Wells Fargo offers two savings accounts, the Way2Save® Savings account and the Platinum Savings account.
Wells Fargo Way2Save® Savings account
The Way2Save® Savings account is the better choice for teenagers and those who usually keep less than $500 in savings. It has a lower monthly fee which can be waived in several easy ways.
The interest rate is not impressive. Nevertheless, Wells Fargo tries to make up for it with other features you don’t often see in brick-and-mortar savings accounts. For example, this account includes a debit card for direct access to cash. It also offers automatic savings tools, like Save As You Go® transfers. If you have this feature enabled, Wells Fargo will automatically transfer $1 from your linked Wells Fargo checking account to your Way2Save® Savings account whenever you make a nonrecurring debit card purchase or pay a bill online.
Wells Fargo Platinum Savings account
The Platinum Savings account is the smarter option for those interested in doing all of their banking with Wells Fargo. Customers who open a Portfolio by Wells Fargo® checking account are eligible for a bonus APY on their Platinum Savings account. The bonus rate is not particularly impressive, but it’s better than the standard rate.
This account also includes a debit card. It also features automatic savings transfers. You can link your Platinum Savings account to your Wells Fargo checking account as well for overdraft protection.
The monthly maintenance fee — and balance requirement to waive the banking fee — are much higher than with the Way2Save® Savings account. Make sure you are comfortable meeting these before you sign up.
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