Last Updated: 04/18/2025
SuperMoney User Recommendation Score +29
Mostly recommended14 total votes
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Highlights
Community Rating
Mostly recommended
APY (Annual Percentage Yield)
0.01%(Verified 06/21/2024)
Disclaimer popup with additional information
Minimum Opening Deposit
Starting at $25
Minimum Balance to Earn APY
$0
Number of Reviews
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 fee of up to $5, but the fee may be waived if you keep a minimum balance of$300.
- No ATM fees. Wells Fargo Bank Way2Save Savings Account does not charge fees on ATM transactions .
Wells Fargo savings account Pros & Cons
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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.| Description | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Minimum Average Balance to Avoid Monthly Service Fee | Starting at $300 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Minimum Balance to Earn APY | $0 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 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.
- 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.
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Editorial Disclaimer: Editorial and user-generated content on this page is not provided or commissioned by the issuer. Opinions expressed here are the author's alone and have not been approved or otherwise endorsed by any financial institution, including those that are advertising partners.
Hours of Operation
Sunday
All Day
Monday
All Day
Tuesday
All Day
Wednesday
All Day
Thursday
All Day
Friday
All Day
Saturday
All Day
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APY (Annual Percentage Yield)
0.01%
Disclaimer popup with additional information
Minimum Opening Deposit
Starting at $25
Minimum Balance to Earn APY
N/A
SuperMoney Net Recommendation Score
SuperMoney users mostly recommend this product, giving it a user recommendation score of +29, or 3.6 on a 5-point rating scale.
+29
-1000+100
No one recommends
Everyone recommends
Wells Fargo Bank Way2Save Savings Account Community Reviews
Would you recommend Wells Fargo Bank Way2Save Savings Account to your friends?
Ulysses E.
May 2, 2023
May or may not recommend
its outdated need something better for the changing times just being honest
AB
Amy B.
Oct 24, 2022
May or may not recommend
At the time, the interest on the savings account was 0.01%, so knowing what I know now, I'd much rather go for online banks since they tend to have much better interest rates than traditional banks. Also, the customer service at Wells Fargo was often not very good when we visited in person.
Tarah D.
Jul 2, 2022
May or may not recommend
Wells Fargo is another bank that will charge ridiculous fees without explanation. They are not customer driven, but results and money driven. Wells Fargo is not concerned with the needs of their customer. I had a Wells Fargo account, and the customer service was terrible each time I tried to contact them about an issue. They are one of the hardest banks to deal with and ...Show More
Hector D.
Jan 27, 2021
May or may not recommend
Way2Save boasts a high interest rate which currently stands at 3%, that’s roughly triple what other savings accounts from competitive banks offer. The only issue I have with this bank is that you won’t be able to set up automatic transfers until you open and link the account with your Wells Fargo checking account. You also have to pay a monthly service fee of $5 to maintain the account.
JK
Josefina K.
Dec 22, 2020
May or may not recommend
It’s really good financial company. They have a good rate and easy to pay online. I recommend this company to everyone that want to get auto loan. When I needed a bank to give me a chance,Wells Fargo Bank in and awarded me that chance to own a car again. They were there for me before and they are with me again in these unprecedented times. Thank you!
BW
Brianne W.
Dec 1, 2020
May or may not recommend
Wells Fargo is a great bank and has a great savings account option. There are a few to choose from, but this one in particular is an excellent choice. Its only $25 to start and as long as you are adding $25 by direct deposit or have a minimum of $300 then you never have to worry about the fee. This would be a great starter savings for people just ...Show More
RC
Raphael C.
Nov 12, 2020
May or may not recommend
I opened my savings account with a minimum deposit of $25 and I maintain a minimum daily balance of $300, I do not get charged with monthly service fee. With a Way2Save savings account, I can automatically save with my savings account linked to Walls Fargo checking account.
DE
Daniel E.
Nov 5, 2020
May or may not recommend
I have been banking with Wells Fargo since 2017. I love the app design, it's really appealing. The upgrade works perfectly and the connection speed is superb. One thing I also love about the bank is its top-notch customer care service. I would recommend getting a savings account to anyone, especially through this awesome bank.
CR
Charles R.
Oct 22, 2020
May or may not recommend
I have been banking with Wells Fargo since 2014, and these are the honest thing I observe about them: They offer top-notch services, and their customer representatives are uniquely polite. However, this bank charges way too much, making me unable to save my money into the bank for a long time. A friend of mine got scammed by an unknown third party while making a Wells Fargo transaction; I believe ...Show More
Esther O.
Oct 22, 2020
May or may not recommend
I will always recommend all Wells Fargo services. Their savings account feature (Way22Save), is everything you should expect from the company - secure, safe, and seamless. I especially like the fact that your account is monitored for fraud. So, if your ATM card is stolen and used in an unfamiliar location, you are sent a message.
Way2Save is also less pricey than their checking account option. I highly recommend.
KV
Kyle V.
Oct 11, 2020
May or may not recommend
This is the first savings account that I had and I still use it to this day! Using the app it is super easy to transfer money into your account from the checking accounts. The interest rates are ok but it is nice to have in my banking account to use and save!
AD
Alissa D.
Oct 11, 2020
May or may not recommend
My experience with setting up this account was fine and. I feel neutral about the account itself. Savings accounts are not the way to allow for money to grow due to their generally low interest rates.I keep money in the Wells Fargo savings account to shift the funds around and withdraw after six months. The rate is horrible and is not a way to make savings grow.
AO
Andrew O.
Oct 10, 2020
May or may not recommend
This account is a solid temporary place to keep your money, but not the long-term solution. The pitiful 0.01% interest rate comes nowhere close to many newer savings accounts with APYs over 1% or more. It's also tough to compete with other savings accounts which have absolutely no monthly fees, there aren't many reasons why you'd choose this savings account over others besides the fact that it has physical branches ...Show More
EB
Elissa B.
Sep 18, 2020
May or may not recommend
I’ve been banking with Wells Fargo for at least 5 years now. It’s a great company. Anyone I’ve ever spoken with there has been nothing but sweet to me! I definitely have a money spending problem so I decided to get a savings account. Ever since I went through the easy process of getting one I instantly started saving money. It’s kind of hard not to when it shows up ...Show More
Showing 14 of 14 reviews
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