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Wells Fargo Way2Save Savings Review: Typical Big Bank Savings Account With Minuscule APY

Review Updated
Steven Porrello
Steven Porrello
| 2 others [ + ]
Robin Hartill, CFP
Robin Hartill, CFP
Nathan Alderman
Fact Checked: Nathan Alderman
Nathan Alderman
Nathan Alderman
Fact checker

Nathan Alderman has been a full-time Motley Fool employee 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 Motley Fool Money'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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Many or all of the products here are from our partners that compensate us. It’s how we make money. But our editorial integrity ensures that our product ratings are not influenced by compensation. APY = Annual Percentage Yield.

Our quick take: The Wells Fargo Way2Save Savings account is an option for those who prefer in-person banking and a full-service financial institution. But as with many brick-and-mortar bank accounts, the trade-off is that your savings earns next to nothing.

  • Our team of experts assessed 100+ banking institutions
  • We evaluate all banking institutions across the same 4 key criteria: annual percentage yield (APY), brand reputation, fees and minimum requirements, and additional perks
  • Our bank ratings are never influenced by our advertising partners
  • We strictly feature products that offer federal insurance and high customer satisfaction, keeping our recommendations unbiased
Ratings Methodology
Rates as of Apr 14, 2025

Wells Fargo Way2Save Savings

Member FDIC.
Rating image, 3.00 out of 5 stars.
3.00/5 Circle with letter I in it. 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
Rating image, 3.00 out of 5 stars.
3.00/5 Circle with letter I in it. 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
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.

Compare savings rates

Make sure you're getting the best account for you by comparing savings rates and promotions. Here are some of our favorite high-yield savings accounts to consider.

Account APY Promotion Next Steps
up to 3.80%²
Rate info Circle with letter I in it. 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
New customers can earn up to a $300 bonus with qualifying direct deposits!¹
4.10% APY for balances of $5,000 or more
Rate info Circle with letter I in it. 4.10% APY for balances of $5,000 or more; otherwise, 0.25% APY
Min. to earn: $100 to open account, $5,000+ for max APY
Earn a bonus of at least $225 after a one-time deposit of $25,000+. Circle with letter I in it. Transfer a one-time deposit of $25,000-$49,999.99 for a bonus of $225. Transfer a one-time deposit of $50,000+ for a bonus of $300. Account must be opened with code PS2025 while this promotion lasts, and funded within 30 days. Bonus will be fulfilled within 60 days from the funding date. There is no period of time where the customer will be required to maintain the funds. Account must be open when bonus is credited. One bonus per account and primary customer. Bonus will be credited into the Platinum Savings Account that fulfills the funding requirement. Funding can be deposited all at once or incrementally.
3.70%
Rate info Circle with letter I in it. 3.70% annual percentage yield as of April 14, 2025. Terms apply.
Min. to earn: $0
N/A
Open Account for American Express® High Yield Savings

On American Express's Secure Website.

Disclaimers



SoFi disclosure:

¹ New and existing Checking and Savings members who have not previously enrolled in Direct Deposit with SoFi are eligible to earn a cash bonus of either $50 (with at least $1,000 total Direct Deposits received during the Direct Deposit Bonus Period) OR $300 (with at least $5,000 total Direct Deposits received during the Direct Deposit Bonus Period). Cash bonus will be based on the total amount of Direct Deposit. Direct Deposit Promotion begins on 12/7/2023 and will be available through 1/31/26. See full bonus and annual percentage yield (APY) terms at sofi.com/banking#1.

² SoFi members who enroll in SoFi Plus with Direct Deposit or by paying the SoFi Plus Subscription Fee every 30 days or with $5,000 or more in Qualifying Deposits during the 30-Day Evaluation Period can earn 3.80% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. There is no minimum Direct Deposit amount required to qualify for the stated interest rate. Members without either SoFi Plus or Qualifying Deposits, during the 30-Day Evaluation Period will earn 1.00% APY on savings balances (including Vaults) and 0.50% APY on checking balances. Only SoFi Plus members are eligible for other SoFi Plus benefits. Interest rates are variable and subject to change at any time. These rates are current as of 1/24/25. There is no minimum balance requirement. Additional information can be found at http://www.sofi.com/legal/banking-rate-sheet. See the SoFi Plus Terms and Conditions at https://www.sofi.com/terms-of-use/#plus.

³ We do not charge any account, service or maintenance fees for SoFi Checking and Savings. We do charge a transaction fee to process each outgoing wire transfer. SoFi does not charge a fee for incoming wire transfers, however the sending bank may charge a fee. Our fee policy is subject to change at any time. See the SoFi Checking & Savings Fee Sheet for details at sofi.com/legal/banking-fees/.

⁴ SoFi Bank is a member FDIC and does not provide more than $250,000 of FDIC insurance per depositor per legal category of account ownership, as described in the FDIC’s regulations.

Any additional FDIC insurance is provided by the SoFi Insured Deposit Program. Deposits may be insured up to $3M through participation in the program. See full terms at SoFi.com/banking/fdic/sidpterms. See list of participating banks at SoFi.com/banking/fdic/participatingbanks.

⁵ We’ve partnered with Allpoint to provide you with ATM access at any of the 55,000+ ATMs within the Allpoint network. You will not be charged a fee when using an in-network ATM, however, third-party fees incurred when using out-of-network ATMs are not subject to reimbursement. SoFi’s ATM policies are subject to change at our discretion at any time.

⁶ Early access to direct deposit funds is based on the timing in which we receive notice of impending payment from the Federal Reserve, which is typically up to two days before the scheduled payment date, but may vary.

⁷ Overdraft Coverage is limited to $50 on debit card purchases only and is an account benefit available to customers with direct deposits of $1,000 or more during the current 30-day Evaluation Period as determined by SoFi Bank, N.A. The 30-Day Evaluation Period refers to the “Start Date” and “End Date” set forth on the APY Details page of your account, which comprises a period of 30 calendar days (the“30-Day Evaluation Period”). You can access the APY Details page at any time by logging into your SoFi account on the SoFi mobile app or SoFi website and selecting either (i) Banking > Savings > Current APY or (ii) Banking > Checking > Current APY. Members with a prior history of non-repayment of negative balances are ineligible for Overdraft Coverage.

Full Wells Fargo Way2Save Savings review

Find out if this no-frills savings account is right for you in this complete Wells Fargo Way2Save Savings account review.

Wells Fargo Way2Save Savings interest rate

Account APY Minimum Deposit
Wells Fargo Way2Save Savings 0.01% $25
Data source: Wells Fargo.

Like a lot of brick-and-mortar banks, Wells Fargo pays an extremely low APY on savings. The Wells Fargo Way2Save Savings account has an APY of just 0.01%, compared to the national average of 0.41%. Many top high-yield savings accounts have an APY above 4%.

Fees

The Wells Fargo Way2Save Savings account has a few fees to be aware of before you open an account.

Monthly service fee $5; can be waived
Incoming wire transfer fee $15
Outgoing wire transfer fee Starts at $25
Data source: Wells Fargo.

Minimum balance

You'll need to deposit at least $25 to open a Wells Fargo Way2Save Savings account. After that, you could face a $5 monthly fee if you don't maintain a $300 balance (though there are a few other ways to avoid the monthly fee that we'll discuss shortly).

These requirements aren't unusual for a brick-and-mortar institution, but many online banks offer free savings accounts with no minimum balance or opening deposit requirements.

Withdrawal limit

Wells Fargo will give you an ATM card with the Wells Fargo Way2Save Savings 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.

Mobile app

The Wells Fargo mobile app has an average rating of 4.8 stars on the Google Play store and 4.9 stars on the App Store. Customers can use the app to check their balance, manage their accounts, track progress on goals, and get help from Fargo®, the app's AI-powered assistant.

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

Online user reviews

Not surprisingly, the main beef online reviewers have about the Wells Fargo Way2Save Savings account is its low APY. Many Reddit and TikTok users suggest moving money in the account to a top high-yield savings account instead. Users have similar complaints about savings accounts available through other huge financial institutions, like Bank of America and Chase.

Top perks

Branch and ATM access: 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 access to 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.

Automated savings feature: 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 and 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 upfront. 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 monthly fee.

No check-writing privileges: Unlike the Wells Fargo Platinum Savings account, 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.

Is the Wells Fargo Way2Save Savings account FDIC insured?

Yes, like other Wells Fargo bank accounts, the Wells Fargo Way2Save Savings account is protected by FDIC insurance. Deposits up to $250,000 per depositor per institution per account type are federally insured, meaning your money is safe in the unlikely event of a bank collapse.

Wells Fargo Way2Save Savings is right for you if:

The Wells Fargo Way2Save Savings account could be a fit if you already have a checking account with Wells Fargo and don't want to deal with multiple banks, particularly if you prefer branch access. But if earning a competitive APY is important, look to online banks to get a better return on your savings.

Keep reading about Wells Fargo

Our savings account methodology

At Motley Fool Money, 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 Motley Fool Money rates bank accounts.

FAQs

  • 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.

  • The Wells Fargo 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.

  • Yes, you can withdraw funds from the Wells Fargo Way2Save Savings account at a branch or ATM, by transferring money to a checking account, or via electronic funds transfer or wire transfer.