Students and Kids Savings Account

The Way2Save Savings account is an ideal way to get young people to start learning how to save and help their money grow. Some suggestions for parents to help support their kid’s savings include matching dollar-for-dollar to what the child deposits, contributing allowance money, and reviewing online account activities together to teach money management skills.

Teens can set up automatic transfers from their Wells Fargo checking account on a daily or monthly basis and take advantage of the Save As You Go^® automatic transfer option. An additional benefit is avoiding the $5 monthly service fee when the primary account owner is 24 years old or under.

The Way2Save Savings account is a great way to get high school and college students to start learning good savings habits and help their money grow. Students can set up automatic transfers from their Wells Fargo checking account on a daily or monthly basis and take advantage of the Save As You Go^® automatic transfer option.

For convenient account access, they can link their savings account to their Wells Fargo checking account debit card or obtain an ATM card for their savings account. Banking at their fingertips is available through online and mobile banking to help them monitor their accounts, set up account alerts, make mobile deposits, and receive money in minutes from trusted friends and family using Zelle^®. An additional benefit is avoiding the $5 monthly service fee when the primary account owner is 24 years old or under.

Teens 13 years or older can enroll in Online Banking, along with the adult co-owner on the account, if applicable.

Minors 13 years or older can open a savings account individually or with an adult co-owner. Minors under 13 must have an adult co-owner.

Minors under 18 must open an account at a Wells Fargo branch. Find a convenient Wells Fargo location. Refer to the Kids, Teens, or Students sections above for age-specific ID requirements on what you’ll need to open an account for your child.

There are several options when setting up savings accounts for kids:

For joint accounts, we treat all owners, who are referred to as “co-owners,” as joint tenants with right of survivorship (described below), unless:

• Applicable state laws require other treatment, or
• We agree with you in writing that the account is owned in some other way.

Regardless of how your account is owned, we don’t keep a separate record of each co-owner’s interest in the account. We act on instructions from any co-owner (or a co-owner’s authorized representative) without obtaining other co-owner’s consent, including withdrawing or transferring funds, making payments, or closing the account. Each co-owner has complete control over all of the funds in the account. We may pay out money from the account upon the request or direction of any co-owner (or a co-owner’s authorized representative), regardless of their contributions to the account, and whether any other co-owner is incapacitated or deceased, or whether the account includes a right of survivorship.

Uniform Transfers/Gifts to Minors Act account. An account established under a state’s Uniform Transfers/Gifts to Minors Act that is controlled by a custodian (an adult who holds the minor’s funds in the account for safekeeping). We may disclose account information to the minor or their authorized representative. When the minor reaches the age established by the UTMA/UGMA laws in your state, we may pay the funds in the account to the minor without waiting for instructions from the custodian.

Minor by account. One or more adults may open an account, as custodian (an adult who holds the minor’s funds in the account for safekeeping) in the name of a minor. The minor owns the funds in the account. The adult, as the custodian, has exclusive control of the account and the minor cannot make deposits, withdrawals or transact on the account. If there’s more than one adult as the custodian on the account, each may act independently. We’re not obligated to inquire about the use of the funds. When the minor reaches the age of majority, they still will not be able to make deposits, withdrawals or transact on the account except to close the account. If the adult as the custodian (or the last of the adults as the custodian to survive) dies before the minor reaches the age of majority, we may transfer the funds to a successor custodian according to the applicable Uniform Transfers/Gifts to Minors Act.