Can I open a Way2Save Savings account without a Wells Fargo checking account?
Yes. A Way2Save Savings account provides all the features of a savings account and a variable interest rate on your savings. However, in order to utilize one of the automatic transfer options you must have a linked Wells Fargo checking account.
How does the automatic transfer option work?
When you choose the automatic transfer option, you can transfer money, daily or monthly, from your linked Wells Fargo checking account to your Way2Save Savings account. Simply select one of the following options:
- Monthly: Set up a recurring, monthly automatic transfer in any amount of $25 or more.
- Daily: Set up a recurring, daily automatic transfer (Monday through Friday excluding holidays) of at least $1 or more.
How does the Save As You Go option work?
When you sign up for Save As You Go® transfers, we’ll transfer $1 of your funds from your linked Wells Fargo checking account to your Wells Fargo Way2Save Savings account every time you:
- Make a debit card purchase (using a PIN or signature).
- Pay a bill online with Wells Fargo Online® Bill Pay.
- Have an automatic payment deducted from your linked checking account.
How much can I transfer through a daily automatic transfer into my Way2Save Savings account each day?
You can transfer money into your Way2Save Savings account through a daily automatic transfer of at least $1. Please remember that the money will be deducted Monday through Friday, excluding holidays.
Can I set up more than one method of automatic savings?
Yes. You may choose one or more automatic savings options for your Way2Save Savings account. This includes daily, monthly and Save As You Go transfers.
Why would my automatic transfer or Save As You Go transfer from my checking to my Way2Save Savings account not occur?
We will not initiate the automatic transfer if completing it would cause your checking account to be overdrawn. The next scheduled automatic transfer or Save As You Go transfer would occur as long as there are adequate funds in the checking account for the transfer.
Can you remove my joint account holder’s debit card from the Save As You Go option?
No. With the Save As You Go option, $1 is automatically transferred from your checking account to your Way2Save Savings account for each debit card purchase transaction made by you, a joint owner, or authorized signer on the checking account.