Wells Fargo Way2Save Savings account review
This account helps you save more with low fees and automatic transfers.
finder.com’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 savings account.
$5 per month
Minimum deposit to open
|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|
|Minimum balance to earn interest||$0|
|Monthly transaction limit||6|
|Fee per transaction over the limit||$15|
Kevin Joey Chen is a credit cards writer whose work and analysis have appeared on CNN, U.S. News & World Report, The Dallas Morning News, Lifehacker and CreditCards.com. He's passionate about helping you get your finances in order and expertly navigate the cutting-edge financial tools available -- including credit cards, apps and budgeting software.
Wells Fargo is one of the largest and most secure financial institutions in the country, so if it’s security you’re after, its Way2Save Savings account may be right for you. The account allows you to set up automatic payments and transfers that can help you grow your savings faster.
But its APY is low and you’ll find better rates at other institutions.
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:
- Overdraft protection. Link this account to a Wells Fargo checking account to protect it from overdrafts.
- 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. Set up recurring monthly or daily transfers. Or use 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.
How Save As You Go works
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:
- 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.
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 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?
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 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 0.05%. Or deposit at least $5,000 to open a Special CD, which is a five-month option that pays up to 0.05% APY.
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.