Review
Updated
Fact Checked
Nathan Alderman
Online savings accounts have high APYs and minimal account fees but come with one major drawback. Being online, they don't have many physical branches and may have limited ways of accessing savings. That's where the Wells Fargo Way2Save Savings account really shines. For those who prefer in-person banking and low account fees, this savings account could keep your cash close at hand.
Below, we'll take a look at the Wells Fargo Way2Save Savings account and see if it's right for your savings.
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Ratings Methodology
Rates as
of Apr 28, 2024
Wells Fargo Way2Save Savings
Member FDIC.
Rating image, 3.00 out of 5 stars.
3.00/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
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Rating image, 3.00 out of 5 stars.
3.00/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
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APY
0.01%
Min. To Earn APY
N/A
- Easy access to savings
- Account fees can be waived
- Save As You Go helps you save money
- Low APY
- No check-writing privileges
- Potential for a $5 monthly fee
The Wells Fargo Way2Save Savings offers a safe, FDIC-insured place to store savings, as well as numerous ways to withdraw and deposit cash. It has an extremely low APY (no tiers earn at a higher rate), but if in-person banking is important to you, this account could offer more flexibility than online banks.
High-yield savings account comparison
We recommend comparing high-yield savings account options to ensure the account you're selecting is the best fit for you. To make your search easier, here's a short list of standout accounts.
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| Account | APY | Promotion | Next Steps |
|---|---|---|---|
Rating image, 4.75 out of 5 stars.
4.75/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
= Best
= Excellent
= Good
= Fair = Poor |
up to 4.60%
Rate info
You can earn the maximum APY by having Direct Deposit (no minimum amount required) or by making $5,000 or more in Qualifying Deposits every 30 days. See SoFi Checking and Savings rate sheet at: https://www.sofi.com/legal/banking-rate-sheet.
Min. to earn: $0
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New customers can earn up to a $300 bonus with qualifying direct deposits!
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Rating image, 4.75 out of 5 stars.
4.75/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
= Best
= Excellent
= Good
= Fair = Poor |
5.05% APY for balances of $5,000 or more
Rate info
5.05% APY for balances of $5,000 or more; otherwise, 0.25% APY
Min. to earn: $100 to open account, $5,000 for max APY
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N/A
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Rating image, 4.00 out of 5 stars.
4.00/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
= Best
= Excellent
= Good
= Fair = Poor |
4.35%
Min. to earn: $0
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New customers can earn a $200 bonus with a minimum $25,000 qualifying deposit. Terms apply.
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Wells Fargo Way2Save Savings interest rate
| Account | APY | Minimum Deposit |
|---|---|---|
| Wells Fargo Way2Save Savings | 0.01% | $25 |
Data source: Wells Fargo.
Wells Fargo is a big bank, and big banks aren't known for high APYs on savings accounts -- this account languishes far below the best savings accounts for interest. That said, you can open the account with just $25 and Wells Fargo has branches and ATMs aplenty for easy cash access.
Full Wells Fargo Way2Save Savings review
The Wells Fargo Way2Save Savings account is a safe, no-frills savings account that can put less distance between you and your savings. Let's take a look at what makes this account a strong choice for savers, as well as weaknesses to consider.
Top perks
Access your savings at thousands of banks and ATMs: Wells Fargo operates over 4,600 retail banks and has an ATM within two miles of over half of U.S. Census-designated households and small businesses. If you want your savings as near to you as physically possible, Wells Fargo might be a good choice.
Waived account fees: Wells Fargo will waive the $5 monthly account fee if you can satisfy one of the following requirements:
- Maintain a $300 minimum balance
- Make one automatic transfer at least $25 each fee period from a linked Wells Fargo checking account
- Make one automatic transfer of $1 for each business day during a fee period from a linked Wells Fargo checking account
- Make one or more Save As You Go transfers from a linked Wells Fargo checking account
Additionally, you can have the fee waived if you're 24 years old or younger and are the primary account owner.
Designed to help you save money: If you enroll in Save As You Go, Wells Fargo will move $1 from your checking account into your Wells Fargo Way2Save Savings account each time you use your debit card or pay a recurring bill. Even though $1 may seem small, it can help you establish good savings habits, as well as start a small emergency fund.
What could be improved
Super low APY: This account ranks far below the top-paying high-yield savings accounts of today.
Requires minimum deposit of $25: To open this account, you need to deposit $25 up front. That's not bad, but it's still a small hurdle you'll need to consider.
Monthly service fee of $5: If you don't satisfy one of the requirements listed above, you'll pay a $5 account fee.
No check-writing privileges: Unlike some savings accounts, the Wells Fargo Way2Save Savings account doesn't let you write checks from your savings account. You'll have to move money into a checking account if you want to pay with checks.
How to access your money
With its large branch network and nationwide ATMs, Wells Fargo gives you numerous places to deposit and withdraw funds -- many fee free.
Deposit options
To deposit money into your Wells Fargo Way2Save Savings account, Wells Fargo gives you the following options:
- ATM and in-person cash and checks deposits
- Direct deposits
- Electronic funds transfer
- Wire transfer
- Mobile check deposit
Withdrawal options
To withdraw funds from your Wells Fargo Way2Save Savings account, you can do the following:
- Branch withdrawal
- ATM withdrawal
- Transfer to checking account
- Electronic funds transfer
- Wire transfer
One thing to note is that Wells Fargo will give you an ATM card with this account, which you can use to withdraw cash. That said, Wells Fargo does impose a limit on how much you can withdraw from ATMs per day. The daily withdrawal limit can vary by account, but most report it's around $300.
Wells Fargo Way2Save Savings is right for you if:
- Having in-person banking and physical access to your money is more important than earning the highest APY possible.
- You can meet the criteria necessary to waive the monthly $5 account fee.
If Wells Fargo Way2Save Savings isn't the best fit for you, check out our list of the Best High-Yield Savings Accounts to find other options.
Keep reading about Wells Fargo
Our savings account methodology
At The Motley Fool Ascent, we rate savings accounts on a five-star scale (1 = poor, 5 = best). We evaluate all savings accounts across four main criteria: annual percentage yield (APY), brand and reputation, fees and minimum requirements, and perks that really make a difference -- think ATM access, linked checking accounts, or even branch access.
Our scores are weighted as:
- APY: 50%
- Brand and reputation: 20%
- Fees and minimums: 15%
- Other perks: 15%
Learn more about how The Motley Fool Ascent rates bank accounts.
FAQs
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No, you don't need a Wells Fargo checking account. You can open a Wells Fargo Way2Save Savings account alone without linking it to another Wells Fargo account.
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The Platinum Savings account has a slightly higher APY and offers check-writing privileges. It also has a higher account fee ($12) and requires a larger minimum daily balance to waive it ($3,500). The Wells Fargo Way2Save Savings account has a low APY, but also only requires a $300 balance to waive its $5 fee.
Our Banking Experts
Steven is a personal finance writer covering topics from mortgages to credit cards to market news. He has written for The Motley Fool Canada, Ramsey Solutions, Nerdwallet, Clever Real Estate, and other major outlets. Steven launched his writing career at the age of four with his first book, "Revenge of the Bad Guys." He currently lives in Portland, Oregon.
Fact Checked
Nathan Alderman
Nathan Alderman has worked with The Motley Fool since 2005, making errors his arch-enemies in a variety of roles including a six-year stint as the dedicated fact-checker for The Motley Fool's premium newsletter services. As The Ascent's Compliance Lead, he makes sure that all the site's information is accurate and up to date, which ensures we always steer readers right and keeps various financial partners happy. A graduate of Northwestern University's Medill School of Journalism, Nathan spends his spare time volunteering for civic causes, writing and podcasting for fun, adoring his wife, and wrangling his two very large young children.
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