Do you want to start building your savings, but aren't sure where to begin? Opening a savings account is a fantastic first step, and Wells Fargo offers a straightforward process to help you get started. This comprehensive guide will walk you through every single step, ensuring you have all the information you need to confidently open your new savings account.
Let's dive in and get your financial future off to a great start!
Your Guide to Opening a Wells Fargo Savings Account
Opening a savings account with Wells Fargo can be done either online for convenience or in-person at a branch for a more personalized experience. Both methods have their advantages, and we'll cover both in detail.
Step 1: Discover Which Wells Fargo Savings Account is Right for You
Before you even think about filling out forms, the very first and most crucial step is to understand the different savings accounts Wells Fargo offers and determine which one best fits your financial goals and habits. Choosing the right account can help you avoid unnecessary fees and maximize your savings potential.
Wells Fargo primarily offers two types of savings accounts:
- Way2Save® Savings: This is often the most common choice, especially for those new to saving. It's designed to help you build good saving habits.
- Key Features:
- Can be linked to a Wells Fargo checking account for automatic transfers.
- Offers various ways to waive the monthly service fee (more on this later!).
- Great for setting up automatic transfers, a fantastic way to "pay yourself first."
- Ideal for individuals, students, and even minors (with an adult co-owner).
- Key Features:
- Platinum Savings: This account generally offers tiered interest rates, meaning you could earn more interest with higher balances.
- Key Features:
- Potentially higher interest rates for larger balances.
- May have different fee waiver requirements compared to Way2Save.
- Often preferred by those with a substantial amount of money they wish to save and grow.
- Key Features:
Considerations when choosing:
- What are your saving goals? Are you saving for a short-term goal like a vacation, or a long-term goal like a down payment on a house?
- How much do you plan to deposit regularly? This can influence which account type might offer better benefits or fee waivers.
- Are you looking for a joint account? Some accounts are easier to open jointly online than others. For example, a joint Way2Save Savings account needs to be opened at a branch.
Take a moment to visit the Wells Fargo website or speak with a representative to get the most up-to-date information on rates, fees, and features for each account.
Step 2: Gather Your Essential Information and Documents
Regardless of whether you apply online or in person, having your necessary documents ready will make the process much smoother and faster. Think of this as your pre-flight checklist for a successful account opening.
For All Applicants (Online or In-Person):
- Social Security Number (SSN) or Individual Taxpayer Identification Number (ITIN): This is a mandatory requirement for identification and tax purposes.
- Current Residential Address: You'll need to provide your physical U.S. address.
- Mobile Phone Number: For account verification and communication.
- Initial Deposit: Wells Fargo generally requires a minimum opening deposit of $25 for savings accounts like Way2Save. Be prepared to fund your account immediately.
Additional Requirements for In-Person Application:
If you opt for an in-branch application, you'll need to provide two forms of identification:
- Primary ID (Photo ID): This must be a government-issued photo ID.
- Examples:
- U.S. Driver's License
- State-issued ID card
- U.S. Passport or Passport Card
- Foreign Passport (with U.S. Visa and I-94 form, if applicable)
- Consular Card (issued by Colombia, Guatemala, or Mexico)
- El Salvador Documento Unico de Identidad (DUI) card
- Canadian driver's license or
ID card (issued in English, Quebec-issued IDs are not accepted)
- Examples:
- Secondary ID (Non-Photo ID): This helps further verify your identity.
- Examples:
- Any ID acceptable as a primary ID (if you have two)
- ATM, credit, or debit card (from any financial institution)
- Employee ID
- Student ID
- Social Security card (signed)
- Birth certificate (original or certified
copy) - ID issued by a recognized business, educational institution, or government agency (domestic or foreign)
- Examples:
- Proof of Address (if not on IDs): If neither your primary nor secondary ID includes your current physical address, you'll need a separate document.
- Examples:
- Utility bill (electricity, water, gas)
- Lease agreement
- School enrollment statement
- Examples:
Special Note for Minors (under 18): If you are a minor (13-17 years old) and want to open a savings account, you must open it at a branch. If you are 13-16, you will also need an adult co-owner (a relative or guardian) to be present and provide their identification. Minors without a primary ID can use a Social Security card, birth certificate, or student ID, accompanied by the adult co-owner.
Step 3: Choose Your Application Method: Online or In-Person
Now that you've gathered your information, it's time to decide how you want to open your account.
Option A: Opening a Wells Fargo Savings Account Online (Ages 18+)
Opening an account online is convenient and can be done from the comfort of your home. This option is available for individuals 18 years or older.
- Visit the Wells Fargo Website: Go to the official Wells Fargo website (wellsfargo.com) and navigate to the "Savings & CDs" section.
- Compare Accounts: Review the different savings account options available. You'll likely see the Way2Save® Savings account prominently featured. Click on the one you've decided on.
- Initiate the Application: Look for a button like "Open Account Online" or "Apply Now."
- Complete the Online Application Form: You'll be guided through a secure online form. This will involve providing:
- Personal Information: Full name, date of birth, SSN/ITIN, physical U.S. address, mobile phone number, email address.
- Employment Information: Your employment status and potentially your employer's name.
- Financial Information: How you plan to fund the account initially.
- Review and Consent: Carefully review all the information you've entered. You'll need to read and agree to the terms and conditions, privacy policy, and other disclosures.
- Fund Your Account: You'll be prompted to make your initial deposit. This can typically be done by:
- Transferring funds from an existing Wells Fargo account.
- Transferring funds from an external bank account (you'll need the routing and account number of the external account).
- Using a debit card.
- Submit Your Application: Once everything is complete and you've funded your account, submit your application.
- Confirmation: You should receive a confirmation email shortly after submission, often with your new account number. Keep this for your records!
Option B: Opening a Wells Fargo Savings Account In-Person
If you prefer a face-to-face interaction, have questions you want to ask a banker directly, or if you're a minor opening an account, visiting a Wells Fargo branch is the way to go.
- Find a Nearby Branch: Use the Wells Fargo ATM & Branch Locator tool on their website (
wellsfargo.com/locations/ - Schedule an Appointment (Recommended): While walk-ins are generally accepted, scheduling an appointment online or by calling their customer service (1-800-869-3557) can save you time and ensure a banker is available to assist you.
- Visit the Branch with Documents: Bring all the essential documents you gathered in Step 2:
- Primary Photo ID
- Secondary ID
- Proof of Address (if needed)
- Your initial deposit (cash or a check)
- Speak with a Personal Banker: A Wells Fargo banker will guide you through the application process. They'll ask you for your personal information and documents, and will explain the account features, fees, and any current promotions.
- Complete the Application: You'll fill out or confirm information on a physical application form.
- Sign Necessary Agreements: You'll sign the deposit account agreement and other relevant documents.
- Make Your Initial Deposit: Hand over your initial deposit to the banker.
- Receive Account Information: The banker will provide you with your new account number, information on how to access online banking, and potentially a temporary debit card if you're linking it to a checking account.
Step 4: Activate and Set Up Your Account for Success
Congratulations! You've successfully opened your Wells Fargo savings account. But the journey doesn't stop there. This step is about setting up your account for optimal saving and easy management.
4.1. Enroll in Wells Fargo Online® Banking
This is a critical step for managing your account, checking balances, and setting up transfers.
- Online Applicants: You'll likely be prompted to enroll during the online application process or shortly after.
- In-Person Applicants: The banker will provide instructions.
- How to Enroll: Visit the Wells Fargo website and look for the "Enroll Now" or "Sign Up for Online Access" option. You'll need your account number and personal information to create a username and password.
4.2. Download the Wells Fargo Mobile® App
The mobile app provides convenient, on-the-go access to your account.
- Download: Search for "Wells Fargo Mobile" in your smartphone's app store (Apple App Store or Google Play Store).
- Login: Use your Wells Fargo Online® credentials to log in.
- Features: You can check your balance, view transactions, deposit checks remotely (mobile deposit), transfer funds, and set up alerts.
4.3. Set Up Automatic Transfers (Highly Recommended!)
This is arguably the most effective way to save consistently.
- Log in to Online Banking or the Mobile App: Navigate to the "Transfers" section.
- Set Up Recurring Transfers: Choose your Wells Fargo checking account as the source and your new savings account as the destination. Decide on the frequency (weekly, bi-weekly, monthly) and the amount you want to transfer.
- Pro-Tip: Start with a small, manageable amount and gradually increase it as you get comfortable. Even $25 a week adds up quickly!
4.4. Understand and Avoid Monthly Service Fees
Wells Fargo savings accounts often have a monthly service fee, but there are several ways to avoid it. Understanding these is key to maximizing your savings.
- For Way2Save® Savings:
- Maintain a minimum daily balance (check current requirements with Wells Fargo, as these can change).
- Have a qualifying direct deposit to a linked Wells Fargo checking account.
- Set up automatic transfers of $25 or more from a linked Wells Fargo checking account.
- Be under a certain age (e.g., typically under 25, subject to change).
- For Platinum Savings:
- Maintain a higher minimum daily balance or a higher combined balance across linked Wells Fargo accounts.
Always refer to the latest Wells Fargo fee schedule or speak with a banker for the most current information on fee waivers.
Step 5: Start Saving and Track Your Progress!
With your account open and set up, it's time to put it to work!
- Make your first deposit (if you haven't already).
- Monitor your balance regularly through online banking or the mobile app. Watching your savings grow can be incredibly motivating!
- Set up account alerts for low balances or large transactions to stay informed.
- Review your statements: These provide a summary of your activity and any fees.
By following these steps, you'll be well on your way to building a strong financial foundation with your new Wells Fargo savings account!
10 Related FAQ Questions
How to avoid Wells Fargo savings account fees?
To avoid monthly service fees on a Wells Fargo Way2Save Savings account, you can typically maintain a minimum daily balance, have a qualifying direct deposit to a linked checking account, or set up automatic transfers of $25 or more from a linked Wells Fargo checking account. Age-based waivers may also apply for those under a certain age (e.g., 25).
How to link Wells Fargo checking and savings accounts?
You can usually link your Wells Fargo checking and savings accounts through Wells Fargo Online Banking or the Wells Fargo Mobile App. Look for a "Transfers" or "Manage Accounts" section where you can set up internal transfers or link accounts for overdraft protection.
How to transfer money to Wells Fargo savings account?
You can transfer money to your Wells Fargo savings account in several ways:
- Online Banking/Mobile App: Sign on and use the "Transfers" feature.
- Direct Deposit: Set up direct deposit from your employer or other income source.
- In-Person: Visit a Wells Fargo branch or ATM to deposit cash or checks.
- External Transfer: Link an external bank account to your Wells Fargo account for electronic transfers.
How to close a Wells Fargo savings account?
To close a Wells Fargo savings account, you can typically:
- Online Request: Log into Wells Fargo Online and send a secure message requesting closure.
- In-Person: Visit a Wells Fargo branch.
- Phone: Call Wells Fargo customer service at 1-800-869-3557. Remember to transfer any remaining balance out and ensure no pending transactions before closing.
How to check Wells Fargo savings account balance?
You can check your Wells Fargo savings account balance by:
- Wells Fargo Online Banking: Log in to view your account summary.
- Wells Fargo Mobile App: Log in to see your balance instantly.
- ATM: Use your ATM or debit card at any Wells Fargo ATM.
- Phone Banking: Call Wells Fargo customer service and use their automated system or speak to a representative.
- Paper Statement: Your monthly statement will show your balance.
How to set up direct deposit for Wells Fargo savings account?
To set up direct deposit for your Wells Fargo savings account:
- Obtain a direct deposit form from your employer, government agency, or payer.
- Fill in your Wells Fargo savings account number and the Wells Fargo routing number (which can be found on your checks or through online banking).
- Specify the amount or percentage you want to deposit into your savings.
- Submit the completed form to your payer.
How to find a Wells Fargo ATM near me?
You can find a Wells Fargo ATM near you using:
- Wells Fargo Website: Visit
wellsfargo.com/locations/ - Wells Fargo Mobile App: Use the "Locations" or "ATM & Branch Locator" feature within the app.
- GPS/Map Apps: Search for "Wells Fargo ATM" in your preferred map application.
How to contact Wells Fargo customer service?
For personal accounts, you can contact Wells Fargo customer service by calling 1-800-869-3557. You can also find contact information for specific issues (like fraud or business accounts) on their website under the "Contact Us" or "Help" sections.
How to upgrade Wells Fargo savings account?
Upgrading or changing your Wells Fargo savings account type typically requires speaking with a Wells Fargo representative. You can visit a branch or call customer service to discuss your options and determine if a different savings product (like Platinum Savings for higher balances) is more suitable for your needs.
How to apply for a joint savings account at Wells Fargo?
Joint Way2Save Savings accounts and Platinum Savings accounts must be opened at a Wells Fargo branch. Both applicants will need to be present and provide the same identification documents and information required for individual accounts (Primary ID, Secondary ID, SSN/ITIN, proof of address if necessary, and initial deposit). It's recommended to schedule an appointment.