How to open a savings account at wells fargo

Q: Is a savings account free at Wells Fargo?

Wells Fargo Way2Save® Savings Avoid the $5 monthly service fee with one of the following each fee period: $300 minimum daily balance. 1 automatic transfer each fee period of $25 or more from a linked Wells Fargo checking account.

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.

Table of Contents Show

Benefits of a Wells Fargo CD account
Interest rates
Guaranteed return
Flexible terms
Today's CD rates
APY (Annual Percentage Yield)
Special Fixed Rate CD Rates
Standard Fixed Rate CD Rates
Is a savings account free at Wells Fargo?
Does Wells Fargo charge for a savings account?
What do you need to open a savings account?
Can I withdraw money from savings account Wells Fargo?

Benefits of a Wells Fargo CD account

Interest rates

CDs typically pay higher interest rates than other deposit products.

Guaranteed return

Interest rate is set at opening and doesn’t change until the CD matures, so you know exactly how much you'll earn.

Security

Your funds are FDIC-insured up to the maximum applicable limits.

Flexible terms

You choose what term works best for you.

Today's CD rates

APY (Annual Percentage Yield)

The APY (Annual Percentage Yield) is a percentage rate that reflects the total amount of interest paid on the account, based on the interest rate and the frequency of compounding for a 365-day period (366 in a leap year).

If you receive a periodic statement, that statement will include the Annual Percentage Yield earned (APYE) on your account for the period covered by the statement.

Special Fixed Rate CD Rates

Open a Special Fixed Rate CD account
$5,000 minimum opening deposit

Special CD Rates table

Term	Special Interest Rate	Annual Percentage Yield (APY)	Relationship Interest Rate	Relationship APY	Renewal Term
7 months	2.47%	2.50%	2.72%	2.76%	6 months
13 months	2.71%	2.75%	2.96%	3.00%	12 months

Standard Fixed Rate CD Rates

Open a Standard Fixed Rate CD account
$2,500 minimum opening deposit

Standard CD Rates

Term	Standard Interest Rate	Annual Percentage Yield (APY)	Relationship Interest Rate	Relationship APY	Balance
3 months	0.10%	0.10%	0.11%	0.11%	$0 - $4999
0.10%	0.10%	0.11%	0.11%	$5000 - $9999
0.10%	0.10%	0.11%	0.11%	$10000 - $24999
0.10%	0.10%	0.11%	0.11%	$25000 - $49999
0.10%	0.10%	0.11%	0.11%	$50000 - $99999
1.98%	2.00%	1.99%	2.01%	$100,000 +
6 months	0.20%	0.20%	0.21%	0.21%	$0 - $4999
0.20%	0.20%	0.21%	0.21%	$5000 - $9999
0.20%	0.20%	0.21%	0.21%	$10000 - $24999
0.20%	0.20%	0.21%	0.21%	$25000 - $49999
0.20%	0.20%	0.21%	0.21%	$50000 - $99999
0.20%	0.20%	0.21%	0.21%	$100,000 +
1 Year	0.30%	0.30%	0.31%	0.31%	$0 - $4999
0.30%	0.30%	0.31%	0.31%	$5000 - $9999
0.30%	0.30%	0.31%	0.31%	$10000 - $24999
0.30%	0.30%	0.31%	0.31%	$25000 - $49999
0.30%	0.30%	0.31%	0.31%	$50000 - $99999
0.30%	0.30%	0.31%	0.31%	$100,000 +

The APY (Annual Percentage Yield) is a percentage rate that reflects the total amount of interest paid on the account, based on the interest rate compounded daily for a 365-day period.

If you receive a periodic statement, that statement will include the Annual Percentage Yield earned (APYE) on your account for the period covered by the statement.

The APY (Annual Percentage Yield) is a percentage rate that reflects the total amount of interest paid on the account, based on the interest rate compounded daily for a 365-day period.

If you receive a periodic statement, that statement will include the Annual Percentage Yield earned (APYE) on your account for the period covered by the statement.

A Certificate of Deposit (also known as a CD, COD, or Time Account) is a financial product that usually pays a fixed interest rate for a set period of time, ranging from a few months to several years. This period of time is known as a “term.” By depositing your money into a CD for a set term, you won't lose any of your initial deposit and will lock in your interest rate until your money matures.

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.

There are three ways to fund your account

Transfer from an existing Wells Fargo account.
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.
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.

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

Approximately one month before your 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:

Change the term
Make additional deposits
Make withdrawals (as long as the remaining balance in the CD meets the minimum balance requirements)
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 may pay an early withdrawal penalty or a Regulation D penalty if you withdraw funds from your account before the term is complete. Some exceptions may apply. Penalties could reduce earnings on this account.

The Regulation D Penalty is seven days' simple interest on the amount withdrawn and applies to:

Withdrawals made within seven days of account opening including the day the account was opened.
Withdrawals made during the grace period, when additional deposits are made during the grace period and the withdrawal exceeds the amount of the matured CD balance.
Withdrawals within seven days of any prior withdrawal where the Bank's early withdrawal penalty is not applied.

Other than the Regulation D penalty described above, any money withdrawn from the CD before the end of its term will be subject to an early withdrawal penalty based on the length of the CD term. If your term is:

Less than 90 days (or less than 3 months), the penalty is 1 month's interest
90 through 365 days (or 3-12 months), the penalty is 3 months' interest
Over 12 months through 24 months, the penalty is 6 months' interest, or
Over 24 months, the penalty is 12 months' interest.

Is a savings account free at Wells Fargo?

Wells Fargo Way2Save^® Savings Avoid the $5 monthly service fee with one of the following each fee period: $300 minimum daily balance. 1 automatic transfer each fee period of $25 or more from a linked Wells Fargo checking account.

Does Wells Fargo charge for a savings account?

Save As You Go Avoid the monthly service fee when you have one of the following each fee period: $300 minimum daily balance. 1 automatic transferFootnote 1 ¹ each fee period of $25 or more from a linked Wells Fargo checking account.

What do you need to open a savings account?

Checklist: What you need to open a savings account.

Government-issued ID: A driver's license or passport..

Social Security Number: Some banks will accept an Individual Taxpayer Identification Number (ITIN) if you don't have a Social Security number..

Date of birth..

Address..

Contact information..

Can I withdraw money from savings account Wells Fargo?

Flexible access to your money The interest-bearing Platinum Savings account gives you several easy ways to get to your money when you need it, including online and mobile access, unlimited branch and Wells Fargo ATM withdrawals, and the option to write checks.