What you need before you start

Wells Fargo requires specific documents and information before you can open a savings account. You will need a government-issued photo ID (a driver's license, passport, or state ID card), your Social Security number, and a current mailing address. If you are opening the account online or by phone, have these details ready before you begin.

You will also need to decide how much money to deposit initially. Wells Fargo savings accounts do not have a minimum opening deposit requirement, though some account types may have minimum balance requirements to avoid monthly fees. Check the specific account details before you commit.

If you are under 18, a parent or legal guardian must open the account with you or on your behalf. Wells Fargo offers youth savings accounts designed for minors, which require an adult co-owner.

Key Takeaways

  • You can open a Wells Fargo savings account online, by phone, or in person at a branch, and the process takes 10 to 15 minutes.
  • Bring a government photo ID, your Social Security number, and proof of your current address to open an account in person.
  • Wells Fargo savings accounts have no minimum opening deposit, but some account types charge monthly fees if your balance falls below a set amount.
  • Once your account is open, you can deposit money when ready through direct deposit, transfers from another bank, or cash at a Wells Fargo ATM or branch.

Opening an account online

The online route is the fastest if you already have internet access and a valid email address. Go to wellsfargo.com and look for the "Open an Account" button, usually on the homepage. Select "Savings" from the account type menu, then choose the specific savings product you want—Wells Fargo offers several, including their basic savings account and higher-yield options.

You will enter your personal information: full name, date of birth, Social Security number, and current address. Wells Fargo will verify your identity using information from credit bureaus and public records. This verification typically takes a few minutes, though it can take up to 24 hours in some cases.

Next, you will set up login credentials and choose a password. Wells Fargo will ask you to link a funding source—either a bank account at another institution or a debit card—so you can make your initial deposit. Once you confirm all details, your account opens when ready and you can begin using it right away.

Opening an account by phone

Call Wells Fargo's customer service line at 1-800-869-3557 to open a savings account over the phone. A representative will walk you through the same information you would enter online: your name, Social Security number, address, and date of birth. The call usually takes 10 to 15 minutes.

The representative will verify your identity during the call and discuss which savings account type fits your needs. They will explain the interest rate, any monthly fees, and the minimum balance required to avoid those fees. You can ask questions about features like online transfers, mobile banking, or ATM access before you commit.

After the call ends, your account is open. The representative will provide you with your new account number and explain how to fund it. You can transfer money from another bank account, set up direct deposit, or visit a branch to deposit cash.

Opening an account in person at a branch

Walk into any Wells Fargo branch with your government photo ID, Social Security number, and proof of your current address (a utility bill, lease, or recent bank statement works). A banker will ask you the same questions as the online or phone process: your name, date of birth, and contact information.

The banker will show you the savings account options available and explain the differences between them. They can answer questions about fees, interest rates, and account features in real time. If you have questions about linking the account to other services or setting up automatic transfers, ask before you sign.

Once you have chosen your account type and signed the paperwork, the banker will open your account when ready. You can deposit cash or a check on the spot if you want to fund it right away. The banker will give you your account number and temporary debit card information before you leave.

Understanding Wells Fargo savings account types

Wells Fargo offers several savings account options, and the one you choose affects your interest rate and any monthly fees. Their basic savings account typically has no monthly maintenance fee if you maintain a low minimum balance—usually $25 to $100, depending on the account. Interest rates on savings accounts are low across all banks right now, so compare the rate before you open.

Wells Fargo also offers money market accounts, which usually pay a higher interest rate than basic savings accounts but require a higher minimum balance to avoid monthly fees. These accounts also limit how many withdrawals you can make per month. If you plan to save money and leave it untouched, a money market account may pay more interest. If you need to withdraw frequently, a basic savings account is simpler.

Some Wells Fargo customers bundle their savings account with a checking account to waive fees on both. Ask the banker or customer service representative whether bundling makes sense for your situation.

Funding your new account

Once your account is open, you have several ways to put money in. The fastest method is a transfer from another bank account you own. You can set this up online through Wells Fargo's website or mobile app by entering the other bank's routing number and your account number there. The transfer usually takes one to three business days.

Direct deposit is another option if your employer or a government agency sends you regular payments. Ask your employer's payroll department for Wells Fargo's routing number and your new account number, then provide those to them. Direct deposits typically arrive on the same day each pay period.

You can also deposit cash or checks at any Wells Fargo branch or ATM. Cash deposits at a branch or ATM are available when ready. Checks deposited at a branch or through mobile deposit (photographing the check with your phone) usually clear within one to two business days.

What happens after you open your account

Your account is active as soon as it opens, but you will not receive a physical debit card or checkbook right away. Wells Fargo will mail these to your address within 7 to 10 business days. In the meantime, you can access your account through the Wells Fargo website or mobile app to check your balance, transfer money, and set up bill pay.

Log in to your account online using the username and password you created during the opening process. You can set up alerts to notify you when your balance drops below a certain amount or when a deposit posts. You can also link external bank accounts for transfers or set up automatic savings transfers from your checking account.

If you opened your account in person or by phone, the banker or representative will have explained your account's monthly fee (if any) and the minimum balance needed to avoid it. Check your account settings online to confirm these details, or call customer service if you have questions.

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 but no Social Security number, you may be able to open an account, but call Wells Fargo first to confirm they will accept an ITIN in your situation.

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

The account opens when ready if you explore online or by phone. In person at a branch, the process takes 10 to 15 minutes. You can use your account right away, though physical cards and checks arrive by mail within 7 to 10 business days.

What is the minimum balance required to avoid monthly fees?

The minimum balance varies by account type. Wells Fargo's basic savings account typically requires a $25 to $100 minimum balance to avoid a monthly fee. Money market accounts usually require a higher minimum, often $2,500 or more. Check the specific account details when you open, or ask a banker.

Can I open a joint savings account with someone else?

Yes. Both account owners must provide their Social Security number, photo ID, and address. You can open a joint account online, by phone, or in person. Both owners have full access to the account and can withdraw money or make transfers.

What if I need to close my account later?

You can close your Wells Fargo savings account anytime by visiting a branch, calling customer service, or using the mobile app. Withdraw any remaining balance or transfer it to another account first. Wells Fargo will close the account once the balance reaches zero.