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Wells Fargo Value, Way2Save, High Yield Savings Accounts Review
Wells Fargo savings review 2024. Way2Save, Value, High Yield Savings 2024: fees, APR/APY interest rates/high yields.
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Let’s face it, with interest rates as low as they are at present, the interest rate that your savings account can earn is not a significant factor in determining which bank to choose or what account to choose. There just isn’t a significant difference between fractional interest rates below 1% per year. For example, Wells Fargo Bank offers rates from 0.01% APY to 0.05% APY across a variety of their savings products. If you qualify for their “high-yield” savings account the rate can go as high as 0.10% APY.
Low Interest Rate Environment
Putting this into perspective, just for the sake of argument, let’s assume that your balance in the savings account all year remains at $100,000 (wouldn’t that be nice!). Your total earnings for the year would range from a minimum of $10 to a maximum of $100! Right, insignificant. So let’s look at other reasons to have a savings account at Wells Fargo and the benefits that you may enjoy.
Safety and Security
If you lose your wallet, if it stolen, you misplace cash, etc., you will lose whatever cash you have in your wallet at the time. If you have that same cash on deposit at the bank you avoid this risk to a great extent. Nowadays, the only cash you really need in your wallet is $20-40 in case you need to buy a glass of lemonade or a box of cookies from a scout. Ok, maybe that’s an exaggeration, but only a teeny bit.
Cashless Society
Little by little, we are moving towards a cashless society. You can make electronic payments at almost any commercial establishment from the supermarket to Starbucks to the gas station to the internet. All you need is a means of payment. Debit cards have been around for a long time now and are widely accepted. All Wells Fargo savings accounts come with a debit card which can be used for purchases with no charges from the bank and typically are exempt from charges by the vendor. In fact, many will even give you cash back -at no cost to you- with your purchase.
If you do need cash, though, having a branch or ATM of your bank nearby is vital since making withdrawals outside the network has elevated costs associated with each transaction, regardless of which institution you bank with. Wells Fargo Bank is among the largest retail banks in the country having 6200+ branches and 12,000 ATMs coast-to-coast, so one is likely to be nearby which means convenience and savings for you.
Overdraft Protection
Do you have, or do you plan to have, a checking account? Linking your savings account to the checking account to automatically cover overdrawn checks will save you time, money and embarrassment if you have trouble managing the balance in your checking account. The overdraft protection provided is automatic once the linking is established and is cost-free. For most banking customers, this may be the single most important benefit of their savings account. It’s also worth noting that having overdraft protection in a linked savings account can waive the monthly fees in the some of the checking accounts.
Plans Into Action
Saving requires a plan and putting that plan into action. If you wait to see what is “left over” at the end of the month with the idea of placing that into savings, you are likely to find what most everyone finds at the end of the month: little or nothing. One of the great American truths of the last half century is: we tend to spend all we have, or more. Having an automatic action plan in place can be your best ally in making your savings account grow (interest rates are going to do that!). Wells Fargo allows you to set up automatic transfers from a checking account into a linked savings account. In fact, doing so can reduce the cost of the savings account to zero.
Wells Fargo Savings Accounts
Remember, in order to have a positive yield in your savings account you must avoid
monthly service fees. There is no way that the interest you earn will offset the monthly
fees if you do not meet the requirements to waive them. Thankfully, waiving the monthly
fees can be as easy as simply creating an automatic transfer each month. The following
are the savings account options available at Wells Fargo Bank and the basic info regarding each: minimum opening balance, monthly service fees and how to get those service fees waived.
Wells Fargo Way2Save Savings
- A great way to start saving automatically
- Monthly service fee: $5 Waived when you maintain one of these options:
- A $300 minimum daily balance
- A recurring, automatic savings option
- Minimum opening deposit: $25
- Mutual funds are available through Wellstrade
Wells Fargo Money Market Savings
- Bonus interest rate when linked to select checking packages
- Monthly service fee: $10 Waived when you maintain one of these options:
- A $3,500 minimum daily balance
- A recurring, monthly automatic transfer
- Minimum opening deposit: $50
Wells Fargo High Yield Savings
- Premium rates and easy access to your money with the option to write checks, exclusively for Wells Fargo checking customers
- Monthly service fee: $25 Waived when you maintain a $25,000 average daily balance
- Minimum opening deposit: $25,000
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