Wells Fargo Way2Save Savings
APY Savings
Minimum Deposit
Our Rating
Fees
Wells Fargo Way2Save Savings
APY Savings
Minimum Deposit
Our Rating
Fees
Wells Fargo is one of the most well established banks in the U.S with a history dating back over 170 years.
The Wells Fargo Way2Save may not offer the best savings rates, but you do have access to a large branch network for in person support.
The automated savings tools are not unique to Wells Fargo, but they can make it easier to boost your savings balance. With interest that compounds daily, you can slowly work towards your savings goals.
Unfortunately, the account works best if you have a linked Wells Fargo checking account. So, if you’re looking for the best rates and don’t want to open a new checking account, you may be better suited with another bank or financial institution.
Pros | Cons |
|---|---|
Save As You Go Transfers | Minimum Opening Deposit |
Auto Transfers | Monthly Service Fee |
Overdraft Protection | Low Rate |
Wells Fargo App | |
Access to Wells Fargo ATM Network | |
Access to Wells Fargo Branches |
What Does The Wells Fargo Way2Save Savings Offer?
Here are the main features you can expect when opening a Wells Fargo Way2Save savings account:
- Save As You Go Transfers: This feature automatically transfers $1 from your linked checking account to your Way2Save account each time you use your debit card or complete a bill payment via online banking.
- Auto Transfers: You can also set up automatic regular transfers from your linked Wells Fargo checking account. You can save daily from $1 or monthly from $25.
- Wells Fargo App: You can manage your account via the Wells Fargo Mobile app, so you can track your progress towards your savings goals.
- Overdraft Protection: You can opt to use your Way2Save account as protection for your linked Wells Fargo checking account to avoid going overdrawn and incurring overdraft fees.
- Access to Wells Fargo ATM Network: The Way2Save account is offered with an ATM card and you can use this with Wells Fargo ATMs. The Wells Fargo ATM network currently has over 12,000 machines, so you are sure to be able to find one near where you live or work. However, you are limited to six withdrawals in any month.
- Access to Wells Fargo Branches: You can also access in person support at one of the Wells Fargo branches. The Wells Fargo branch network includes over 4,700 locations around the country.
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Low Interest Rates Is The Main Drawback
The Wells Fargo Way2Save Savings account has some major drawbacks:
- Minimum Opening Deposit: Unlike many savings accounts, you need to open this account with at least $25. While this is not an insurmountable amount, if you’re only looking to save a dollar or two per week, it is a little counterintuitive.
- Monthly Service Fee: The account has a $5 monthly service fee. While this can be waived with a minimum daily balance, one auto transfer or if you’re under the age of 24, this has the potential to eat into your savings.
- Low Rate: The Wells Fargo rate for this account is quite low and far below what you can expect to get with an the best savings account.
Savings Calculator: See How Your Savings Add Up Over Time
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