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Wells Fargo Way2Save Savings account review

Comes with an ATM card and automatic transfers to help you save more — but interest rates are low.’s rating: 3.3 / 5.0


The Wells Fargo Way2Save Savings account has a low 0.01% APY, but it comes with an ATM card and allows you to save money faster by setting up automatic transfers to your Wells Fargo savings account.






Minimum deposit to open


Annual percentage yield (APY)0.01%
To waive the feeHave 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
Minimum balance to earn interest$0
Interest compoundingDaily
Monthly transaction limit6
Fee per transaction over the limit$15

Review by

Kevin Joey Chen is a credit cards, banking and investments writer whose work and analysis have appeared on CNN, U.S. News & World Report,, Lifehacker and He's passionate about helping you get your finances in order by expertly navigating cutting-edge financial tools — including credit cards, apps and budgeting software.

Expert review

Wells Fargo is one of the largest financial institutions in the country, so if a large national presence is what you’re after, its Way2Save Savings account may be right for you. This Wells Fargo savings account comes with an ATM card and allows you to set up automatic transfers that can help you grow your savings faster.

But its APY is much lower than the competition and you’ll pay a $5 monthly fee if you don’t meet the minimum deposit or age requirements.

You’ll earn way more interest and avoid monthly fees altogether with a high-yield savings account from Vio Bank or American Express — which are both just as secure as Wells Fargo.

How do I open a 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:


  1. Go to the provider’s site and follow the steps to apply.
  2. From Wells Fargo’s website, hover over Banking and cards, then click Savings accounts and CDs.
  3. Scroll down until you see Way2Save Savings and click Open now.
  4. Choose between an individual or a Wells Fargo joint savings account, then indicate whether you are a current Wells Fargo Online Banking customer or not.
  5. Fill in your personal information, employment details and all other fields, then continue.
  6. Choose your savings account options.
  7. Decide how to fund your account or select Fund later.
  8. Review all details and submit your application if you agree to the terms.

By phone

Call 800-869-3557 to speak with a customer service representative and get started.

In person

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

Required information

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

Wells Fargo savings account interest rate: How much will I earn?

This table highlights how much interest you’d earn with a Wells Fargo savings account, assuming you made an initial deposit of $1,000, then deposited $100 a month for five years.

AccountAPY1 year2 years3 years4 years5 years
Wells Fargo Way2Save account0.01%$0.16$0.43$0.83$1.34$1.98

What are the benefits of the Wells Fargo Way2Save Savings account?

The Wells Fargo Way2Save Savings account comes with FDIC-insured deposits and a number of other benefits to help you reach your savings goals:

  • ATM card. 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.
  • Automatic transfers. Kickstart your savings with Well Fargo’s Save As You Go program, which moves $1 from your Wells Fargo checking account to your Wells Fargo Way2Save Savings account when you make a qualifying transaction.
  • Overdraft protection. Link this account to a Wells Fargo checking account to protect it from overdrafts.

How does Wells Fargo’s Save As You Go work?

With 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:

  • 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.

If you’re looking for a high-yield account, you’ll want to keep looking. As always, compare your options when looking for a savings account.

Compare Wells Fargo savings with other accounts

Use this interactive table to compare Wells Fargo Way2Save with other savings accounts. Enter your deposit amounts to see how much interest you could earn with each account.

Name Product Annual percentage yield (APY) Fee Minimum deposit to open
Aspiration Spend & Save Account
Finder Rating: 4.2 / 5: ★★★★★
Aspiration Spend & Save Account
$0 per month or $7.99 per month for Aspiration Plus ($5.99 per month if you pay annually)
Deposits are fossil fuel-free. A spend and save combo account with unlimited cash back rewards and deposits insured by the FDIC and a $100 bonus when you spend $1,000 in your first 60 days.
Quontic Bank High Yield Savings
Finder Rating: 4.6 / 5: ★★★★★
Quontic Bank High Yield Savings
Interest is compounded daily. No monthly service fees. Competitive rates
Axos Bank High Yield Savings
Finder Rating: 4 / 5: ★★★★★
Axos Bank High Yield Savings
No monthly maintenance fees. No minimum balance requirements. Interest compounded daily.
American Express® High Yield Savings
Finder Rating: 4.6 / 5: ★★★★★
American Express® High Yield Savings
Enjoy no monthly fees and a competitive APY with this online-only savings account. Accounts offered by American Express National Bank, Member FDIC.
Gemini Earn
Gemini Earn
Up to 8.05%
Watch your cryptocurrency earn up to 8.05% APY with this nationwide account. Not FDIC insured.

Compare up to 4 providers

How can I withdraw and deposit money from my Wells Fargo savings account?

As with most savings accounts, you can’t make more than six withdrawals a month. You’ll pay an excess activity fee of $15 each time you go over this limit. The bank operates via branches and online, making it easy to manage funds in your Wells Fargo Way2Save Savings account:


  • 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 find my Wells Fargo savings account number?

Use these steps to find your account number online:

  1. Log in to your Wells Fargo Online account.
  2. Select your Way2Save savings account from the menu.
  3. Click the four digits directly below the account name. You’ll see your full account number displayed.

To find your routing number, go to your account’s Activity Summary and click Routing numbers. You’ll then see your routing number for direct deposits and electronic payments, as well as your number for wire transfers.

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 0.01%.

Does Wells Fargo offer savings for businesses?

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%.

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.

Read the full methodology of how we rate savings accounts.

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