Wells Fargo savings accounts do charge fees, but you can avoid most of them

Wells Fargo's main savings account is called the Wells Fargo Way2Save Savings Account, and it charges a monthly fee of $5 unless you meet certain conditions. The fee is waived if you keep a minimum daily balance of $500 or set up a monthly automatic transfer of at least $25 from a checking account. If you don't meet either condition, the $5 monthly fee will appear on your statement.

Wells Fargo also offers a Wells Fargo Gold Savings Account, which charges $25 per month but is designed for customers who want higher interest rates and additional perks. Most people opening a savings account at Wells Fargo will use Way2Save, not Gold.

Beyond the monthly maintenance fee, Wells Fargo charges other fees on savings accounts for specific actions: $3 for each withdrawal or transfer beyond six per month (a federal limit that applies to most savings accounts), $35 for overdrafts, and $10 if you close your account within 90 days of opening it. These fees only appear if you trigger them — they are not automatic charges.

Key Takeaways

  • The Way2Save Savings Account costs $5 per month unless you maintain a $500 minimum daily balance or transfer $25 monthly from a checking account.
  • You will be charged $3 for each withdrawal or transfer beyond six per month, which is a federal limit that applies to most savings accounts.
  • Closing your account within 90 days of opening costs $10, so plan to keep the account open for at least three months.
  • The Gold Savings Account charges $25 monthly and is only useful if you want higher interest rates and are willing to pay the higher fee.

How to avoid the $5 monthly fee

The easiest way to avoid the $5 monthly maintenance fee is to keep $500 in your savings account at all times. This is called a minimum daily balance — Wells Fargo looks at your balance every day, and as long as it never drops below $500, you pay no fee that month.

If keeping $500 in savings is difficult right now, the second option is to set up an automatic transfer of at least $25 from your checking account to your savings account each month. This transfer can happen on any day of the month — you choose the date when you set it up. Even if you transfer the money back to checking the next day, the transfer itself counts toward waiving the fee.

Many people find the automatic transfer easier than maintaining a large balance, especially if they are saving small amounts. You can set up the transfer through Wells Fargo's website or mobile app, or by calling customer service at the number on the back of your debit card.

Withdrawal and transfer limits and their costs

Federal rules limit how many times you can withdraw or transfer money from a savings account to six times per month. This limit includes transfers to other accounts, transfers to people outside the bank, and ATM withdrawals. It does not include deposits or withdrawals at a Wells Fargo branch in person.

If you go over six transactions in a month, Wells Fargo charges $3 for each extra transaction. If you need to move money frequently, a checking account has no transaction limits, so you might want to use checking for daily spending and savings for money you plan to leave alone.

Some customers hit this limit without realizing it — for example, if you set up automatic bill payments from your savings account and also make manual transfers, the count adds up quickly. Check your account settings to see how many automatic transfers you have scheduled.

Overdraft fees and what triggers them

If your account balance goes negative — meaning you spend more money than you have — Wells Fargo charges a $35 overdraft fee. This can happen if you make a purchase or transfer that pushes your balance below zero, or if a check you wrote clears after your balance has already dropped.

You can prevent overdrafts by linking your savings account to a checking account and turning on overdraft protection. This means if you run out of money in checking, Wells Fargo will automatically transfer funds from savings to cover the purchase. You may be charged a small transfer fee (usually $3), but this is cheaper than a $35 overdraft fee.

Another way to avoid overdrafts is to turn off overdraft coverage entirely. This means purchases will be declined if you don't have enough money, but you won't face surprise fees. You can change this setting through your online account or by calling Wells Fargo.

The $10 early closure fee

If you close your Wells Fargo savings account within 90 days of opening it, you will be charged a $10 fee. This fee is designed to discourage people from opening accounts they don't plan to use. After 90 days, you can close the account without paying this fee.

If you realize within the first 90 days that you want to close the account, you can do so by visiting a branch, calling customer service, or using the mobile app. The $10 fee will be deducted from your final balance before the account closes.

Interest rates and whether they affect fees

Wells Fargo's savings accounts earn interest, which means the bank pays you a small percentage of your balance each month. The interest rate changes based on what the Federal Reserve does with national interest rates, so it varies over time. Interest rates do not affect whether you pay fees — the monthly fee and other charges explore regardless of how much interest you earn.

The Way2Save account typically earns less interest than online-only savings accounts at other banks, but it gives you access to Wells Fargo branches and customer service. If earning the highest interest rate is your main goal, you might want to compare rates at other banks before opening an account.

Comparing Wells Fargo to other banks

Wells Fargo's $5 monthly fee is higher than many online banks charge — some online savings accounts have no monthly fee at all. However, online banks usually don't have physical branches, so you can't deposit cash or speak to someone in person. If you value having a branch nearby, the $5 fee may be worth it to you.

If you already have a Wells Fargo checking account, keeping your savings there too can make managing money simpler — you see both accounts in one place and can transfer money when ready between them. If you don't have a Wells Fargo checking account, opening one might make sense before opening savings, since the checking account can help you waive the savings fee through automatic transfers.

Frequently Asked Questions

Can I waive the $5 fee by keeping money in a checking account instead of savings?

No. The $500 minimum balance must be in the savings account itself, not in checking. However, you can use the automatic transfer option instead — transferring $25 monthly from checking to savings waives the fee, even if you transfer the money back later.

What happens if I go over the six transaction limit?

Wells Fargo charges $3 for each transaction beyond six in a month. If you make ten transactions, you pay $12 in fees ($3 × 4 extra transactions). The limit resets on the first day of each month.

Do I have to pay the $10 early closure fee if I close within 90 days?

Yes, the fee is automatic if you close within 90 days. However, you can wait until day 91 to close the account and avoid the fee. If you've already paid it, you can contact Wells Fargo to ask about a refund, though they are not required to grant one.

Is the $5 monthly fee charged even if my account has zero balance?

Yes. If your balance falls below $500 and you don't have an automatic transfer set up, the $5 fee will be charged even if your account is empty. The fee may cause your account to go negative, which then triggers the $35 overdraft fee.

Can I switch from Way2Save to Gold Savings without paying the early closure fee?

Yes. Switching between Wells Fargo accounts is not the same as closing an account. You can ask Wells Fargo to convert your Way2Save account to Gold, and the 90-day period carries over — you won't be charged the $10 fee.