Wells Fargo Way2Save Savings Review

Wells Fargo Way2Save Savings Review

The Way2Save account may have served a portion of savers years ago, but it’s among the worst places to store your savings today. You’ll find better rates and fees at online banks or high-yield savings accounts.

Wells Fargo offers a basic FDIC-insured savings account called Way2Save with a base APY of 0.01%. It can be paired with a checking account and has a few special features, including the ability to earn interest on non-recurring debit card purchases and bill payments made through Wells Fargo Online (r) or Bill Pay.

It’s easy to open a Way2Save account by visiting a branch or online. There is no minimum deposit, but you’ll need a Wells Fargo checking account to link it to. You’ll also need a debit or ATM card to access funds at the bank’s branches and ATMs.

In addition to the base APY for the Way2Save savings account, you can earn higher relationship rates when you have an eligible linked checking account with Wells Fargo. If you’re a Portfolio by Wells Fargo customer, you can even qualify for an extra 0.25% to 0.50% if you meet certain criteria.

Considering the low APY for the Way2Save account, you’ll be much better off with an online savings account from a competing institution. The best money market accounts, for example, offer competitive APYs and a mobile app that’s available for all of your devices. You can also earn higher interest with a certificate of deposit from an online bank or credit union.