Would you like to learn about all the features of the Wells Fargo Way2Save Savings? Responsible Economy has analyzed the fees, requirements, yields, and conditions offered by Wells Fargo in their savings account. We have also included a comparison with the top savings accounts available in the United States, along with an explanatory video.
Features
In this section, you will find a comprehensive overview of the features of the Wells Fargo Way2Save Savings:
Interest rate
| Balance | Standard Interest Rate | Annual Percentage Yield (APY) |
|---|---|---|
| $0 or more | 0,15% | 0,15% |
Wells Fargo Way2Save Savings Account offers a meager interest rate of 0.15% APY, making it one of the worst accounts for saving.
Fees
Way2Save Savings has a monthly fee of $5 unless you meet one of the following requirements:
- $300 minimum daily balance
- 1 automatic transfer each fee period of $25 or more from a linked Wells Fargo checking account
- 1 automatic transfer each business day within the fee period of $1 or more from a linked Wells Fargo checking account
- 1 or more Save As You Go transfers from a linked Wells Fargo checking account
- Primary account owner is 24 years old or under
Minimum deposit
The minimum initial deposit is $25.
ATMs
Wells Fargo is one of the banks with the most branches and offices in the United States.
Deposit funds
You can deposit funds into the Wells Fargo Way2Save Savings by making bank transfers or you can also mail a check.
Best savings accounts 2023
We have compared the Wells Fargo Way2Save Savings with the best savings accounts available in the United States. We highlight the key characteristics of each savings account.
- 4.05% APY
- Minimum deposit: $100
- No welcome bonus
- Member FDIC
- 4.30% APY
- Minimum deposit: $0
- Welcome bonus: $100
- Member FDIC
- 4.35% APY
- Minimum deposit: $0
- No welcome bonus
- Member FDIC
- 4.50% APY
- Minimum deposit: $0
- Welcome bonus: $250
- Member FDIC
- 4.35% APY
- Minimum deposit: $0
- No welcome bonus
- Member FDIC
- 4.30% APY
- Minimum deposit: $0
- Member FDIC
- No welcome bonus
- 4.30 APY
- Minimum deposit: $0
- No welcome bonus
- Member FDIC
Video with the best savings accounts
We also have made a video with the best savings accounts:
Pros and cons
Now that we’ve covered all the features of the Way2Save Savings and analyzed the main characteristics of the top savings accounts, let’s take a look at a table summarizing the advantages and disadvantages:
| Pros | Cons |
|---|---|
| High number of branches and ATMs | Minimum balance of $125 |
| Interest rate 0.15% APY | |
Requirements
Opening a savings account is simple, as long as you meet the following requirements:
- Must be over 18 years old
- Live in the United States
- Have an American phone
Documentation
You may also be asked to provide the following documentation:
- Certified copy of identity document (for each applicant): in most cases this will be your current, valid passport although some other types of ID are acceptable.
- Certified copy or original proof of address (for each applicant): your proof of address will normally be a bank or building society statement or a utility bill.
- Your signed Client Agreement.
Frequent questions
Here we answer all the questions you may have:
Conclusions and opinions
After conducting the review, our opinion is that Way2Save Savings is not a competitive account due to its low 0.15% APY. This interest rate makes it one of the worst savings accounts in the United States.
Learn more about Wells Fargo
We have created a table with general information about Wells Fargo.
| Information | Description |
|---|---|
| Web | https://www.wellsfargo.com/ |
| https://www.facebook.com/wellsfargo/ | |
| https://www.linkedin.com/company/wellsfargo/ | |
| https://twitter.com/wellsfargo/ | |
| Phone | 1 (800) 869-3557 |
Anothers products of Wells Fargo
Here is a list with more information on other Wells Fargo products:
- CDs: here you have Wells Fargo Certificate of deposit review.
- Checking accounts: Here you can see all Wells Fargo checking accounts.
- Wells Fargo savings accounts.
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Updated the day 1 September, 2023 by Alfredo Barandiarán
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