What you need to bring to open a Wells Fargo savings account
You can open a Wells Fargo savings account in person at a branch, online, or by phone. The fastest route is usually online if you have the documents ready. Wells Fargo will ask for a government-issued ID (a driver's license, passport, or state ID card), your Social Security number, and proof of your current address.
For proof of address, bring a recent utility bill, lease agreement, or bank statement with your name and address on it — something dated within the last 60 days. If you do not have a recent document, a government letter with your address works too. You will also need to know your initial deposit amount, though Wells Fargo does not require a minimum to open most savings accounts.
If you are opening an account for a minor (someone under 18), a parent or legal guardian must be present and provide their own ID and Social Security number as well.
Key Takeaways
- You need a government ID, Social Security number, and proof of address dated within the last 60 days to open an account.
- Wells Fargo savings accounts have no minimum opening deposit for most account types, though you choose how much to put in initially.
- Opening online takes about 10 to 15 minutes if your documents are ready; opening in person at a branch takes roughly the same time.
- Once your account is open, you can deposit money through ATMs, transfers from another bank, or in-person at a branch.
- Wells Fargo offers different savings account types with different interest rates, so compare them before you choose.
Opening an account online versus in person
Opening online is usually faster if you are comfortable uploading photos of your documents. You will visit Wells Fargo's website, select "Open an Account," choose the savings account type you want, and upload images of your ID and proof of address. The system verifies your information and your account opens within minutes to a few hours. You can start using it right away, though you may need to visit a branch later to deposit cash if you do not have a Wells Fargo ATM nearby.
Opening in person at a branch takes about 15 to 20 minutes. You bring your documents, speak with a banker, and they set up the account while you wait. This route is useful if you want to deposit cash when ready or if you have questions about which account type fits your situation. You can find your nearest Wells Fargo branch on their website by entering your zip code.
Opening by phone is also an option — you can call Wells Fargo's customer service line and a representative will walk you through the process. You will still need to upload documents or visit a branch afterward to verify your identity, so this method is slower than the other two.
Different Wells Fargo savings account types and their interest rates
Wells Fargo offers several savings account options, and the one you choose affects how much interest your money earns. Interest rates change frequently, so the exact rate you receive depends on when you open the account and current market conditions. You can check current rates on Wells Fargo's website before you decide.
The Wells Fargo Way2Save Savings Account is the basic option. It has no monthly fee if you keep a small balance (the threshold changes, so ask when you open it). Interest accrues monthly, meaning the bank adds earned interest to your account each month.
The Wells Fargo Platinum Savings Account is designed for people who want to earn more interest. It typically requires a higher opening balance than Way2Save, but the interest rate is higher. If your balance drops below the minimum, you may be charged a monthly fee.
The Wells Fargo Active Cash Rewards Savings Account combines savings with a rewards feature — you earn interest on your balance plus cash back on certain purchases made with a linked debit card. This account also has balance requirements and potential monthly fees.
Ask a banker which account makes sense for your situation. If you are just starting out and do not have much to deposit, Way2Save is usually the right choice.
What happens after your account opens
Once your account is open, Wells Fargo will give you a debit card (usually within 7 to 10 business days if you opened online, or when ready if you opened in person). You will also receive online banking access so you can check your balance and transfer money from a computer or phone.
You can deposit money into your new savings account in several ways. You can transfer money from another bank account you own — this usually takes one to three business days. You can deposit cash at any Wells Fargo ATM or branch. You can also set up direct deposit from your employer so your paycheck goes straight into the account.
Your savings account comes with a savings number (different from a checking account number if you have one). Keep this number safe — you will need it to set up transfers or direct deposit. Wells Fargo will mail you statements or you can view them online.
Monthly fees and how to avoid them
Most Wells Fargo savings accounts charge a monthly maintenance fee if your balance falls below a certain amount or if you do not meet other requirements. The fee is usually between $5 and $12 per month, depending on the account type. However, you can waive the fee by keeping a minimum balance — often $300 to $500, though this varies.
You can also avoid fees by setting up direct deposit or by maintaining a linked Wells Fargo checking account. Ask the banker opening your account what the specific fee waiver options are for the account you choose. Write down the minimum balance requirement so you know what to aim for.
If you are charged a fee by mistake, call Wells Fargo customer service and ask them to reverse it. If this is your first time, they will usually do so.
Moving money between accounts and accessing your savings
Once your savings account is open, you can transfer money to and from other accounts you own at Wells Fargo or at other banks. Transfers between Wells Fargo accounts happen when ready. Transfers to accounts at other banks usually take one to three business days.
You can make transfers through Wells Fargo's website, mobile app, or by calling customer service. You can also withdraw money by visiting a branch or ATM with your debit card. There is no limit on how many times you can withdraw money from a savings account, though some banks restrict this — Wells Fargo does not.
If you need to close your savings account later, you can do so by visiting a branch, calling customer service, or using the mobile app. Wells Fargo will ask what you want to do with any remaining balance — you can transfer it to another account or request a check.
Frequently Asked Questions
Do I need a checking account to open a savings account at Wells Fargo?
No. You can open a savings account on its own without a checking account. However, if you already have a Wells Fargo checking account, linking it to your new savings account makes transfers between them when ready and free.
What if I do not have a Social Security number?
If you are a non-citizen without a Social Security number, you may be able to open an account using an Individual Taxpayer Identification Number (ITIN) instead. Call Wells Fargo or visit a branch to ask about this option, as requirements vary.
How long does it take to receive my debit card after opening online?
Wells Fargo usually mails debit cards within 7 to 10 business days of opening an account online. If you opened in person at a branch, you may receive a temporary card when ready or be able to use your account number to withdraw cash while you wait for the permanent card.
Can I open a savings account if I have had banking problems in the past?
Wells Fargo checks ChexSystems, a banking history database, when you open an account. If you have unpaid overdrafts or closed accounts in bad standing, you may be denied. If this happens, ask Wells Fargo what the issue is — sometimes it can be resolved by paying an old debt or waiting a certain amount of time.
What interest rate will I earn on my savings?
Interest rates change frequently and vary based on market conditions and account type. Check Wells Fargo's website for current rates before you open your account. The rate you receive is locked in when you open, but Wells Fargo can change it later — they will notify you by mail if they do.