Business Insider's personal finance team compared Wells Fargo savings accounts to the best high-yield savings accounts and found them to be a standard offering. One of its accounts can offer good rates if you're able to maintain a high balance, but online banks still give better interest.
Wells Fargo is one of the largest brick-and-mortar financial institutions in the United States. The bank has two savings accounts: the Wells Fargo Platinum Savings Account and Wells Fargo Way2Save® Savings Account.
Compare Wells Fargo Savings Rates
- Wells Fargo Way2Save® Savings Account: 0.01% APY
- Wells Fargo Platinum Savings Account: 0.01% to 2.51% APY
Current Wells Fargo Savings Rates
Wells Fargo Way2Save Savings Account
The Wells Fargo Way2Save® Savings Account offers a low interest rate of 0.01% APY. It has several ways to waive the $5 monthly service fee and has an automatic savings tool, but its rate makes it a less interesting choice.
The account offers the Save As You Go feature, which automatically transfers $1 into the account every time you pay a bill or make a debit card purchase with a linked Wells Fargo checking account. This can help you figure out how to budget toward your financial goals.
Wells Fargo Platinum Savings Account
The Wells Fargo Platinum Savings Account has a tiered interest rate system that ranges from 0.01% to 2.51% APY. The rate you earn is based on your account balance, as well as what checking account you have linked.
To be eligible for relationship rates, you must link a savings account to Wells Fargo Prime Checking or Wells Fargo Premier Checking. You'll get marginally better rates by linking a Wells Fargo Prime Checking account, but the only way to get a good interest rate is to link a Wells Fargo Premier Checking account.
If you can maintain $100,000 or more in your account and link a Wells Fargo Premier Checking account, you'll earn more interest than with an average savings account. Online banks still have better rates, though.
Here's more information about the tier system:
| Account Tier | Standard APY | Relationship APY for Prime Checking | Relationship APY for Premier Checking |
| Under $100,000 | 0.01% | 0.02% | 0.26% |
| $100,000 to $499,999.99 | 0.01% | 0.02% | 1.02% |
| $500,000 to $999,999.99 | 0.01% | 0.02% | 2.01% |
| $1 million or more | 0.01% | 0.02% | 2.51% |
Overview of Wells Fargo Savings Accounts
How Wells Fargo Savings Accounts Work
The primary benefit to banking with Wells Fargo is that you'll have access to one of the biggest banks in the U.S.
Wells Fargo has locations in Alabama, Alaska, Arizona, Arkansas, California, Colorado, Delaware, Florida, Georgia, Idaho, Illinois, Iowa, Kansas, Maryland, Minnesota, Mississippi, Montana, Nebraska, Nevada, New Jersey, New Mexico, New York, North Carolina, North Dakota, Oregon, Pennsylvania, South Carolina, South Dakota, Tennessee, Texas, Utah, Virginia, Washington, Wisconsin, Wyoming, and Washington, DC.
One of the downsides to Wells Fargo's savings accounts is that they have monthly bank maintenance fees. You'll need to meet certain requirements to waive fees.
To waive the $12 monthly service fee on the Wells Fargo Platinum Savings Account, you must maintain a daily balance of $3,500 or more. You have a couple of options to avoid bank fees with the Wells Fargo Way2Save® Savings Account. You can waive the $5 monthly service fee if you meet one of the following requirements each month:
- Maintain a $300 daily balance
- Make an automatic transfer of $25 or more from a linked Wells Fargo checking account
- Make an automatic transfer each business day of $1 or more from a linked Wells Fargo checking account
- Make at least one Save As You Go transfer from a linked Wells Fargo checking account (Save as You Go is a tool that transfers money automatically when you make debit card purchases or use online bill pay)
- Are 24 years old or under
If your priority is finding a free savings account, the best online banks will have stronger picks for you. These banks have savings accounts that do not charge any monthly service fees.
If you want to avoid overdraft fees, you can set up overdraft protection by linking your Wells Fargo savings account to your Wells Fargo checking account. If you overdraft your checking account, the money will be automatically transferred from your savings account to cover the difference. Wells Fargo does not charge overdraft transfer fees.
Wells Fargo Savings User Experience and Accessibility
The Wells Fargo mobile banking app is rated 4.9 out of 5 stars in the Apple Store. In the Google Play store, it's rated 4.8 out of 5 stars.
The Wells Fargo app has additional tools, such as mobile check deposit, Zelle, and customer support features.
You can speak with a Wells Fargo representative by phone or go to a branch. Wells Fargo branch hours vary by location, but most are open weekdays from 9 a.m. to 5 p.m. in your respective timezone.
Wells Fargo offers 24/7 customer service for many, but not all, of its banking phone lines. If you're calling about investing or loans, for example, you'll need to check the Wells Fargo website to see what hours you can call.
Wells Fargo Savings Security
Wells Fargo is a long-running bank with good credit ratings from Moody's, Fitch, and Bauer Financial.
Wells Fargo savings accounts are federally insured by the FDIC for up to $250,000 per depositor, per ownership category. If the bank shuts down, the FDIC keeps your money safe. You'll have access to insured deposits following the bank failure. The FDIC will communicate how you'll be able to access your money.
Wells Fargo Bank Savings Pros and Cons
Wells Fargo Bank Savings Rate Pros
- Low minimum opening deposits
- Possible to waive monthly service fees on savings accounts
- Wells Fargo Way2Save® Savings Account has an automatic savings tool
Wells Fargo Bank Savings Rate Cons
- Monthly service fees on savings account
- Online banks offer even more competitive savings rates, regardless of your account balance
Wells Fargo Savings Account Alternatives
Wells Fargo Savings vs. Chase Savings
Wells Fargo pays a slightly higher savings rate than Chase. You'll earn 0.01% APY with Chase Savings℠, and 0.01% to 0.02% APY with the Chase Premier Savings℠ Account. To earn the highest rate on the Chase Premier Savings Account, you'll need to have Chase Premier Plus Checking℠ or Chase Sapphire℠ Checking, and make at least five monthly transactions from your checking account.
Both Wells Fargo and Chase savings rates pay less than the average savings account for balances under $100,000. You'll also find online banks with rates that are much more competitive.
Wells Fargo Savings vs. Bank of America Savings
Bank of America savings rates are low overall. You can earn slightly higher rates by becoming a member of the Preferred Rewards program. However, to qualify there's a three-month total average balance requirement of $20,000 for the Gold tier, $50,000 for the Platinum tier, and $100,000 for the Platinum Honors tier.
The Wells Fargo Platinum Savings Account pays higher interest rates than the Bank of America Advantage Savings Account, regardless of your account balance, as long as you're in the best relationship tier. The Bank of America Advantage Savings Account pays 0.01% to 0.04% APY. Wells Fargo also compounds interest daily rather than monthly.
How to Open a Wells Fargo Savings Account
You can open the Wells Fargo Way2Save® Savings Account or the Wells Fargo Platinum Savings Account online or at a branch.
You must be at least 18 years old to apply for a savings account online. If you're opening a bank account for a minor, you cannot apply online. You must visit a branch.
When applying for an account, you'll need to provide documentation. Wells Fargo accepts the following IDs: a driver's license, a passport, a permanent resident card, or a student ID (for minors).
Wells Fargo savings accounts have a $25 minimum opening deposit. If you are funding your savings account by transferring money from another bank account, have your routing and account numbers at hand.
Wells Fargo Savings vs. Wells Fargo CDs
CDs, like savings accounts, are federally insured accounts that let you earn interest on your funds. Unlike savings accounts, CDs offer a fixed interest rate. This means your interest rate won't change until the end of your term length.
In exchange, you can't withdraw money from your CD before the end of the term length without paying early withdrawal penalties. Early withdrawal penalties are generally some amount of the interest you would otherwise receive, such as 90 days of interest. The longer the term length is, the more interest is taken out of your withdrawal.
The best CD rates tend to be slightly higher than traditional bank accounts.
For Wells Fargo CDs, you can earn a much higher interest rate from a Wells Fargo Special Fixed Rate CD than from a Wells Fargo savings account. Wells Fargo Special Fixed Rate CD rates range from 3.50% to 4.26% (varies by location) APY, which is higher than any of the tier rates of the Wells Fargo Platinum Savings Account. If you're prepared to give up your money for a while, Wells Fargo CDs might be a good option for you.
Is a Wells Fargo Savings Account Right For You?
The Wells Fargo Platinum Savings Account pays higher rates than most savings accounts at brick-and-mortar banks, so it may be a decent choice if you want to open a savings account at a large national bank.
However, if you aren't looking for a traditional national bank, consider other savings accounts instead. The best online banks still pay significantly more. You can also find banks that do not charge any monthly service fees on savings accounts.
Why You Should Trust Us: How We Review Wells Fargo Savings Accounts
We rate bank accounts on a scale from one to five stars. For our Wells Fargo Savings Rates review, we used our bank account methodology, which looks at interest rates, minimum opening deposits, monthly service fees, miscellaneous features, customer support availability, mobile app ratings, security, and ethics of the company.
We use a weighted average to get our star rating, which means we weigh certain features, like interest rates and fees, at a higher weight percentage than others. We understand that these areas can more heavily impact a person's overall banking experience.
Wells Fargo Savings Rates FAQs
What are the benefits of a Wells Fargo savings account?
National branch accessibility is one of the primary benefits of getting a Wells Fargo savings account. The bank offers over 4,000 locations, making it one of the most robust banks in the U.S.
How do I open a Wells Fargo savings account?
You can open a Wells Fargo savings account online or at a branch.
What is the current interest rate for the Wells Fargo High Yield Savings Account?
The Wells Fargo Way2Save® Savings Account pays 0.01% APY, and the Wells Fargo Platinum Savings Account pays 0.01% to 2.51% APY.
Are there any fees associated with a Wells Fargo savings account?
Some potential fees associated with a Wells Fargo savings account include monthly service fees, overdraft fees, out-of-network ATM fees, and wire transfer fees. You might be able to avoid fees. However, it depends on how you manage your account.
How can I maximize my earnings with the Wells Fargo savings account?
You can maximize your earnings with Wells Fargo by selecting an account that matches your habits and savings goals. The best savings option for you will depend on how much you want to keep in the account and whether you need to access your money soon.
Editorial Note: Any opinions, analyses, reviews, or recommendations expressed in this article are the author’s alone, and have not been reviewed, approved, or otherwise endorsed by any card issuer. Read our editorial standards.
Please note: While the offers mentioned above are accurate at the time of publication, they're subject to change at any time and may have changed, or may no longer be available.
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*Axos ONE Savings and Checking Bundle: The Annual Percentage Yield (APY) is accurate as of 04/01/2025. The base and promotional interest rate and corresponding APY for Axos ONE Checking is variable and is set at our discretion. The base and promotional interest rate and corresponding APY for Axos ONE Savings is variable and is set at our discretion. Axos ONE Savings is a tiered variable rate account. Axos ONE Checking is a non-tiered variable rate account. Interest rates may change as often as daily without prior notice. Fees may reduce earnings. Promotional terms and conditions are subject to change or removal without notice. Incentive may be taxable and reported on IRS Form 1099-MISC. Consult your tax advisor. After the accounts are opened, the amount of incentive earned will depend on meeting the additional requirements outlined below. The Axos ONE Checking account will earn a base rate of 0.00% APY. The Axos ONE Savings account will earn a base rate of 1.00% APY. Axos ONE accounts are eligible to receive a promotional APY for each statement cycle where the promotional criteria are met during the Qualification Period. To receive the promotional APY on both Axos ONE Checking and Axos ONE Savings, the Axos ONE Checking account must meet both of the requirements in either Option 1 or Option 2 below during the Qualification Period: Option 1 1. Your Axos ONE Checking account has received qualifying direct deposits of at least $1,500 in total. 2. The average daily balance of your Axos ONE Checking account is at least $1,500. Option 2 1. Your Axos ONE Checking account has received qualifying deposits of at least $5,000 in total. 2. The average daily balance of your Axos ONE Checking account is at least $5,000. If both of the requirements in either Option 1 or Option 2 above are met during the Qualification Period: The Axos ONE Checking account will earn a promotional rate of 0.51% APY for the statement cycle in which the requirements are met. The Axos ONE Savings account will earn a promotional rate of up to 4.66% APY for the statement cycle in which the requirements are met. The Qualification Period is from the 1st of the month through the 25th of the month. The Qualification Period for new accounts will begin on the day the account is approved. Any qualifying direct deposits received after the 25th of the month will count toward the next Qualification Period. A direct deposit is an electronic deposit of your paycheck or government benefits, such as Social Security, Disability, etc. Other deposits (i.e., online banking transfers, ATM and mobile check deposits, etc.) or person-to-person payments are not considered a direct deposit. Qualifying deposits only include deposits from the following eligible sources: (i) ACH transfers from external accounts, (ii) inbound wire transfers from external accounts, (iii) check deposits. Qualifying deposits do not include: (i) transfers internal to the bank (i.e., transfers between an account holder's Checking and/or Savings account), (ii) interest payments, (iii) promotional bonuses, (iv) credits, reversals, and refunds. Both accounts must be in an open and active status on the date the interest is paid to receive the promotional APY for that statement cycle. Account transactions may take one or more business days from the transaction date to post to the account.
**LendingClub LevelUp Savings Account: Earn 4.40% APY when you deposit at least $250 per month, earn 3.40% standard APY if minimum isn't met.
***CIT Bank Platinum Savings: Transfer a one-time deposit of $50,000+ for a Bonus of $300 or a one-time deposit of $25,000 -$49,999.99 for a Bonus of $225
****SoFi members who enroll in SoFi Plus with Direct Deposit or by paying the SoFi Plus Subscription Fee every 30 days or with $5,000 or more in Qualifying Deposits during the 30-Day Evaluation Period can earn 3.80% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. There is no minimum Direct Deposit amount required to qualify for the stated interest rate. Members without either SoFi Plus or Qualifying Deposits, during the 30-Day Evaluation Period will earn 1.00% APY on savings balances (including Vaults) and 0.50% APY on checking balances. Only SoFi Plus members are eligible for other SoFi Plus benefits. Interest rates are variable and subject to change at any time. These rates are current as of 1/24/25. There is no minimum balance requirement. Additional information can be found at http://www.sofi.com/legal/banking-rate-sheet. See the SoFi Plus Terms and Conditions at https://www.sofi.com/terms-of-use/#plus.
*****Public High-Yield Bonds: All investing involves the risk of loss, including loss of principal. Past performance does not guarantee future results. This is not a recommendation or offer to buy/sell securities or engage in any investment strategy. Brokerage services for treasuries in a Treasury Account and US-listed securities, options, and bonds in a self-directed brokerage account are offered by Open to the Public Investing, member FINRA & SIPC. Public Advisors and Public Investing are affiliates. Self-directed Individual Retirement Accounts and Bond Accounts are offered by Public Investing. A Bond Account is a self-directed brokerage account with Public Investing, member FINRA/SIPC. Deposits into this account are used to purchase 10 investment-grade and high-yield bonds. The 6.9% yield is the average, annualized yield to worst (YTW) across all ten bonds in the Bond Account, before fees, as of 3/13/2025. A bond's yield is a function of its market price, which can fluctuate; therefore, a bond's YTW is not "locked in" until the bond is purchased, and your yield at time of purchase may be different from the yield shown here. The "locked in" YTW is not guaranteed; you may receive less than the YTW of the bonds in the Bond Account if you sell any of the bonds before maturity or if the issuer defaults on the bond. Public Investing charges a markup on each bond trade. See Public's fee schedule for more information. https://public.com/disclosures/fee-schedule. Bond Accounts are not recommendations of individual bonds or default allocations. The bonds in the Bond Account have not been selected based on your needs or risk profile. See Bond Account Disclosures to learn more. https://public.com/disclosures.
