Below, we take a close look at the WellsFargo Way2Save Savings by breaking down its annual percentage yield APY , access to your cash, perks and fees so you can decide if this brick-and-mortar savings account is right for you. Wells Fargo has about 5, branches and over 13, ATMs throughout the country — making it the largest brick-and-mortar bank by physical footprint and easier access to your cash.
Each withdrawal over the six-per-month limit will be assessed and may come with a fee. Those who link a Wells Fargo checking account can opt for overdraft protection.
Opting in is free to do, but a single transfer fee will be assessed if the bank ends up transferring funds to cover your transactions. The six-per-month deposit and withdrawal limit is a federal law known as Regulation D that has been temporarily lifted during the coronavirus pandemic.
Reach your savings goals quicker by setting up additional automatic transfers from your checking account each month.
If you are someone who prefers in-person banking, Wells Fargo with its thousands of physical locations, is a good bet for opening a new savings account. For those who prefer banking with U.
Learn more: How much cash should you keep in your savings and checking account? A financial planner weighs in. We narrowed down our ranking by only considering those savings accounts that come from brick-and-mortar banks with broad availability, offering access to at least 2, physical branches and over 4, non-fee ATMs in the U. While the accounts we chose in this article are from the largest banks, we compared each savings account on a range of features, including its fees, opportunities to earn interest higher rates, customer service and any other special offerings or programs.
We also considered factors such as insurance policies, users' deposit options, other savings accounts being offered by the same bank and customer reviews when available. How do I close a consumer deposit account? If outside of the U. We can close most accounts immediately when: The account has a positive or zero balance. All deposits, outstanding and pending items are posted. These may include: Transactions in process, including Overdraft Protection transfers, that need to post.
Inactive accounts that need to be reactivated. Ask a Wells Fargo banker to reactivate your account. Legal or bank restrictions that need to be resolved.
Funds pledged for collateral or other purposes that need to be released. Balance sweep feature needs to be removed. Overdrawn accounts that need to be brought back to a zero or positive balance. This information may help you avoid additional transactions and fees: If your account is enrolled in the optional Debit Card Overdraft Service, you can unenroll by contacting a Wells Fargo banker.
Review your statements for automatic transactions and cancel them by contacting the merchant s. When you have a previously authorized transaction, such as ATM and debit card transactions, account transfers, and Wells Fargo Online Bill Pay transactions, presented for payment and your account doesn't have enough money, we will pay the item s into overdraft and an overdraft fee may be assessed. Important Reminders: Accounts with a zero balance will continue to be charged applicable fees like the monthly service fee until you request to close your account.
Any recurring payments or withdrawals such as bill payments and debit card payments from your account need to be cancelled before your request to close; otherwise, they may be returned unpaid and fees may be assessed.
How do I close a CD Time account? Here is a list of our partners and here's how we make money. The Wells Fargo savings account interest rate is 0. Many top online savings accounts earn rates around 0. The national average rate for savings accounts is 0. Interest on balances for premium savings accounts. Up to 0. APYs may vary depending on where you live. Megabanks like Wells Fargo often have savings accounts with low interest rates. If you're looking for higher rates on your savings accounts, you'll probably find better options at online banks.
In addition to having accounts with higher yields, many have no monthly fees or minimum balance requirements. Find out how much interest you could be earning with the savings calculator below. The higher the rate, the faster your money can grow.
Wells Fargo interest rates. Interest rate on balances. How it compares.
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