This account helps you save more with low fees, automatic transfers to your savings account and more.
finder.com’s rating: 3.3 / 5.0
Savings accounts are a good way to grow your money and save toward financial goals. The Wells Fargo Way2Save Savings account doesn’t offer the highest interest rate, but it allows you to save money faster by setting up automatic contributions to your savings account.
|Fee||$5 per month|
|To waive the fee||Have one of the following each month:|
• Maintain a $300 minimum daily balance.
• Set up and maintain one or more automatic, recurring savings options.
• Be younger than 18, or 19 in AL, and the primary owner of the account.
|Minimum deposit to open||$25|
|Monthly transaction limit||6|
|Fee per transaction over the limit||$12|
What are the benefits of the Wells Fargo Way2Save Savings account?
The Wells Fargo Way2Save Savings account is a great way to save money automatically, and it offers a number of benefits to help you reach your savings goals:
- Earn interest on your balance. Earn 0.01% APY just for leaving your money in the account. Plus, interest is compounded daily to help you save faster.
- Automatic monthly or daily transfers. Regularly contribute funds to your savings account.
- Security. This account is covered by FDIC deposit insurance, which protects deposits up to $250,000 in case the bank fails.
- Overdraft protection. Link this account to a Wells Fargo checking account to protect it from overdrafts.
- Easy access. This account comes with an ATM card that gives you access to over 13,000 Wells Fargo ATMs and 5,800 branches. Plus, you can use Wells Fargo Mobile and Wells Fargo Online to manage your account.
- Avoidable monthly fee. You can avoid the monthly service fee by maintaining a $300 daily balance, setting up recurring savings options or by being younger than 18.
- Save As You Go transfers. When you make a qualifying transaction, Wells Fargo moves $1 from your Wells Fargo checking account to your Wells Fargo Way2Save Savings account.
How Save As You Go worksWith Save As You Go, Wells Fargo transfers $1 from your checking account to your Wells Fargo Way2Save Savings account when you:
- Make a purchase with your debit card.
- Use Wells Fargo Online to pay your bills.
- Use your checking account for autopay.
What should I look out for?
While this account is a great way to work toward your savings goals with minimal effort, there are a few things you should look out for:
- Minimum opening deposit. Wells Fargo Way2Save Savings requires a $25 minimum opening deposit.
- Monthly service fee. You’ll pay $5 a month to maintain your account. But you can avoid this fee by meeting minimum balance requirements or age eligibility, or by signing up for recurring transfers.
- Low interest rate. The 0.01% APY is far below what’s available from other banks.
- Need a Wells Fargo checking. While you can open this account with any checking account, you won’t be able to set up automatic transfers until you open and link a Wells Fargo checking account.
- High fees. Wells Fargo has high out-of-network ATM fees, foreign transaction fees, wire transfer fees and stop payment fees.
- Transfer limits. Like all savings accounts, you’ll be limited to six transfers per month. If you exceed this amount, you’ll be charged $12 per additional transfer.
Compare with other savings accounts
How do I open the Wells Fargo Way2Save Savings account?
Wells Fargo makes it easy to open this account online, by phone or in person. Here’s how to get started:
- Visit the Wells Fargo website, hover over Banking and cards, then click Savings accounts and CDs.
- Scroll down until you see Way2Save Savings and click Open now.
- Choose between an individual or joint account, then indicate whether you are a current Wells Fargo Online Banking customer or not.
- Fill in your personal information, employment details and all other fields, then continue.
- Choose your savings account options.
- Decide how to fund your account or select Fund later.
- Review all details and submit your application if you agree to the terms.
Call 800-869-3557 to speak with a customer service representative and get started.
Set up an appointment at your nearest branch to open the account in person.
To open this account, you’ll need to meet the following eligibility requirements:
- Social Security number or tax identification number
- Valid ID (driver’s license, state ID, Matricula card)
- $25 opening deposit
When you apply for this account, you’ll be asked for the following information:
- Personal information
- Social Security number
- Date of birth
- ID number
- Employment information
How do I deposit and withdraw money?
Wells Fargo operates via branches and online, making it easy to manage your money:
- Direct deposits
- At branches or ATMs
- Mobile check deposit
- Send a check via mail
- Online transfers
- Wire transfers
- At branches or ATMs
- Cash back from participating retailers and merchants
- Addressing a check to another one of your accounts
- Wire transfer
- Online transfer
How do I contact customer service?
There are a number of ways you can reach Wells Fargo customer service:
- By phone: 800-869-3557
- Twitter: @WellsFargo
- Email: Send a secure email by logging into your account.
What other savings options does Wells Fargo offer?
If the Wells Fargo Way2Save Savings account doesn’t meet your needs, explore Wells Fargo’s other savings options:
- Platinum Savings. For a $12 monthly service fee, you could qualify for a bonus interest rate of up to 0.06%. Avoid the fee by keeping at least $3,500 in your account daily.
- Wells Fargo CDs. If you have a minimum opening deposit of $2,500, you can purchase a standard CD with an APY as high as 0.10%. Or deposit at least $5,000 to open a special CD account with an APY as high as 2.55%.
Does Wells Fargo offer business services?
Wells Fargo offers business savings accounts and CDs that include:
- Business Market Rate Savings. With a minimum deposit of $25, you’ll get an interest rate of 0.03%.
- Business Platinum Savings. With a minimum deposit of $25, you’ll get an interest rate of up to 0.06%.
- Business Time Accounts (CDs). With a minimum opening deposit of $5,000, you’ll get an interest rate of up to 0.65%.
Wells Fargo is one of the largest and most secure financial institutions in the country, so if it’s security you’re after, this account may be right for you. It doesn’t have a great APY but it allows you to set up automatic payments and transfers that can help you grow your savings faster. If you’re looking to avoid a monthly service fee without jumping through hoops, there are banks out there to meet your needs. Compare your options before choosing an account to find a product that’s right for your financial situation.
Frequently asked questions
Savings account ratings
★★★★★ — Excellent
★★★★★ — Good
★★★★★ — Average
★★★★★ — Subpar
★★★★★ — Poor
We analyze top savings accounts and rate them one to five stars based on factors that are most important to you. These factors include: interest rates, monthly fees, minimum deposits, customer service and account features.