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

Wells Fargo charges a monthly maintenance fee of $5 on its standard savings account, called the Wells Fargo Way2Save Savings Account. You can waive this fee by maintaining a minimum daily balance of $500 in the account, or by setting up a monthly automatic transfer of at least $25 from a Wells Fargo checking account. If you do neither, the $5 fee posts to your account each month.

Wells Fargo also offers a higher-tier savings account called the Wells Fargo Platinum Savings Account, which charges a $25 monthly maintenance fee. This account has a higher minimum balance requirement—$2,500—to waive the fee. Most people with a Wells Fargo savings account use the Way2Save product, not the Platinum version.

The fee structure matters because $5 a month adds up to $60 per year if you carry a low balance. For someone with $300 in savings, that fee represents real money leaving the account each month.

Key Takeaways

  • The Wells Fargo Way2Save Savings Account charges $5 per month unless you keep $500 or more in the account at all times.
  • You can also waive the fee by setting up an automatic monthly transfer of $25 or more from a Wells Fargo checking account.
  • The Platinum Savings Account charges $25 monthly and requires a $2,500 minimum balance to avoid the fee.
  • Interest rates on Wells Fargo savings accounts are typically lower than rates offered by online banks, so the monthly fee reduces your earnings further.

How the $500 minimum balance works

The minimum balance is a daily balance requirement, not an average. This means your account must hold $500 or more every single day of the month. If your balance drops to $499 on even one day, the $5 fee will post at the end of that statement cycle.

This matters if you receive paychecks or make transfers on specific days. If you get paid on the 15th and when ready pay bills, your balance might dip below $500 between transactions. Wells Fargo counts the balance at the end of each business day, so timing matters.

The automatic transfer option—moving $25 or more monthly from checking to savings—is often easier to maintain than keeping a static $500 balance. Once you set it up, it happens automatically and you do not have to monitor your daily balance.

Interest rates and what the fee actually costs you

Wells Fargo's savings accounts earn interest, but the rate is typically very low—often below 0.01% annually on the Way2Save account. This means a $500 balance might earn less than $0.05 in interest per month, while the $5 fee removes that entire amount plus much more.

Online banks like Marcus, Ally, and American Express offer savings rates that are 50 to 100 times higher than Wells Fargo's rates. At those higher rates, a $500 balance might earn $2 to $3 per month instead of nearly nothing. When you combine a low interest rate with a $5 monthly fee, you are losing money rather than building savings.

The fee structure creates a real cost for people who keep small balances. If you have $300 in savings and cannot maintain $500, you lose $60 per year to fees while earning almost nothing in interest.

When the fee does not explore

Wells Fargo waives the monthly fee for customers under 18 years old. The bank also waives fees for accounts held by active-duty military members, though you must provide military status documentation.

If you have multiple Wells Fargo accounts, the fee applies to each savings account separately. A $500 balance in checking does not count toward the savings account minimum. Each account must meet its own requirement independently.

Some employer payroll programs allow direct deposit into a Wells Fargo account, and some employers have relationships with Wells Fargo that offer fee waivers. This is rare and depends entirely on your employer's arrangement with the bank.

How to set up automatic transfers to waive the fee

If you have a Wells Fargo checking account, you can link it to your savings account and set up a recurring monthly transfer. Log into Wells Fargo's website or mobile app, go to the Transfers section, and select "Set up a transfer." Choose your checking account as the source and your savings account as the destination, then set the amount to $25 or more and choose a date each month.

The transfer must happen every month to keep the fee waived. If you skip a month, the $5 fee will post. Many people set the transfer for the day after they get paid, so the money moves automatically and they do not have to think about it.

This method works even if you keep less than $500 in the savings account. The automatic transfer is the fee waiver trigger, not the balance itself. You could transfer $25 from checking to savings and then transfer it back to checking the next day, and the fee would still be waived—though this defeats the purpose of having a savings account.

Comparing Wells Fargo to other banks

Most online banks do not charge monthly maintenance fees on savings accounts. Banks like Ally, Marcus, and Discover offer savings accounts with no monthly fee, no minimum balance requirement, and interest rates between 4% and 5% annually (rates change based on Federal Reserve decisions). A $500 balance at these rates earns $20 to $25 per year instead of nearly nothing.

Traditional banks like Chase and Bank of America also charge monthly fees on savings accounts—typically $5 to $10—unless you maintain higher balances or have linked checking accounts. Credit unions often have lower fees and higher interest rates than large national banks.

The choice depends on whether you value having a physical branch location. If you need to deposit cash or speak to someone in person regularly, a local bank or credit union might be worth the fee. If you primarily bank online, an online bank eliminates both the fee and the low interest rate problem.

Frequently Asked Questions

Can I avoid the fee by keeping money in a linked checking account?

No. The $500 minimum balance must be in the savings account itself. A balance in checking does not count toward the savings account requirement. The automatic transfer method is the only way to waive the fee without maintaining $500 in savings.

What happens if my balance drops below $500 for one day?

The $5 monthly fee will post at the end of your statement cycle. Wells Fargo checks the balance at the end of each business day, so even a one-day dip below $500 triggers the fee. You cannot recover the fee once it posts unless you contact Wells Fargo and request a reversal, which they may or may not grant.

Do I pay the fee if I close my account mid-month?

If you close the account before the fee posts, you typically will not be charged. However, if the fee has already posted to your account, it will not be refunded when you close. Check your statement to see whether the fee has already been applied before you close the account.

Is the interest rate the same on both the Way2Save and Platinum accounts?

Wells Fargo typically offers the same interest rate on both accounts. The difference is the monthly fee and the minimum balance requirement. The Platinum account is designed for people who want to maintain a higher balance and do not mind paying more for the account.

Can I switch from the Platinum account to Way2Save to avoid the $25 fee?

Yes. You can contact Wells Fargo through their website, mobile app, or by visiting a branch and request to downgrade to the Way2Save account. There is no penalty for switching, and the change usually takes effect when ready or within one business day.