Do you want to know Wells Fargo Savings account requirements? Well, then this guide is all that you need.
Among the many services Wells Fargo Bank offers, one of the commonest is having an account, whether savings or current account.
It has a mission to extend financial access to every individual at all costs.
It offers various banking and retail services that are of direct assistance to its users.
Registering an account with this bank will first require that you are eligible and have all the Wells Fargo account requirements.
Kindly read the paragraphs below and find essential information about the things you need to open a Wells Fargo savings account.
Wells Fargo Savings Account Requirements
Below are Wells Fargo savings account requirements:
1. Valid identification document (driver’s license, state ID, Matricula card)
2. Applicants, less than 18 years should come with a guardian or parent.
3. Social Security number or ITIN
4. Complete the account opening form: this will include your personal information, employment information, contact details, and account details.
5. A minimum initial deposit of $25.
Minimum Initial Deposit For Wells Fargo Savings Account
The minimum initial deposit requirement for a Wells Fargo savings account is $25. The savings accounts (Platinum and Way2Save) operated at Wells Fargo are assigned this initial opening amount.
You must make this initial deposit or more for the account to be activated.
Therefore if you are going to open a savings account at Wells Fargo, be sure to go along with money on you to make this first and vital deposit.
Is Savings Account Tax-Free
At Wells Fargo, savings accounts may be taxed or not, depending on certain factors. Sometimes the interest a savings account yields may not be subject to tax and can be taxed at times also.
These are well penned in the terms and conditions regarding their savings account.
However, the tax law demands that the bank brief them on information regarding how much interest is being compounded on an account, student loan interest they charge, and others.
You can contact Wells Fargo at +1-800-869-3557 or visit their website at https://www.wellsfargo.com.
This is where we will end on Wells Fargo Savings account requirements.