Wells Fargo's savings accounts have monthly fees, but you can avoid them

Wells Fargo does not offer a savings account with no monthly maintenance fee. Every savings account they offer charges a monthly fee — usually $5 — unless you meet a minimum balance requirement or set up a direct deposit. The easiest way to avoid the fee is to keep a certain amount of money in the account at all times, which varies by account type.

If you cannot maintain a high balance, you have two other options: set up a direct deposit from your paycheck, or look at savings accounts from other banks that have no monthly fee at all. Many online banks and credit unions offer savings accounts with zero monthly cost and no balance requirement.

Key Takeaways

  • Wells Fargo savings accounts charge a $5 monthly maintenance fee unless you meet one of three conditions: maintain a minimum balance, set up direct deposit, or link the account to a Wells Fargo checking account with direct deposit.
  • The minimum balance needed to waive the fee ranges from $300 to $500 depending on which savings product you choose.
  • If you receive your paycheck by direct deposit into any Wells Fargo account, the savings account fee is waived automatically.
  • Other banks and credit unions offer savings accounts with no monthly fee and no minimum balance, which may be a better fit if you have a small balance or irregular income.

The three ways to avoid Wells Fargo's savings account fee

Wells Fargo waives the $5 monthly maintenance fee if you do any one of these things: keep a minimum daily balance in the savings account, set up a direct deposit into the account, or link it to a Wells Fargo checking account that already has direct deposit set up.

The minimum balance requirement is usually $300 to $500, depending on which savings account you open. You can check the exact amount on Wells Fargo's website or by calling their customer service line. If your balance drops below the minimum even once during a month, you will be charged the fee for that month.

Direct deposit is often the easiest route if you have a regular paycheck. Once your employer sends your pay to the account, the fee stays waived as long as direct deposit continues. If you change jobs or stop receiving direct deposits, you will need to maintain the minimum balance to keep the fee waived.

Which Wells Fargo savings accounts are available

Wells Fargo offers several savings products, and each has slightly different rules about fees and minimum balances. The main options are the Wells Fargo Savings Account (their standard product), the Wells Fargo Way2Save Savings Account (designed for people building savings habits), and the Wells Fargo Platinum Savings Account (which requires a higher minimum balance but may offer a slightly better interest rate).

The interest rate you earn on your savings varies based on how much money is in the account and what the current market rate is. Wells Fargo's rates are typically lower than what online banks offer, so if earning interest is important to you, comparing rates across different banks is worth your time.

How to set up direct deposit to waive the fee

To set up direct deposit, you will need your Wells Fargo account number and routing number. You give these to your employer's payroll department, and they arrange for your paycheck to be deposited automatically. Once the first deposit goes through, the savings account fee should stop appearing on your statement.

If you are not sure whether direct deposit is active, log into your Wells Fargo account online or call them to confirm. Some employers take a pay period or two to set up direct deposit, so if you just requested it, check back after your next paycheck.

When to consider a different bank

If you do not have a regular paycheck and cannot maintain a $300 to $500 balance, Wells Fargo's savings account may cost you money every month. Many online banks — such as Marcus, Ally, and Discover — offer savings accounts with no monthly fee, no minimum balance, and no direct deposit requirement. These accounts also tend to pay higher interest rates than Wells Fargo.

Credit unions in your area may also offer free savings accounts. You can search for credit unions near you using the CO-OP network or Alliant Credit Union's locator tool. Credit unions often have lower fees overall and may be more flexible about balance requirements.

The trade-off is that online banks and some credit unions do not have physical branches, so you cannot walk in to deposit cash or speak to someone in person. If you need in-person banking, a local credit union or a Wells Fargo branch may be worth the monthly fee.

What happens if you cannot maintain the minimum balance

If your balance drops below the minimum, Wells Fargo will charge you the $5 monthly maintenance fee. This happens automatically — you do not have to do anything to trigger it. The fee comes out of your account, which can make your balance even lower.

If fees are charged month after month, contact Wells Fargo and ask whether they can reverse some of them, especially if this is your first time falling below the minimum. They sometimes will, particularly if you have been a customer for a while. There is no may provide, but it is worth asking.

Frequently Asked Questions

Can I open a Wells Fargo savings account with no fee?

No, every Wells Fargo savings account has a $5 monthly fee unless you meet one of three conditions: maintain the required minimum balance, set up direct deposit, or link it to a checking account that has direct deposit. If none of those work for you, consider an online bank or credit union with no monthly fee.

What is the minimum balance to avoid the fee?

The minimum balance is usually $300 to $500, depending on which savings account you open. Check Wells Fargo's website or call them to confirm the exact amount for the account you are considering.

Does the direct deposit have to go into the savings account, or can it go into checking?

Direct deposit can go into either account. If your paycheck goes into a Wells Fargo checking account that has direct deposit, your linked savings account fee is waived even if no money is deposited directly into savings.

If I close my Wells Fargo account, will they refund the fees I paid?

Wells Fargo does not automatically refund fees when you close an account. However, if you call and explain your situation, they may reverse some fees as a courtesy. It is worth asking before you leave.

Are there savings accounts with higher interest rates than Wells Fargo?

Yes. Online banks like Marcus, Ally, and Discover typically offer higher interest rates on savings accounts than Wells Fargo, and they have no monthly fees or minimum balance requirements. Compare current rates on each bank's website before deciding.