It's a fantastic idea to leverage automated savings programs to build your financial nest egg! Wells Fargo's "Save As You Go" feature can be a simple, effective way to do just that. Instead of consciously setting aside money, it subtly helps you save with every eligible transaction. Let's dive in and get you set up!
How to Set Up "Save As You Go" with Wells Fargo: A Step-by-Step Guide to Effortless Saving
Saving money can feel like a chore, but what if you could do it without even thinking about it? That's the beauty of Wells Fargo's "Save As You Go" program. It’s designed to help you accumulate savings automatically, usually by transferring a small amount, like $1, from your linked checking account to your Way2Save® Savings account every time you make an eligible debit card purchase or pay a bill online. Imagine how quickly those dollars can add up! This guide will walk you through the process, ensuring you can start building your savings with minimal effort.
Prerequisites: What You'll Need to Get Started
Before we jump into the steps, let's make sure you have the necessary foundations in place. You'll need:
- A Wells Fargo Checking Account: This is your primary account from which the "Save As You Go" transfers will originate.
- A Wells Fargo Way2Save® Savings Account: This is the destination for your automatic savings. If you don't have one, don't worry, we'll cover how to open one.
- Wells Fargo Online Banking Access: Most of the setup can be done conveniently online.
- Your Wells Fargo Debit Card: This is crucial for triggering the "Save As You Go" transfers through purchases.
Step 1: Do You Have a Way2Save® Savings Account Already?
This is the first and most important question! The "Save As You Go" feature is specifically linked to the Wells Fargo Way2Save® Savings account.
Sub-heading 1.1: I Already Have a Way2Save® Savings Account
- Great! You're one step ahead. You can proceed directly to Step 2.
Sub-heading 1.2: I Need to Open a Way2Save® Savings Account
If you don't have a Way2Save® Savings account yet, no problem! Wells Fargo offers a few ways to open one.
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Option A: Open Online (For Existing Wells Fargo Customers)
- This is often the quickest and easiest method.
- Go to the Wells Fargo website (wellsfargo.com).
- Log in to your Wells Fargo Online Banking account.
- Navigate to the "Banking & Cards" or "Savings & CDs" section.
- Look for "Way2Save Savings" and click on the option to "Open now" or "Apply now."
- Follow the on-screen prompts to complete the application. You'll likely need to provide your Social Security Number, date of birth, and employment information.
- Be prepared to make an initial minimum deposit, typically $25.
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Option B: Open In-Branch
- If you prefer in-person assistance or have specific questions, visiting a branch is a good choice.
- Use the Wells Fargo branch locator tool on their website to find a branch near you.
- Consider making an appointment to avoid waiting.
- Bring the necessary identification (usually two forms of ID, like a driver's license and Social Security card), your Social Security Number, and the initial deposit.
- A Wells Fargo banker will guide you through the process.
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Option C: Open by Phone
- You can call Wells Fargo customer service at 1-800-869-3557 to speak with a representative and open an account over the phone.
Step 2: Linking Your Accounts (If Not Already Linked)
The "Save As You Go" feature requires a direct link between your Wells Fargo checking account and your Way2Save® Savings account. In many cases, if you open a Way2Save account as an existing customer, this link might be established automatically. However, it's always good to verify.
Sub-heading 2.1: Verify Account Linkage Online
- Log in to your Wells Fargo Online Banking account.
- Look for your account summary or a section dedicated to linked accounts.
- Confirm that your checking account is linked to your Way2Save® Savings account. If you have multiple checking accounts, make sure the one you primarily use for daily spending is linked.
- If they aren't linked, look for options like "Link Accounts" or "Manage Transfers." You might need to initiate a transfer between them to confirm the link.
Sub-heading 2.2: How to Link Accounts if Needed
- If you find your accounts aren't linked, search for an option like "Set up automatic transfers" or "Link accounts for overdraft protection/savings."
- Follow the instructions to select your checking account as the source and your Way2Save® Savings account as the destination.
- Sometimes, establishing a small, recurring transfer (e.g., $1 a month) can also help solidify the linkage.
Step 3: Activating the "Save As You Go" Feature
This is the core step! Once your accounts are set up and linked, you can enable the "Save As You Go" option.
Sub-heading 3.1: Activating Online (Recommended)
- Log in to your Wells Fargo Online Banking account.
- Navigate to your Way2Save® Savings account details.
- Look for options related to "Savings Tools," "Automatic Savings," or "Save As You Go."
- You should see a clear option to enable or activate the "Save As You Go" feature. Click on it.
- Read any terms and conditions associated with the program. This will confirm the amount transferred per transaction (typically $1) and which types of transactions qualify (usually one-time debit card purchases and online bill pay transactions).
- Confirm your selection. You might receive a confirmation message or email.
Sub-heading 3.2: Activating via Customer Service or Branch
- If you encounter any difficulty online, don't hesitate to call Wells Fargo customer service at 1-800-869-3557. Explain that you want to activate the "Save As You Go" feature for your Way2Save® Savings account.
- Alternatively, you can visit a Wells Fargo branch, and a banker will be able to assist you with activating the feature.
Step 4: Confirming and Monitoring Your Savings
Once activated, the "Save As You Go" feature works in the background. It's a good practice to monitor your savings to see its impact.
Sub-heading 4.1: Checking Your Transfers
- Regularly log in to your Wells Fargo Online Banking account or use the Wells Fargo Mobile® app.
- Review the transaction history for both your linked checking account and your Way2Save® Savings account.
- You should start seeing small, automatic transfers (e.g., $1 amounts) appearing in your Way2Save® Savings account. These transfers will correspond to your eligible debit card purchases and online bill payments.
- The transfers usually occur at the end of the business day for all qualifying transactions made that day. So, if you make five debit card purchases in a day, you might see a single $5 transfer to your savings.
Sub-heading 4.2: Understanding the Monthly Service Fee Waiver
One of the significant benefits of "Save As You Go" is that it can help you waive the monthly service fee for your Way2Save® Savings account.
- Ensure you understand the specific requirements for fee waiver. Often, a certain number of "Save As You Go" transfers within a fee period, or maintaining a specific minimum balance, will waive the fee. Refer to your account disclosures for the precise terms.
- This can be a double win: you save money and potentially avoid fees!
Step 5: Adjusting Your Savings Strategy (Optional)
While "Save As You Go" is great for passive saving, you can combine it with other strategies for faster progress.
Sub-heading 5.1: Supplementing with Recurring Transfers
- Consider setting up additional recurring transfers from your checking to your savings. This could be a fixed amount weekly or monthly, aligning with your budgeting goals.
- This provides a more predictable savings stream alongside the variable "Save As You Go" contributions.
Sub-heading 5.2: Utilizing My Savings Plan®
- Wells Fargo offers a tool called "My Savings Plan®" which can help you set financial goals and track your progress. Explore this feature within your online banking.
- This can provide a broader view of your savings journey and keep you motivated.
Congratulations!
You've successfully set up "Save As You Go" with Wells Fargo. Now, every time you swipe your debit card or pay a bill online, you're also taking a small, automatic step towards your financial goals. It's a truly effortless way to cultivate a consistent saving habit!
Frequently Asked Questions (FAQs) - Wells Fargo "Save As You Go"
Here are 10 common questions about the "Save As You Go" feature:
How to How does "Save As You Go" actually work?
"Save As You Go" automatically transfers a fixed amount, typically $1, from your linked Wells Fargo checking account to your Way2Save® Savings account each time you make an eligible one-time debit card purchase or complete a Bill Pay transaction through Wells Fargo Online Banking.
How to What accounts do I need to set up "Save As You Go"?
You need a Wells Fargo checking account and a Wells Fargo Way2Save® Savings account. Your checking account must be linked to your Way2Save® Savings account for the feature to function.
How to Will "Save As You Go" help me avoid monthly fees on my savings account?
Yes, using "Save As You Go" is one of the ways you can waive the monthly service fee for your Way2Save® Savings account. Check your account disclosures for specific fee waiver requirements.
How to Can I choose the amount that is transferred with "Save As You Go"?
No, the "Save As You Go" transfer amount is typically a fixed $1 per eligible transaction and cannot be customized.
How to What transactions trigger a "Save As You Go" transfer?
Generally, one-time debit card purchases that post to your account and Bill Pay transactions made through Wells Fargo Online Banking are the eligible triggers.
How to How often do the "Save As You Go" transfers occur?
The transfers usually accumulate throughout the day based on your eligible transactions and are then transferred as a single sum to your Way2Save® Savings account at the end of the business day.
How to What if I don't have enough money in my checking account for a "Save As You Go" transfer?
If your linked checking account doesn't have sufficient funds when the "Save As You Go" transfer attempts to process, the transfer may not occur. Wells Fargo typically won't overdraw your account for a "Save As You Go" transfer.
How to Can I turn off "Save As You Go" if I no longer want to use it?
Yes, you can typically disable the "Save As You Go" feature through your Wells Fargo Online Banking account or by contacting Wells Fargo customer service.
How to Is "Save As You Go" the only way to save automatically with Wells Fargo?
No, Wells Fargo also allows you to set up traditional recurring automatic transfers of a fixed amount from your checking account to your savings account, which you can use in conjunction with "Save As You Go."
How to Where can I see my "Save As You Go" transfers?
You can view your "Save As You Go" transfers in the transaction history of both your linked Wells Fargo checking account (as debits) and your Way2Save® Savings account (as credits) through Wells Fargo Online Banking or the mobile app.