You don’t need a certain credit score to open a Wells Fargo checking or savings account, as there is no credit score requirement. Wells Fargo does not require a credit score for these accounts because they are deposit accounts, not loans or lines of credit. This means you can only withdraw or spend money you’ve deposited into the account, so your creditworthiness isn’t really relevant.
To open a Wells Fargo checking or savings account, you must be at least 17 years old with a valid SSN or Individual Taxpayer Identification Number. Wells Fargo requires a minimum deposit of $25 to open an account.
Popular Wells Fargo Deposit Accounts
- Wells Fargo Clear Access Banking
- Everyday Checking
- Prime Checking
- Wells Fargo Premier Checking
- Way2Save Savings
Information Wells Fargo Could Check Before You Open a Deposit Account
While Wells Fargo doesn’t require a specific credit score to open an account, they will likely check to see if you have an existing ChexSystems report. ChexSystems is like the credit reporting agencies, but for bank accounts.
If you’ve mishandled a bank account in the past – for example, by bouncing checks or failing to pay fees – you may have a ChexSystems report. Based on the information contained in this report, Wells Fargo may refuse to accept you as a customer.
In addition, even though there is no credit score requirement to open a Wells Fargo account, Wells Fargo may still gather your credit history from all three major credit reporting agencies as per their account disclosures. Wells Fargo may also report information regarding your account to these agencies.
Improve Your Credit With a Wells Fargo Credit Card
If you’re concerned about improving your credit score or beginning to build your credit history, you could consider opening a credit card. To open a Wells Fargo credit card account, you’ll need at least a fair credit score. If you’re unsure of where you stand, you can check your credit score (and review your credit report) for free on WalletHub.
This answer was first published on 11/28/23 and it was last updated on 01/12/24. For the most current information about a financial product, you should always check and confirm accuracy with the offering financial institution. Editorial and user-generated content is not provided, reviewed or endorsed by any company.
