The monthly service fee costs $5, but you can waive it with a single requirement

Wells Fargo charges a $5 monthly service fee on most savings accounts unless you meet one condition: keep a minimum daily balance of $300 in the account. If your balance stays at $300 or above every single day of the month, the fee does not post. If it drops below $300 even once, you pay the full $5 that month.

This is the only way to avoid the fee without closing the account. Wells Fargo does not waive it based on direct deposit, account age, or customer loyalty. The $300 threshold applies to all their standard savings products except for a few specialty accounts aimed at specific groups.

If maintaining $300 feels tight, you have other options: move money to a different bank, switch to a Wells Fargo checking account (which has no monthly fee if you meet different requirements), or use a different savings vehicle altogether.

Key Takeaways

  • The $5 monthly fee waives automatically if your savings account balance never drops below $300 in a calendar month.
  • Wells Fargo does not waive the fee for direct deposit, account history, or any other reason—the $300 minimum is the only path.
  • If you cannot maintain $300, closing the account costs nothing and removes the fee entirely.
  • Wells Fargo checking accounts have no monthly service fee if you meet different requirements, such as a monthly direct deposit or a $1,500 minimum balance.
  • Many online banks and credit unions offer savings accounts with no monthly fee and no minimum balance requirement.

How the $300 minimum balance works day-to-day

The balance requirement is measured on a daily basis, not an average. This means if you have $500 in the account on the 1st and withdraw $250 on the 15th, leaving $250, you have fallen below the threshold and triggered the fee for that month. The fee posts at the end of the billing cycle, usually around the last day of the month.

Wells Fargo counts only the money in the savings account itself toward this minimum—not money in checking, money market accounts, or other products you hold with them. If you have $400 in savings and $1,000 in checking, only the $400 counts.

The fee is not prorated. Whether your balance dips $1 below $300 or $100 below, you pay the full $5. There is no partial fee or warning before it posts.

Which Wells Fargo savings accounts have this fee

The $5 monthly service fee applies to Wells Fargo's standard savings accounts, including the Way2Save Savings Account and the Savings Account. Both charge the same fee and have the same $300 minimum to waive it.

Wells Fargo also offers a few accounts that operate under different rules. The Wells Fargo Youth Savings Account (for customers under 18) has no monthly fee. Some specialty accounts tied to specific products or customer segments may have different fee structures, so check your account documents or call Wells Fargo at 1-800-869-3557 to confirm which product you hold.

Money market accounts and certificates of deposit (CDs) have their own fee schedules and are not subject to this $5 savings fee.

Moving money to checking to avoid the fee

Wells Fargo checking accounts do not charge a monthly service fee, period. However, they have their own requirements to avoid other fees. The Everyday Checking account waives its monthly fee if you maintain a $1,500 minimum daily balance or receive a direct deposit of at least $500 per month.

If you may have access to for the checking account's fee waiver, you could move your savings into checking and eliminate the $5 fee entirely. The trade-off is that checking accounts typically earn little to no interest, while savings accounts earn a small percentage (currently around 0.01% to 0.05% at Wells Fargo, depending on the account and market conditions).

This strategy only makes sense if you were not planning to keep the money in savings anyway, or if the interest earned is negligible compared to the $60 per year you would save by avoiding the fee.

Closing the account to stop the fee

You can close a Wells Fargo savings account at any time with no penalty or fee. Visit a branch with your ID, call 1-800-869-3557, or use the Wells Fargo mobile app to initiate the closure. Wells Fargo will ask where you want any remaining balance sent—to another Wells Fargo account, a check, or an external bank account.

Closing takes one to three business days to process. During that time, the account remains open and the monthly fee could still post if the balance drops below $300. Ask the representative to note that you are closing the account so the fee is not charged in the final month.

If you have set up automatic transfers or bill payments from this savings account, update those before closing so they do not fail.

Alternatives outside Wells Fargo

Many online banks and credit unions offer savings accounts with no monthly fee and no minimum balance requirement. These accounts often earn higher interest than Wells Fargo—currently 4% to 5% APY at some online banks, compared to Wells Fargo's rates below 0.1%. The trade-off is that you cannot walk into a physical branch to deposit cash or speak to a person in person.

Credit unions typically allow you to open an account if you live or work in their service area or meet other membership criteria. Some credit unions have no monthly fees and no minimums. You can search for credit unions near you at CO-OP.org or Alliant Credit Union's locator tool.

If you need both a physical branch and no monthly fee, consider a regional bank or a large bank like Chase or Bank of America, which also have no-fee savings options with different minimum requirements.

What happens if the fee posts

If your balance drops below $300 and the $5 fee posts, you can contact Wells Fargo and ask them to reverse it. Wells Fargo does not have a formal policy for fee reversals, but representatives sometimes waive the fee once per year or as a courtesy if you have been a long-standing customer. There is no may provide, and the outcome depends on the representative you reach.

Call 1-800-869-3557 and explain that your balance dipped below $300 and you would like the fee removed. Be prepared to hear no. If they refuse, the fee is final and cannot be recovered unless you dispute it through your bank's formal complaint process, which is unlikely to succeed.

The better strategy is to prevent the fee from posting in the first place by keeping the balance above $300 or by closing the account if you cannot maintain that threshold.

Frequently Asked Questions

Does a direct deposit waive the Wells Fargo savings account fee?

No. Wells Fargo only waives the $5 monthly savings fee if you maintain a $300 minimum daily balance. Direct deposit does not waive it. However, direct deposit does waive the fee on some Wells Fargo checking accounts if the deposit is at least $500 per month.

Can I keep $300 in savings and $1,000 in checking to avoid the fee?

No. Wells Fargo measures the minimum balance separately for each account. Only the money in the savings account counts toward the $300 threshold. Money in checking, money market, or other accounts does not help.

What if I go below $300 for one day—do I still pay the fee?

Yes. The fee posts if your balance drops below $300 on any single day during the month. You do not get a grace period or a second chance. If you dip to $299 on the 15th and return to $400 on the 16th, the fee still posts at month-end.

Can I move my savings to a Wells Fargo money market account to avoid the fee?

Money market accounts have their own fee structure and are not subject to the $5 savings account fee. However, they typically require a higher minimum balance (often $2,500 or more) and have limits on how many withdrawals you can make per month. Check your specific money market account terms before moving money.

How long does it take to close a Wells Fargo savings account?

Closure typically takes one to three business days. You can initiate it online, by phone at 1-800-869-3557, or in person at a branch. Make sure to redirect any automatic transfers or bill payments before the account closes so they do not fail.