With Way2Save, you can make automatic transfers to your savings account.
Getting a savings account is generally a good way to grow your money. When you deposit your funds, your bank pays you interest over time.
Though Wells Fargo’s Way2Save doesn’t offer the highest interest rate, it does allow for automatic contributions to your savings account.
How does a Way2Save savings account work?
With a Way2Save savings account, you’ll earn interest on your balance. If you link it with a Wells Fargo checking account you can automatically contribute funds to your savings account.
Way2Save costs $5 a month. But the fee is waived if you:
- Consistently maintain a minimum balance. You’ll need to keep at least $300 in your account each day.
- Select an automatic savings transfer option. You can choose to contribute money to your savings account monthly or daily. You can also opt for Save As You Go, which moves money from your checking to your savings as you make eligible transactions.
- Are under 18 years old ( or 19 in Alabama). You must also be the primary owner of the account.
What are the benefits of a savings account with Wells Fargo?
- Earn interest on your balance. Earn 0.01% APY on your Way2Save account.
- Automatic monthly or daily transfers. Regularly contribute funds to your savings account automatically.
- Save As You Go transfers. When you make a qualifying transaction, Wells Fargo moves $1 from your Wells Fargo checking account to your Way2Save account.
How Save As You Go worksWith Save As You Go, Wells Fargo transfers $1 from your checking account to your Way2Save 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?
- Minimum opening deposit. Way2Save 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 or age eligibility and signing up for recurring savings.
How do I apply?
1. Visit the Wells Fargo personal savings site and select Way2Save savings.
2. Select an individual or joint account and indicate whether you’re a Wells Fargo customer.
3. Complete application with information like your name, contact details, identification details and date of birth.
4. Enter your bank account details to fund your savings account.
5. Confirm your information and submit your application.
- Personal contact information
- Social Security number and date of birth
- Valid government-issued ID
- $25 opening deposit
What is Wells Fargo known for?
Wells Fargo is the third-largest bank in the United States and the 10th-largest bank in the world. It offers many categories of consumer financial services, including personal banking, loans, insurance, investing and retirement and wealth management. The firm also serves small businesses and commercial interests.
What other savings options does Wells Fargo offer?
- 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. With a minimum opening deposit of $2,500, you can purchase a standard CD with an interest rate as high as 0.05%. With a minimum of $5,000, open a special CD account with an interest rate as high as 0.65%.
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%.
Compare with other savings accounts
In 2016, Wells Fargo was found to have created more than two million fake bank and credit card accounts starting in 2011.
News outlets confirm that Wells Fargo fired over 5,000 employees who were connected to the scandal. And the financial giant agreed to compensate affected customers to the tune of more than $142 million.
If you believe the bank may have opened unauthorized accounts in your name between May 2002 and April 2017, complete and submit your information online to Rust Consulting, the administrator in charge of the class action lawsuit against Wells Fargo.
You’ll have to jump through a few hoops to avoid paying a monthly fee for Way2Save. And you’ll find better interest rates at other financial institutions.
But if you want to bank with one of the largest firms — and you want automatic savings options — a Way2Save account is a solid choice.