Fargo savings account.
  • Online opening is fastest for new customers and typically completes within minutes, though the account may take one business day to become active.
  • Wells Fargo offers multiple savings products with different features — basic savings, money market accounts, and certificates of deposit — each with different minimum balances and interest rates.
  • If you open in person, bring your ID and Social Security card; if you open online, you will upload photos of these documents or enter the information directly.

Opening an account online

Go to wellsfargo.com and select "Open an Account" from the homepage. Choose the savings product you want — Wells Fargo offers the basic Savings Account, the Money Market Account (which pays higher interest but requires a larger minimum balance), and CDs (certificates of deposit, which lock your money for a set term in exchange for a may provide rate). The online form asks for your name, date of birth, Social Security number, address, phone number, and email.

You will be asked to verify your identity by uploading a photo of your government ID or by answering security questions based on your credit history. Once approved, the account opens when ready, though it may take one business day before you can transfer money into it. Wells Fargo will send you a debit card and checks by mail if you request them, arriving within 7 to 10 business days.

Opening an account at a Wells Fargo branch

Find your nearest branch using the Wells Fargo branch locator on their website. Bring your government-issued ID (driver's license, passport, or state ID), your Social Security card, and the initial deposit in cash or by check. A banker will walk you through the account setup, answer questions about which savings product fits your needs, and set up online banking access on the spot.

In-branch opening usually takes 15 to 30 minutes. The account becomes active when ready, and you can begin depositing and withdrawing money the same day. If you want a debit card, the banker can order one, though it will still arrive by mail within 7 to 10 business days.

Opening an account by phone

Call Wells Fargo at 1-800-869-3557 to open a savings account with a phone representative. Have your ID, Social Security number, and initial deposit information ready. The representative will verify your identity, ask which savings product you want, and set up the account. This process typically takes 20 to 30 minutes.

After the call, you will receive a confirmation email with your account number and instructions for setting up online banking. Your debit card will arrive by mail within 7 to 10 business days. You can begin using the account when ready by transferring funds from another bank account or by depositing a check through mobile deposit.

Understanding Wells Fargo savings account types

Wells Fargo offers three main savings products. The Savings Account has no monthly maintenance fee, no minimum balance requirement, and earns interest, though the rate is typically low. The Money Market Account requires a higher minimum balance (usually $2,500 to $25,000 depending on the tier) but pays a higher interest rate and includes check-writing privileges. Certificates of Deposit (CDs) lock your money for a set term — typically 3 months to 5 years — and pay a fixed interest rate that is usually higher than savings or money market accounts, but you cannot withdraw the money early without paying a penalty.

Interest rates change frequently and vary based on market conditions. Check Wells Fargo's website or call their customer service line to see current rates before you open an account. The rate you receive may also depend on your account balance and whether you have other products with Wells Fargo.

What happens after you open the account

Once your account is open, you can log into Wells Fargo's online banking portal or mobile app using your username and password. From there, you can transfer money between your accounts, set up automatic transfers, view your balance and transaction history, and deposit checks by taking a photo with your phone. You can also link external bank accounts and transfer money to or from them, though external transfers typically take 1 to 3 business days.

Your debit card will arrive by mail. When it does, you will need to set up it by calling the number on the back of the card or using the Wells Fargo app. If you requested checks, they will arrive separately and are ready to use once they arrive.

Fees and things to watch for

Wells Fargo's basic Savings Account has no monthly maintenance fee, but some account types do charge fees if your balance falls below a minimum or if you exceed a certain number of withdrawals per month. Money Market Accounts typically charge a monthly fee ($12 to $25) if your balance drops below the minimum. CDs have no ongoing fees, but if you withdraw money before the term ends, you will pay an early withdrawal penalty, which is usually a certain number of months' worth of interest.

Federal law limits you to six withdrawals per month from a savings account (though this rule has been relaxed in recent years, and Wells Fargo may allow more). Transfers between your own accounts do not count toward this limit. If you exceed the withdrawal limit, Wells Fargo may charge a fee or convert your account to a checking account.

Frequently Asked Questions

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

No. Wells Fargo requires a Social Security number or Individual Taxpayer Identification Number (ITIN) to open any account. If you have an ITIN, you can use that instead, but you will need to open the account in person at a branch with your ID and ITIN documentation.

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

The basic Savings Account requires no minimum opening deposit. Money Market Accounts typically require $2,500 to $25,000 depending on the tier. CDs require a minimum of $1,000 to $2,500. Check Wells Fargo's website or call 1-800-869-3557 for current minimum requirements, as these can change.

What if Wells Fargo denies my account opening?

Wells Fargo may deny an account if ChexSystems shows a history of fraud, unpaid overdrafts, or other banking violations. If denied, you will receive a letter explaining the reason and instructions for disputing the information with ChexSystems. You can also ask Wells Fargo directly why you were denied and whether you can reapply after a certain period.

Can I open a savings account for someone else?

No. The account holder must be present (in person or by phone) and provide their own ID and Social Security number. If you want to open an account for a minor, you will need to open a joint account or a custodial account, which requires the minor's presence and a parent or guardian's ID.

How long does it take to start using my new savings account?

If you open online, the account is usually active within one business day. If you open in person or by phone, the account is active when ready, and you can begin transferring money the same day. Your debit card will arrive by mail within 7 to 10 business days.