How to open Wells Fargo bank account -checking’s , Savings and Time Accounts (CDs)

Last Updated on July 1, 2024 by admin

Wells Fargo offers a range of bank accounts tailored to meet the diverse financial needs of its customers. These accounts include checking accounts, savings accounts, and time accounts (also known as certificates of deposit or CDs).

Checking accounts are designed for everyday transactions and provide easy access to funds. With a Wells Fargo checking account, customers can write checks, make debit card purchases, and use online banking services.

Additionally, customers can benefit from features such as mobile banking apps and direct deposit options

. Savings accounts offered by Wells Fargo are ideal for individuals looking to save money while earning interest. These accounts offer competitive interest rates and allow customers to set aside funds for future goals or emergencies. Customers can conveniently access their savings through online banking platforms or at any Wells Fargo branch.

Time Accounts or CDs are fixed-term deposits that offer higher interest rates compared to regular savings accounts. They provide a safe and secure way to grow your money over a specified period.

Wells Fargo offers various CD options with different terms ranging from several months to several years, allowing customers to choose the one that best suits their investment goals.

In this article, we will explore the process of opening different types of Wells Fargo accounts, the benefits they offer, requirements for account opening.

How to Open Wells Fargo Checking Accounts

There are two main ways to open a Wells Fargo checking account:

1. Online:

• Eligibility: You must be at least 18 years old and a legal U.S. resident.
• Process:
  • Visit the Wells Fargo website and select the checking account that suits your needs.
  • Click on “Open Now” and follow the online application process.
  • Provide your personal information, including your Social Security number, valid ID, and current residential address.
  • Make the minimum opening deposit of $25.

2. In-person at a Wells Fargo branch:

• Eligibility: Anyone can open a checking account in person, including those under 18 or non-permanent U.S. residents.

• Process:

  • Make an appointment: Schedule an appointment online or by calling your local branch.
  • Bring required documents:
    • Social Security number
    • Valid ID (driver’s license, state ID, consular ID)
    • Proof of residential address (utility bill, lease agreement, etc.)
    • Minimum opening deposit of $25
  • Complete the application: A Wells Fargo banker will assist you in completing the application process.Additional tips:

• Choose the right account: Wells Fargo offers various checking accounts with different features and benefits. Choose the one that best fits your financial needs.

Wells Fargo has Four checking accounts that meet different needs. This include: Clear Access Banking, Everyday Checking, Prime Checking and Premier Checking

Also read:How to register for Wells Fargo Online banking and Mobile App

Wells Fargo Clear Access Banking:

The Wells Fargo Clear Access Banking is Ideal for account holders who want help managing their money, including teens and students. You get Checkless banking with digital and debit card payments

This type of checking account has Minimum opening deposit of $25 to open. it has Minimum age to open ranging from Ages 13 to 16 and must be open with an adult co-owner -Teens 13 to 17 must open at a branch

You can access Online banking and Wells Fargo Mobile®app on the go and you can avoid the monthly service fee for Clear Access Banking in just one way: The $5 monthly service fee is waived for primary account owners who are 13 – 24 years old.

Features and Benefits:

• No overdraft or insufficient funds fees: This makes it a safer option for those who are concerned about accidentally overdrawing their account.
• Contactless debit card: You can make purchases and access ATMs using a contactless debit card or digital wallet.
• Online and mobile banking: Manage your account, transfer funds, and pay bills conveniently through online and mobile banking platforms.
• 24/7 fraud monitoring and Zero Liability protection: Your account is protected against unauthorized transactions.
• Access to Wells Fargo ATMs: You can use any of the approximately 11,000 Wells Fargo ATMs nationwide.
• Mobile deposit: Deposit checks easily using the mobile banking app.
• Monthly service fee waiver: The $5 monthly service fee is waived for customers between 13 and 24 years old.

Considerations:

• No checks: You cannot write checks with this account.
• Limited branch access: While you can use ATMs, you may have limited access to branch services.
• Monthly service fee: The $5 monthly service fee applies if you don’t meet the age requirements for the waiver.

Who is it suitable for?

• Teens and young adults who are new to banking
• Students who prefer digital banking and want to avoid overdraft fees
• Individuals who have had trouble with traditional checking accounts in the past
• Anyone who wants a simple, checkless checking account

How to open an account:

You can open a Wells Fargo Clear Access Banking account online or at a branch. You’ll need to provide your personal information, including your Social Security number and a valid ID.

If you think Wells Fargo Clear Access Banking is a good fit for you, you can visit their website or a branch to learn more and open an account.

Wells Fargo Everyday Checking

The Wells Fargo Everyday Checking is great option for students and it’s most flexible and popular checking account, Customers must be 17 or older to open this account and Teens 17 years old must open at a branch

You need $25 to open this Wells Fargo Everyday Checking and you can avoid the $10 monthly service fee for Everyday Checking e with one of the following:

$500 minimum daily balance
$500 or more in total qualifying direct deposits
A linked Wells Fargo Campus ATM or Campus Debit Card
Primary account owner is 17 – 24 years old

Features and Benefits:

• Check writing: You can write checks to pay bills, send money, or make purchases.
• Online and mobile banking: Manage your account, pay bills, transfer funds, and deposit checks through online and mobile banking platforms.
• Contactless debit card: Make purchases and access ATMs using a contactless debit card.
• Access to Wells Fargo ATMs: You can use any of the approximately 11,000 Wells Fargo ATMs nationwide.
• Overdraft protection: Options are available to protect you from overdraft fees, such as linking to a savings account or applying for overdraft protection service.
• 24/7 fraud monitoring and Zero Liability protection: Your account is protected against unauthorized transactions.
• Mobile deposit: Deposit checks easily using the mobile banking app.

Monthly Service Fee:

The Wells Fargo Everyday Checking account has a $10 monthly service fee. You can avoid the fee each statement period by meeting one of the following requirements:

• Minimum daily balance: Maintain a $500 minimum daily balance.
• Qualifying direct deposits: Receive $500 or more in total qualifying direct deposits.
• Linked Wells Fargo Campus ATM or Campus Debit Card: Have a linked Wells Fargo Campus ATM or Campus Debit Card.
• Age of primary account owner: If the primary account owner is 17 to 24 years old.

How to open an account:

You can open a Wells Fargo Everyday Checking account online, at a branch, or by calling customer service. You’ll need to provide your personal information, including your Social Security number and a valid ID.

Who is it suitable for?

• Individuals who prefer to use checks for payments
• Those who want a traditional checking account with basic features
• Customers who can meet the requirements to waive the monthly service fee

Read; How to deposit Wells Fargo mobile check and Limits

Wells Fargo Prime Checking

Customers Must be 18 or older (19 in AL) to open this account . This type of checking account has Fee waivers and discounts for many banking services.it also have Interest rate discounts on select new loans

The account required $25 to open also you can avoid the $25 monthly service fee for Prime Checking with w$20,000 or more in statement-ending qualifying linked (a) bank deposit account balances (checking, savings, time accounts (CDs), FDIC-insured IRAs)

Features and Benefits:

• Interest-bearing: Earn interest on your balance, which can help your money grow over time.
• No Wells Fargo ATM fees, nationwide or internationally: You won’t be charged for using Wells Fargo ATMs.
• Reimbursement for one non-Wells Fargo ATM fee per statement period (domestic and international): You can get reimbursed for one ATM fee charged by another bank in the U.S. and one international ATM fee each month.
• No non-Wells Fargo debit card fee: You won’t be charged a fee for using your debit card at non-Wells Fargo ATMs.
• Online and mobile banking: Manage your account, transfer funds, and pay bills conveniently.
• Contactless debit card: Make purchases and access ATMs using a contactless debit card.
• Mobile deposit: Deposit checks easily using the mobile banking app.
• Overdraft protection: Options are available to protect you from overdraft fees.
• 24/7 fraud monitoring and Zero Liability protection: Your account is protected against unauthorized transactions.
• Relationship interest rates: Potentially earn higher interest rates on linked savings accounts and CDs.

Monthly Service Fee:

The Wells Fargo Prime Checking account has a $25 monthly service fee. You can avoid the fee each statement period by meeting one of the following requirements:

• Minimum daily balance: Maintain a $20,000 minimum daily balance in linked qualifying consumer bank deposit accounts (checking, savings, time accounts) and investment accounts.
• Outstanding loan balance: Have an outstanding loan balance with Wells Fargo.
• Portfolio by Wells Fargo program: Be enrolled in the Portfolio by Wells Fargo program.

Who is it suitable for?

• Individuals who maintain higher balances and want to earn interest
• Those who frequently use ATMs, especially non-Wells Fargo ATMs
• Customers who want extra perks like waived fees and relationship interest rates

How to open an account:

You can open a Wells Fargo Prime Checking account online, at a branch, or by calling customer service. You’ll need to provide your personal information and meet the minimum opening deposit requirement.

Wells Fargo Premier Checking

Wells Fargo Premier Checking is a premium checking account offered by Wells Fargo Bank designed for customers who maintain high balances and seek comprehensive banking benefits.

This is An interest-bearing account with our highest level of relationship banking benefits and perks. You Must be 18 or older (19 in AL) to open this account also you need $25 to open.You can avoid the $35 monthly service fee for Premier Checking if you have $250,000 or more in statement-ending qualifying linked (a) bank deposit account balances (checking, savings, time accounts (CDs), FDIC-insured IRAs)

Features and Benefits:

• Interest-Bearing: Earn interest on your balance, although the rate may be lower than high-yield savings accounts.
• No Wells Fargo ATM Fees, Worldwide: Enjoy unlimited free transactions at Wells Fargo ATMs globally.
• Unlimited Reimbursements for Non-Wells Fargo ATM Fees: Get reimbursed for any ATM fees charged by other banks, both domestically and internationally.
• No Non-Wells Fargo Debit Card Fee: Use your debit card at any ATM without incurring additional fees.
• Online and Mobile Banking: Conveniently manage your account, pay bills, transfer funds, and deposit checks online or through the mobile app.
• Contactless Debit Card: Make secure and quick payments using the contactless feature of your debit card.
• Overdraft Protection: Choose from various overdraft protection options, including linking to a savings account or applying for an overdraft line of credit.
• 24/7 Fraud Monitoring and Zero Liability Protection: Your account is monitored round-the-clock for fraudulent activity, and you’re not held liable for unauthorized transactions.
• Discounts on Home and Personal Loans: Receive interest rate discounts on eligible loans when you have a Premier Checking account.
• Relationship Interest Rates: Potentially earn higher interest rates on linked savings accounts and CDs.
• Waived Fees for Incoming/Outgoing Domestic and International Wire Transfers: Send and receive wire transfers without incurring transfer fees.
• Waived Fees for Cashier’s Checks, Money Orders, and Stop Payments: Enjoy fee waivers on these services.
• Exclusive Access to Wells Fargo Advisors Discounts and Benefits: Get discounts on advisory fees and access to securities-based lending with Wells Fargo Advisors.

Monthly Service Fee:

The Wells Fargo Premier Checking account has a $35 monthly service fee. You can avoid the fee by maintaining a combined average daily balance of $250,000 or more in qualifying linked accounts, including checking, savings, time accounts (CDs), FDIC-insured IRAs, and investment accounts held by Wells Fargo Advisors.

Who is it suitable for?

• Individuals with significant balances seeking premium banking benefits.
• Frequent travelers who use ATMs globally.
• Customers who desire fee waivers on various banking services.
• Those who want potential interest rate discounts on loans.

How to open an account:

You can open a Wells Fargo Premier Checking account online, at a branch, or by calling customer service. You’ll need to provide your personal information and meet the minimum opening deposit requirement.

How do I open Wells Fargo checking account?

You can apply for Wells Fargo checking account online or in person:

In just minutes you can apply through Wells Fargo Online® for a Checking or Savings Account, Credit Card or Loan. Or visit a Wells Fargo branch near you.

There are two primary ways to open a Wells Fargo checking account:

1. Online:

• Eligibility: You must be at least 18 years old, a U.S. resident, and have a Social Security Number (SSN) or Individual Taxpayer Identification Number (ITIN).
• Process:
  1. Visit the Wells Fargo website: Go to  website and select the checking account that best suits your needs.
  2. Click “Open Now”: Follow the instructions to complete the online application.
  3. Provide personal information: You’ll need your SSN or ITIN, a valid government-issued photo ID, and your current residential address.
  4. Make an opening deposit: The minimum opening deposit for most accounts is $25. You can fund the account through a debit card, electronic transfer from another bank, or mobile deposit.

2. In-person at a Wells Fargo branch:

• Eligibility: Anyone can open a checking account in person, including those under 18 or non-permanent U.S. residents.
• Process:
  1. Make an appointment (optional): Although not required, scheduling an appointment can help expedite the process.
  2. Visit a branch: Find a convenient Wells Fargo branch near you.
  3. Bring required documents:
     • Social Security Number (SSN) or Individual Taxpayer Identification Number (ITIN)
     • Valid government-issued photo ID (driver’s license, state ID, passport, etc.)
     • Proof of residential address (utility bill, lease agreement, etc.)
     • Minimum opening deposit of $25 (cash or check)
  4. Complete the application: A Wells Fargo banker will assist you in completing the application process.

Also read: Wells Fargo ATM Cardless: How to withdraw money from ATM without debit card using digital wallet

Wells Fargo CDs (Certificates of Deposit)

Wells Fargo Certificates of Deposit (CDs) are a type of savings account that offers a fixed interest rate for a specified period. They are a safe and reliable way to grow your savings while enjoying predictable returns.

Wells Fargo CD (also known as a Certificate of Deposit or a Time Account) provides a guaranteed rate of return, even during uncertain times. No monthly service fee; open with $2,500.

A Wells Fargo Certificate of Deposit (CD) offers an alternative way to grow your savings. You choose the set period of time to earn a guaranteed fixed interest rate, regardless of market conditions. Investing in a CD can provide peace of mind whether you’re saving for tomorrow, next year’s projects, college tuition, or retirement.

Key Features and Benefits:

• Guaranteed Returns: Wells Fargo CDs offer a fixed interest rate that remains consistent throughout the CD term, regardless of market fluctuations. This means you know exactly how much interest you’ll earn when the CD matures.
• FDIC Insured: Your deposits are insured by the Federal Deposit Insurance Corporation (FDIC) up to the maximum applicable limits, ensuring the safety of your funds.
• Various Terms: Wells Fargo provides various CD terms to choose from, ranging from a few months to several years. You can select a term that aligns with your financial goals and investment horizon.
• Competitive Interest Rates: While not always the highest in the market, Wells Fargo CD rates are generally competitive, especially for those with larger deposits or existing Wells Fargo relationships.
• Potential for Relationship Rate Bonus: If you have a qualifying Wells Fargo checking account, you may be eligible for a relationship rate bonus, which can further boost your interest earnings.
• Early Withdrawal Penalties: Be aware that withdrawing funds before the CD matures typically incurs an early withdrawal penalty.

Available CD Types:

Wells Fargo offers several CD options, including:

• Standard CDs: These have standard terms (e.g., 3 months, 6 months, 1 year) and require a minimum deposit of $2,500.
• Special CDs: These come with specific terms (e.g., 4 months, 7 months, 11 months) and often have higher interest rates than standard CDs. The minimum deposit for special CDs is typically $5,000.
• Step Rate CDs: The interest rate on these CDs increases at predetermined intervals throughout the term.
• Jumbo CDs: These are designed for higher balances and may offer preferential rates.

How to Open a Wells Fargo CD:

You can open a Wells Fargo CD online, at a branch, or through their customer service line. You’ll need to provide your personal information, choose your desired CD type and term, and make the minimum deposit.

Who Should Consider a Wells Fargo CD?

Wells Fargo CDs are suitable for individuals who:

• Seek a safe and predictable way to grow their savings.
• Have a lump sum they won’t need to access for a set period.
• Want to earn higher interest rates than a regular savings account offers.
• Prefer the convenience of banking with a large, established institution.

How do I earn interest on a wells Fargo CD?

You earn interest from the date of your opening deposit up to your maturity date. Your interest compounds daily and is generally paid monthly, although interest payments made quarterly, semi-annually, annually, or at maturity are also available. Interest can be re-deposited to the CD, transferred to a Wells Fargo checking or savings account, or paid by check if the Time Account has a minimum balance of $5,000.

How do I open Wells Fargo CDs Accounts?

You can apply for Wells Fargo CD online or in person: In just minutes you can apply through Wells Fargo Online® for a Checking or Savings Account, Credit Card or Loan.
Or visit a Wells Fargo branch near you.

How do I fund Wells Farg CD?

There are three ways to fund your account

1.Transfer from an existing Wells Fargo account.
2.Transfer from a non-Wells Fargo account. You’ll need your account number and the nine-digit routing number found on your check or deposit slip.
3.Use a check or money order by mail or in person. You can mail in your check or money order or go to a local branch after you submit your application.

What terms are available for my Wells Fargo CD?

You can select terms of 3, 6, or 12 months online. To select other terms, please visit a branch.

What happens when my Wells Fargo CD matures?

When your Wells Fargo CD matures, several things can happen depending on your preferences and the specific terms of your CD:

1. Automatic Renewal:

By default, most Wells Fargo CDs automatically renew upon maturity. This means your funds, along with the earned interest, will be reinvested into a new CD with the same term as the original one. The interest rate of the new CD will be the current rate offered by Wells Fargo for that specific term.

2. Renewal with Changes:

You have the option to change the term or type of CD during the renewal process. For instance, you could switch to a longer or shorter term or choose a different type of CD, such as a Step Rate CD.

3. Withdrawal:

You can choose to withdraw the entire amount (principal plus interest) upon maturity. You can typically do this through online banking, at a Wells Fargo branch, or by contacting customer service.

4. Partial Withdrawal:

If you prefer, you can withdraw only the earned interest while leaving the principal to be reinvested in a new CD. This can be a good option if you need some of the money but want to continue earning interest on the principal amount.

Grace Period:

Wells Fargo typically offers a grace period of several days after your CD matures. During this period, you can make changes to your renewal preferences or withdraw funds without incurring any penalties.

Approximately one month before your Wells Fargo CD matures, you’ll be sent a notice reminding you of the maturity date. At maturity, you’ll have a seven-calendar-day grace period to renew or make any of the following changes and Close the CD

At maturity, your CD will automatically renew at the interest rate then in effect unless you make one of the changes noted above. Interest will not be paid during the grace period if you withdraw your funds and do not renew your CD.

You can also read: How to apply for Wells Fargo mortgage loan application

Wells Fargo Savings Accounts

How to deposit check using WellsFargo mobile app and ATM

How do I open Wells Fargo Savings Accounts?

There are two primary ways to open a Wells Fargo savings account:

1. Online:

• Eligibility: You must be at least 18 years old and a legal U.S. resident.
• Process:
  1. Visit the Wells Fargo website: Go to website and select the savings account that best suits your needs.
  2. Click “Open Now”: Follow the instructions to complete the online application.
  3. Provide personal information: You’ll need your Social Security number, a valid government-issued photo ID, and your current residential address.
  4. Make an opening deposit: The minimum opening deposit for most accounts is $25. You can fund the account through a debit card, electronic transfer from another bank, or mobile deposit.

2. In-person at a Wells Fargo branch:

• Eligibility: Anyone can open a savings account in person, including those under 18 or non-permanent U.S. residents.
• Process:
  1. Make an appointment (optional): Although not required, scheduling an appointment can help expedite the process.
  2. Visit a branch: Find a convenient Wells Fargo branch near you.
  3. Bring required documents:
     • Social Security number
     • Valid government-issued photo ID (driver’s license, state ID, passport, etc.)
     • Proof of residential address (utility bill, lease agreement, etc.)
     • Minimum opening deposit of $25 (cash or check)
  4. Complete the application: A Wells Fargo banker will assist you in completing the application process.

How to close your Wells Fargo account,

.

How do I close Wells Fargo CD (Time account)?

How to move your checking account to Wells Fargo

Switching your checking account to Wells Fargo involves a few steps to ensure a smooth transition:

1. Open a New Wells Fargo Checking Account:

• Choose the right account: Wells Fargo offers various checking accounts with different features and benefits. Choose the one that best suits your needs.
• Apply online or in person: You can apply for an account online or visit a Wells Fargo branch. Be prepared to provide your personal information, including identification and proof of address.
• Fund your new account: Make an initial deposit to activate your account. You can do this by transferring funds from your existing bank, depositing cash or a check at a branch, or using mobile deposit.

2. Move Your Automatic Payments and Direct Deposits:

• Identify automatic payments: Review your old account statement to identify all automatic payments (e.g., utility bills, subscriptions, loan payments) and direct deposits (e.g., paycheck).
• Update payment information: Contact each company or organization and provide them with your new Wells Fargo account information.
• Set up direct deposits: If you receive direct deposits, contact your employer or other payers and provide them with your new account details.

3. Close Your Old Checking Account:

• Transfer remaining funds: Once all automatic payments and direct deposits have been successfully switched, transfer any remaining funds from your old account to your new Wells Fargo account.
• Close the account: Contact your old bank and request to close your account. They may have a specific process or form for this.

Frequently Asked Questions (FAQs) about Opening Wells Fargo Bank Accounts:

Checking Accounts:

• Q: What are the different types of checking accounts offered by Wells Fargo?

• A: Wells Fargo offers several checking accounts, including Everyday Checking, Clear Access Banking, Prime Checking, and Premier Checking. Each account has different features, fees, and requirements.

• Q: What is the minimum opening deposit for a checking account?

• A: The minimum opening deposit varies depending on the account type. Some accounts require $25, while others may require a higher amount.

• Q: How do I open a Wells Fargo checking account online?

• A: You can open a checking account online through the Wells Fargo website. You’ll need to provide personal information, choose your account type, and make the initial deposit electronically.

• Q: Can I open a checking account in person?

• A: Yes, you can open a checking account at any Wells Fargo branch. Be sure to bring a valid ID and other required documents.

Savings Accounts:

• Q: What are the benefits of opening a Wells Fargo savings account?

• A: Wells Fargo savings accounts offer competitive interest rates, FDIC insurance, online and mobile banking access, and various tools to help you save money.

• Q: What is the minimum balance required to avoid monthly service fees on a savings account?

• A: The minimum balance requirement varies depending on the account type. For example, the Way2Save Savings account requires a $300 minimum daily balance to avoid the monthly service fee.

• Q: Can I link my Wells Fargo checking and savings accounts?

• A: Yes, you can easily link your Wells Fargo checking and savings accounts to transfer funds, track your balances, and set up automatic savings transfers.

Time Accounts (CDs):

• Q: What are the different types of CDs offered by Wells Fargo?

• A: Wells Fargo offers various CDs with different terms (length of time your money is invested), interest rates, and minimum deposit requirements. Some options include Standard CDs, Special CDs, Step Rate CDs, and Jumbo CDs.

• Q: What is the minimum deposit for a Wells Fargo CD?

• A: The minimum deposit requirement for CDs varies depending on the specific CD type. Some may require as low as $2,500, while others may require a larger amount.

• Q: Can I withdraw money from my CD before it matures?

• A: Yes, you can withdraw money from your CD before it matures, but you will likely incur an early withdrawal penalty. The amount of the penalty varies depending on the CD term and the amount withdrawn.

General Questions:

• Q: What documents do I need to open a Wells Fargo account?

• A: You’ll typically need a Social Security number, a valid government-issued photo ID, and proof of your current residential address.

• Q: How can I find the nearest Wells Fargo branch?

• A: You can use the Wells Fargo branch locator tool on their website to find the closest branch to you.

• Q: What are the current promotional offers for new accounts?

• A: Wells Fargo often has promotional offers for new checking and savings accounts. Check their website or inquire at a branch for the latest deals.