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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 0.25% 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.

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$5 per month



Minimum deposit to open


Annual percentage yield (APY)0.25%
Fee$5 per month
To waive the feeHave one of the following each month:
• $300 minimum daily balance
• 1 automatic transfer each fee period of $25 or more from a linked Wells Fargo checking account
• 1 automatic transfer each business day within the fee period of $1 or more from a linked Wells Fargo checking account
• 1 or more Save As You Go® transfers from a linked Wells Fargo checking account
• Primary account owner is 24 years old or under
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 was a credit cards, banking and investments writer for Finder. His work and analysis have appeared on CNN, U.S. News & World Report,, Lifehacker and

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 straightforward 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. Hover over Banking and cards, then select Savings accounts and CDs on Wells Fargo’s website.
  3. Scroll down until you see Way2Save Savings and select 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 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 account0.25%$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 12,000 Wells Fargo ATMs and nearly 5,000 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.
  • Waive monthly fees. The $5 monthly service fee can be waived if:
    • You maintain a daily account balance of at least $300
    • You’re 24 years old or younger
    • You set up at least one monthly Save As You Go transfer from a linked Wells Fargo checking account
    • You set up a monthly transfer of at least $25, or a daily transfer of $1 or more every business day, from a linked Wells Fargo checking account

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 0.25% APY is far below what’s available from other banks.
  • Automatic transfers require a Wells Fargo checking. While you can open this account with any checking account, you can’t 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, 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) Minimum balance to earn interest Minimum deposit to open Offer Estimated total balance
U.S. Bank Elite Money Market
Finder Rating: 3.9 / 5: ★★★★★
U.S. Bank Elite Money Market




Earn extra savings when you open a U.S. Bank Elite Money Market account of 1.07% Annual Percentage Yield (APY) with a bonus interest rate of 3.5% for 3 months on balances between $25,000 and $499,999.
With a tiered interest rate, U.S. Bank Elite Money Market pays you more interest for higher balances. Earn 0.01% APY for balances under $25,000. Earn up to 1.07% APY for balances up to $500,000. Monthly fee is waived for a $10,000+ balance.
Western Alliance Bank High Yield Savings Account through SaveBetter
Finder Rating: 4.9 / 5: ★★★★★
Western Alliance Bank High Yield Savings Account through SaveBetter


Get an impressive 4.35% APY, which is 13.2x higher than the national average. All with $0 fees and only a $1 minimum deposit required.
Barclays Online Savings
Finder Rating: 4.6 / 5: ★★★★★
Barclays Online Savings


Earn 3.4% APY, 5X higher than the national average with no minimum balance requirements. Get unlimited transactions and tools that help you save. Pay $0 monthly fees.
CIT Savings Connect
Finder Rating: 5 / 5: ★★★★★
CIT Savings Connect


Secure a 4.05% APY, 12x the national average. Pay $0 in monthly fees and no account opening fee.
American Express® High Yield Savings Account
Finder Rating: 4.6 / 5: ★★★★★
American Express® High Yield Savings Account


Enjoy no monthly fees and a competitive APY with this online-only savings account. Accounts offered by American Express National Bank, Member FDIC.
UFB Best Savings
Finder Rating: 5 / 5: ★★★★★
UFB Best Savings


Score an impressive 4.21% APY, and pay $0 in monthly fees. No minimum deposit requirement.

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 accessible 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 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 in to your account.

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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