It’s never too early to start saving
Open a Way2Save® Savings account with $25
- Avoid the $5 monthly service fee if the primary account owner is 24 years old or under
- 17 or under must open at a branch
- Joint accounts must be opened at a branch
Open at a branch Open online
Benefits of saving early
Learning good saving habits at an early age can help build financial confidence.
Start saving for the future
Earn interest, save for college, and give kids and students the opportunity to see their money grow.
Learn to manage money
Designed with young people in mind while helping parents guide their financial activity through a joint account.
Reach financial goals
Equip kids and teens with financial knowledge that grows as they do.
Watch savings grow
Start a savings habit by setting up automatic transfers to a Wells Fargo savings account.
Kids (under 13)
Benefits:
- Learn the value of saving money
- Establish good financial habits
- Introduction to banking
Monthly service fee
- Avoid the $5 monthly service fee if the primary account owner is 24 years old or under
How to open a Way2Save Savings account:
- Kids can open a joint account with an adult with several options
- Open in branch only
- IDs required to open
Make an appointment
Teens (13 – 17)
Benefits:
- Start saving for college
- Learn how to manage money
- Introduction to online banking tools
Monthly service fee
- Avoid the $5 monthly service fee if the primary account owner is 24 years old or under
How to open a Way2Save Savings Account:
- Teens 13 – 17 can open as an individual or with an adult co-owner with several options
- Open in branch only
- IDs required to open
Make an appointment
Students (18 – 24)
Benefits:
- Manage your college expenses with online banking tools
- See money grow with automatic transfers from a Wells Fargo student checking account
Monthly service fee
- Avoid the $5 monthly service fee if the primary account owner is 24 years old or under
How to open a Way2Save Savings Account:
- Students can open as an individual or with a co-owner
- Open in branch or online
- IDs required to open
Open online
Savings FAQs
Which is the best savings account for kids, teens, and students?
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.
Do you have a savings account for my older teen going to or already in college?
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.
Do you have a savings account for a young child or baby?
The Way2Save Savings account can be opened jointly with an adult co-owner for minors under the age of 13. Joint savings accounts must be opened at a branch. Minors aged 13 or older can open with an adult co-owner or individually. This account is ideal to get kids started on learning the basics of saving and to help their money grow. Minors 17 or under must open in a branch. Make an appointment
Can my child enroll in online banking?
Teens 13 years or older can enroll in Online Banking, along with the adult co-owner on the account, if applicable.
Can a minor open a savings account without a parent?
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.
Can I set up a joint/UTMA/UGMA/Minor by account with my 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.
Customize your banking experience
Student and Teen Checking
Choose from checking account options to help get teens and students off to a great start learning day-to-day money management skills.
Learn more about Student Checking
Hands on Banking®
Hands on Banking is a free education program that teaches responsible financial decisions for every stage of life.
CollegeSTEPS
Get key financial skills for student life with CollegeSTEPS. Discover how to pay for school, manage your money, build credit, and more.
Your Scholarship Resource Center
Access billions of dollars in higher education funding plus the strategies and tools to successfully navigate them.
Learn more at wellsfargo.com/scholarships
Still have questions?
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For existing accountholders or questions:
1-800-869-3557
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When the primary account owner reaches the age of 25, age can no longer be used to avoid the monthly service fee. Customers 12 and under must have an adult co-owner.
Terms and conditions apply. Setup is required for transfers to other U.S. financial institutions, and verification may take 1–3 business days. Customers should refer to their other U.S. financial institutions for information about any potential fees charged by those institutions. Mobile carrier’s message and data rates may apply. See Wells Fargo’s Online Access Agreement for more information.
Sign-up may be required. Availability may be affected by your mobile carrier's coverage area. Your mobile carrier's message and data rates may apply.
Mobile deposit is only available through the Wells Fargo Mobile® app on eligible mobile devices. Deposit limits and other restrictions apply. Some accounts are not eligible for mobile deposit. Availability may be affected by your mobile carrier's coverage area. Your mobile carrier's message and data rates may apply. See Wells Fargo’s Online Access Agreement and your applicable business account fee disclosures for other terms, conditions, and limitations.
Enrollment with Zelle® through Wells Fargo Online® or Wells Fargo Business Online® is required. Terms and conditions apply. U.S. checking or savings account required to use Zelle®. Transactions between enrolled users typically occur in minutes. For your protection, Zelle® should only be used for sending money to friends, family, or others you trust. Neither Wells Fargo nor Zelle® offers purchase protection for payments made with Zelle® - for example, if you do not receive the item you paid for or the item is not described or as you expected. The Request feature within Zelle® is only available through Wells Fargo using a smartphone. Payment requests to persons not already enrolled with Zelle® must be sent to an email address. To send or receive money with a small business, both parties must be enrolled with Zelle® directly through their financial institution’s online or mobile banking experience. For more information, view the Zelle® Transfer Service Addendum to the Wells Fargo Online Access Agreement. Your mobile carrier's message and data rates may apply. Account fees (e.g., monthly service, overdraft) may apply to Wells Fargo account(s) with which you use Zelle®.
Terms and conditions apply. Mobile carrier's message and data rates may apply. See Wells Fargo's Online Access Agreement for more information.
A qualifying Save As You Go transfer is an automatic transfer of $1 from your linked Wells Fargo checking account to your Way2Save Savings account each time you (or any authorized signer or joint owner) use your debit card for a one-time purchase or complete a Bill Pay transaction through online banking, and the one-time debit card purchase or Bill Pay transaction posts to the account. We reserve the right to determine through our sole discretion if a particular transaction is a qualifying transaction.
Zelle® and the Zelle® related marks are wholly owned by Early Warning Services, LLC and are used herein under license.
Wells Fargo Bank, N.A. Member FDIC.
QSR-0523-02718
LRC-0323
