Wells Fargo Savings Account Review: Reach Savings Goals Automatically

The Way2Save Savings account provides helpful financial tools.

Wells Fargo Bank markets its popular Way2Save Savings account as an appealing option for customers who want different ways to save automatically. Instead of moving money between accounts manually every month, you can accumulate savings without overthinking your finances.

If you’re shopping around for a new savings account, take a look at the interest rates at Wells Fargo.

Wells Fargo Savings Account at a Glance
Minimum Opening Deposit$25
Monthly Service Fee$5; waived with $300 minimum daily balance, automatic savings option or if account holder is under age 18
Interest Rate0.01% for balances of $0 or more
APY0.01% for balances of $0 or more
Pros
  • Automatic saving methods and overdraft protection for checking accounts
  • Mobile banking and online banking are available
Cons
  • Savings account interest rate of 0.01% is lower than the average national rate of 0.09%
  • Monthly service fee if you don’t meet minimum requirements
Rates are accurate as of Nov. 23, 2018.

In This Review:

What You Need to Know About the Wells Fargo Savings Account

You will get the most mileage out of your Way2Save Savings account if you already have a Wells Fargo checking account. Without an existing Wells Fargo checking account, you won’t be able to take advantage of the Way2Save Savings account’s optional overdraft protection or automatic savings options — which might defeat the purpose of opening this account in the first place.

Best For: Wells Fargo customers who prioritize meeting their savings goals over earning the best savings account interest rates

Related: Here’s Your Wells Fargo Routing Number

Best Features of the Way2Save Savings Account

This Wells Fargo savings account allows you to save money consistently every month through two options: Save As You Go transfers and automatic transfers.

With Save As You Go transfers, Wells Fargo will transfer $1 from your linked checking account to your savings account every time you make a one-time debit card purchase or use Wells Fargo Online Bill Pay. You can also set up monthly automatic transfers of at least $25 from your Wells Fargo checking account to your savings account, or you can automatically transfer at least $1 on a daily basis from Monday through Friday, excluding holidays.

If you’re wondering about the effectiveness of putting away such small amounts, you should understand that even saving $1 a day can really add up over time.

Convenient Access for Wells Fargo Online Banking Customers

Wells Fargo has over 13,000 ATMs and approximately 5,800 branches that you can walk into, but if you prefer to bank remotely, you can take advantage of Wells Fargo Mobile and Wells Fargo Online, which offers secure online access.

As an added perk, Wells Fargo will provide an ATM card for your Way2Save Savings account or link the account to your existing ATM or debit card.

Also Check Out: Wells Fargo CD Rates Review — Competitive Rates for Special CDs

Wells Fargo Savings Account Helps You Reach Savings Goals Automatically

The Wells Fargo Way2Save Savings account is ideal for customers who are interested in banking services that will help them chip away at their savings goals. Customers are further incentivized to set up Save As You Go transfers and automatic transfers because they waive the monthly $5 service fee. However, if you’re looking for the highest savings account interest rate — or if you don’t have an existing Wells Fargo checking account to capitalize on the automatic savings options — you might want to consider other accounts that are more suitable for your financial needs.

Keep reading to discover the best savings accounts of the year.

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Disclaimer: This content is not provided by the companies mentioned. Any opinions, analyses, reviews or recommendations expressed in this article are those of the author’s alone and have not been reviewed, approved, or otherwise endorsed by Wells Fargo.