Wells Fargo Way2Save Savings

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

BalanceStandard Interest RateAnnual Percentage Yield (APY)
$0 or more0,15%0,15%
Way2Save Savings rates

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.

CIT Bank Logo
  • 4.05% APY
  • Minimum deposit: $100
  • No welcome bonus
  • Member FDIC
Marcus by Goldman Sachs
  • 4.30% APY
  • Minimum deposit: $0
  • Welcome bonus: $100
  • Member FDIC
synchrony-bank-logo
  • 4.35% APY
  • Minimum deposit: $0
  • No welcome bonus
  • Member FDIC
Logo Sofi
  • 4.50% APY
  • Minimum deposit: $0
  • Welcome bonus: $250
  • Member FDIC
Barclays Logo
  • 4.35% APY
  • Minimum deposit: $0
  • No welcome bonus
  • Member FDIC
Logo capital One CDs
  • 4.30% APY
  • Minimum deposit: $0
  • Member FDIC
  • No welcome bonus
Discover logo
  • 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:

Video with the 7 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:

ProsCons
High number of branches and ATMsMinimum balance of $125
Interest rate 0.15% APY
Wells Fargo Way2Save Savings pros and cons

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:

  1. 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.
  2. 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.
  3. 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.

InformationDescription
Webhttps://www.wellsfargo.com/
Facebookhttps://www.facebook.com/wellsfargo/
Linkedinhttps://www.linkedin.com/company/wellsfargo/
Twitterhttps://twitter.com/wellsfargo/
Phone1 (800) 869-3557
Information about Wells Fargo

Anothers products of Wells Fargo

Here is a list with more information on other Wells Fargo products:

Finally you have a related posts about savings account:

Updated the day 1 September, 2023 by Alfredo Barandiarán

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