Wells Fargo charges a monthly fee on most savings accounts, but you can waive it

Wells Fargo charges a monthly maintenance fee on its standard savings account, currently $5 per month. You can avoid this fee by meeting one of two conditions: keep a minimum daily balance of $500 in the account, or link it to a Wells Fargo checking account and maintain $500 in either account combined. If you do neither, the $5 fee posts automatically each month.

Wells Fargo also offers a Way2Save Savings Account, which has no monthly maintenance fee at all. This account is designed for people who want to build savings without worrying about balance requirements. The tradeoff is that it earns less interest than some competitor accounts, and Wells Fargo's interest rates across all savings products are typically lower than online banks offer.

The fee structure matters most if you are starting with a small balance or irregular deposits. A $5 monthly fee on a $200 account erases most of the interest you would earn. If you cannot maintain $500, the Way2Save account is the better choice.

Key Takeaways

  • Wells Fargo's standard savings account charges $5 per month unless you keep $500 in it or link it to a checking account with $500 combined balance.
  • The Way2Save Savings Account has no monthly fee and no minimum balance requirement, making it free to open and maintain.
  • Interest rates on Wells Fargo savings accounts are lower than rates at online banks, so the fee is only one cost to consider.
  • If you already have a Wells Fargo checking account, linking a savings account to it can waive the fee without adding to your balance requirement.

How the $500 minimum balance works

The $500 threshold is a daily balance requirement, not an average. This means your account must hold at least $500 every single day of the month. If your balance drops to $499 on even one day, the fee will post. Wells Fargo does not prorate the fee—you either meet the requirement or you pay the full $5.

The combined balance option lets you count money in a linked checking account toward the $500. So if you have $300 in savings and $200 in checking, both at Wells Fargo, the requirement is met and the savings fee is waived. This is useful if you keep most of your money in checking anyway.

You can check your daily balance through the Wells Fargo mobile app or online banking. The balance updates in real time, so you can see whether you are at risk of dropping below $500 before the end of the month.

Way2Save has no fee and no minimum

The Way2Save Savings Account is Wells Fargo's no-fee option. It has no monthly maintenance fee, no minimum opening deposit, and no minimum daily balance. You can open it with $1 and never add another dollar without penalty.

The catch is interest. Way2Save earns a lower rate than Wells Fargo's standard savings account, and both earn less than online banks like Marcus, Ally, or Discover. As of early 2024, online savings accounts were paying around 4% to 5% annual interest, while Wells Fargo's rates were closer to 0.01% to 0.05%. Over time, this difference compounds significantly.

Way2Save makes sense if you are building an emergency fund from scratch, need a place to park money temporarily, or want to avoid fees while you save up to meet the $500 minimum. Once you have $500 saved, you might move the money to a higher-yielding account elsewhere.

Other fees that can apply to Wells Fargo savings accounts

The monthly maintenance fee is not the only charge Wells Fargo can impose. If you request a paper statement, Wells Fargo charges $2.50 per statement (though statements are free online). If you make more than six withdrawals or transfers out of your savings account in a single month, Wells Fargo charges $10 for each withdrawal or transfer beyond the sixth. This is a federal rule that applies to most savings accounts, not just Wells Fargo.

Overdraft fees can also affect your savings account if it is linked to checking. If your checking account overdrafts and Wells Fargo transfers money from savings to cover it, you may be charged an overdraft fee on the checking side. Some customers set up overdraft protection to prevent this, but it is worth understanding how your accounts are connected.

ATM fees do not apply to Wells Fargo's own ATMs, but using an out-of-network ATM typically costs $2.50 to $3. This is not specific to savings accounts, but it is a real cost if you withdraw cash frequently.

How to avoid fees when opening a Wells Fargo savings account

If you are opening a new account, ask yourself three questions: Do I have $500 to keep in savings? Do I already have a Wells Fargo checking account? Am I comfortable with Wells Fargo's interest rates?

If you answered yes to the first two, open the standard savings account and link it to your checking account. The fee will be waived, and you will have a savings account at the bank where you already do business.

If you answered no to the first question, open Way2Save instead. You will pay no fee and have no pressure to maintain a balance. You can always move money to a higher-yielding account later.

If you answered no to the third question, consider opening a savings account at an online bank instead. You will avoid Wells Fargo's fees and earn a much higher interest rate. Online banks have no physical branches, but they handle deposits through mobile check deposit and ACH transfers, which most people find convenient enough.

What happens if you cannot maintain the minimum

If your balance drops below $500 and you do not have a linked checking account with $500, the $5 fee will post on the statement date. This happens automatically—Wells Fargo does not send a warning. The fee is deducted from your account balance, which can push you further below $500 the next month and trigger another fee.

If you find yourself in this cycle, the fastest fix is to switch to Way2Save. You can transfer your money to Way2Save and close the standard savings account in the same session. Wells Fargo will not refund the $5 fee that already posted, but you will stop the cycle going forward.

Some customers call Wells Fargo and ask for a one-time fee reversal, especially if the account is new or if they have been a customer for many years. Wells Fargo does not have a formal policy on this, so the outcome depends on the representative and your account history. It is worth asking, but do not count on it.

Frequently Asked Questions

Can I waive the fee by setting up automatic transfers?

No. Wells Fargo does not waive the fee based on deposits or transfers. The only ways to avoid it are to maintain the $500 daily balance or link a checking account with $500 combined balance. Automatic deposits do not count toward the requirement.

Does the $500 minimum apply to Way2Save?

No. Way2Save has no minimum balance and no monthly fee. You can open it with any amount and never add more money without penalty.

What if I have multiple savings accounts at Wells Fargo?

Each savings account is charged separately. If you have two standard savings accounts and neither meets the $500 minimum, you will be charged $5 on each one. The balances do not combine across multiple accounts—only a linked checking account counts.

Can I move money from savings to checking to avoid the fee?

Only if you keep the combined balance at $500. If you move money out of savings to checking and then spend it, your combined balance drops below $500 and the fee will post. The requirement is a daily balance, not a one-time check.

Do I earn interest on Way2Save?

Yes, but the rate is very low—typically less than 0.05% annually. You will earn a few cents per year on a $500 balance. Online banks pay 4% to 5%, so the difference is significant over time.