While the low minimum starting balance, unique savings tools and easy-to-erase fees are attractive, there are a few major drawbacks to the Wells Fargo Way2save account. The biggest of these drawbacks is the interest rate of 0.01% APY.
A Platinum Savings account is FDIC-insured and offers several easy options to access your money, including unlimited branch and ATM withdrawals and the option to write checks. You'll also get: Optional Overdraft Protection. Use your Platinum Savings account to protect your Wells Fargo checking account from overdrafts.
When you sign up for Save As You Go® transfers, we'll transfer $1 of your funds from your linked Wells Fargo checking account to your Wells Fargo Way2Save Savings account every time you: Make a non-recurring debit card purchase. Make an online bill pay transaction using Wells Fargo Online® Bill Pay.
Final Verdict. While the savings rate on this Wells Fargo Savings account is not as high as other online savings accounts, it can be a great option for anyone who finds it difficult to save money.
How much interest can you earn on $1,000? If you're able to put away a bigger chunk of money, you'll earn more interest. Save $1,000 for a year at 0.01% APY, and you'll end up with $1,000.10. If you put the same $1,000 in a high-yield savings account, you could earn about $5 after a year.
With a Way2Save Savings account, you can save automatically when you link your savings account to a Wells Fargo checking account. Then, choose from a variety of automatic savings options that fit your needs.
Summary of best high-yield online savings accounts for May 2021
| Institution | APY | Fees |
|---|---|---|
| Ally Bank Online Savings Account | 0.50% | None |
| Citibank Accelerate High-Yield Savings | 0.50% | None |
| Marcus by Goldman Sachs High-Yield Online Savings Account | 0.50% | None |
| TAB Bank High Yield Savings | 0.50% | None |
Please find below savings accounts offered by Wells Fargo.
NerdWallet's Best 1-Year CD Rates May 2021
$300 minimum daily balance. 1 or more Save As You Go® transfers from your linked Wells Fargo checking account into this account. An automatic transfer of $25 or more from your linked Wells Fargo checking account into this account.
Go to 'My Profile & Preferences' then 'Account Preferences' and click into the account you wish to hide. Under 'Account Visibility' toggle 'Account Overview' and/or 'Financial Tools' which will hide the account within your overview screen.
If you already have a debit card with Wells Fargo, the bank will link the savings account to your debit card as such you will be able to withdraw money at an ATM. If you don't have a debit card, you should have received an ATM card when opening the account.
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