Wells Fargo Way2Save Account Review: High-Yield Savings & Bonus Offers

Last week, I signed up for Wells Fargo’s Way2Save program to try to stow away some money at a higher rate than ING Direct.  I can save some money at 5% APY and receive a bonus from the bank on my anniversary day. It’s been saving mode here at home, and I want to sock away as much as possible. My temporary job is over, and we managed to deposit $1,650 away in our joint savings.

We’re proud of it, but we’re hoping to build it up more by year’s end.

How Does Way2Save Work?

There are three ways to get money into my Way2Save account:

• Use my Wells Fargo Check Card for purchases
• Use Wells Fargo’s Online Bill Pay
• Make automatic payments

Wells Fargo moves $1 from your checking to your savings whenever you use the bill payment service and use the debit card. You can also set up an automatic monthly deposit of up to $100.

Since I use online bill pay, I thought this would be an easy way for me to deposit money into the account. If I set up some automatic transfers, that would help build up the emergency fund savings just a little bit more.

Is Way2Save a Good Savings Account?

Of course, just as I’m feeling good about joining this program, I caught a tweet from Consumerist today about Wells Fargo’s program. Someone used the basic rules to see if they could deposit more by sending several small payments. Instead, it backfired, and she ended up with $5,000  to pay.

Well, I’m not going to focus on using bill pay for deposits. I’ll stick with automatic deposits.

Elle Martinez

Elle Martinez is the creator and award-winning blogger of Couple Money, a personal finance site and podcast dedicated to helping spouses build their marriage and wealth together.

View all posts by Elle Martinez