Wells Fargo Bank Way2Save Savings Account

Wells Fargo Bank Way2Save Savings Account Review

Wells Fargo Bank Way2Save Savings Account is offered by Wells Fargo Bank, a bank founded in 1852 and based in San Francisco, CA. Wells Fargo savings account are available in 50 states (and Washington, DC).

Key Takeaways

• Low interest rate. The maximum annual percentage yield for this account is only 0.01%.
• $0 monthly account fees available. This account charges a monthly service fee of up to $5, but the fee is waived if you keep a minimum balance of $300 or have a monthly direct deposit of $25.
• No ATM fees. Wells Fargo Bank Way2Save Savings Account does not charge fees on ATM transactions.

Wells Fargo savings account Pros & Cons

Pros	Cons
Available in all 50 states. Interest-yielding account. Access to physical branches.	Does not offer mobile check deposits. Does not come with a debit card Higher than average wire transfer fees. Monthly service charge (if minimums are not met). No signup bonus.

Wells Fargo savings account FAQ

Are savings accounts from Wells Fargo Bank federally insured?

Yes, your Wells Fargo Bank savings accounts are insured up to $250,000 per person by the Federal Deposit Insurance Corporation (FDIC). The FDIC is an independent agency of the United States government that protects you against the loss of your insured deposits if an FDIC-insured bank or savings association fails. FDIC insurance is backed by the full faith and credit of the United States government.

Does Wells Fargo Bank offer a signup bonus?

Wells Fargo savings account doesn't offer a signup bonus.

What is the minimum initial deposit for Wells Fargo savings account?

The minimum deposit to open a Wells Fargo savings account is $25.

Wells Fargo Bank Way2Save Savings Account Minimums

Description
Minimum Balance to Avoid Monthly Fee	Starting at $300
Minimum Balance to Earn APY	$0
Minimum Direct Deposit to Avoid Monthly Fee	Starting at $25
Minimum Opening Deposit	Starting at $25

What APY does Wells Fargo Bank Way2Save Savings Account offer?

Wells Fargo savings account offers an APY of 0.01% (APY stands for annual percentage yield, rates may change).

The interest rate on a savings account or checking account can change based, in part, on what the Federal Reserve does. Note that the APY of a savings account is the amount of interest you will earn if you keep your money in the account for a full year expressed as a percentage. The difference between an APY and an interest rate is that the APY takes into account how often your money earns interest (or compounds). The more often your money compounds, the more it will earn. Savings accounts with an interest rate that compounds daily, for example, will earn a higher return (and therefore a higher APY) than savings accounts that compound annually.

What fees does Wells Fargo savings account charge?

Wells Fargo savings account does not charge a monthly service fee. See the fee breakdown section below to view all fees.

However, you can waive the monthly fees if you have a minimum daily balance of $300. Avoid the monthly fees by setting up a direct deposit of at least $25.

• Outgoing domestic bank transfers come with a $30 fee.
• Wells Fargo savings account charges $5 every time you request a paper statement.

What features and perks does Wells Fargo savings account offer?

This savings account includes the following features:

• Fraud monitoring - Wells Fargo savings account monitors transactions for potentially fraudulent activity, such as when a debit card is unexpectedly used in a different location, or you make a sudden string of costly purchases.
• Mobile Banking Services - Wells Fargo savings account allows you to manage your money online or with a mobile app.
• Nationwide ATM network - Conveniently transact at a nearby ATM.

Can you set up a direct deposit to Wells Fargo savings account?

Yes, you can typically set up a direct deposit to this account. However, it depends on the direct deposit program your employer uses. Most direct deposit programs allow you to send your paycheck to a savings or checking account. In some cases, you can even split your paycheck between the two.

What is the customer support email for Wells Fargo savings account?

The customer support email for Wells Fargo savings account is corporateresponsibility@wellsfargo.com.

How do people rate the customer service and user experience of Wells Fargo savings account?

Overall, Wells Fargo savings account is mostly recommended based on community reviews that rate customer service and user experience.