Wells Fargo: Savings Accounts & Rates
Mission: Banksparency aims to make Wells Fargo's savings accounts transparent and comparable to the market.
Analysis of Wells Fargo
Our verdict
Wells Fargo offers Platinum Savings, a high-yield savings account paying 0.05% APY with a $25 minimum deposit. A minimum balance of $1,000,000 is required to earn this rate.
At 0.05% APY, Wells Fargo is competitive with the national average of 0.39%. Ranks in the top tier of 98+ accounts tracked.
Wells Fargo also offers Way2Save Savings at 0.01% APY — a simpler option that doesn't require a linked checking account.
Ideal User Profile
- Best for: keeping checking and savings at one bank, quick transfers with Zelle, and having a branch nearby when you need one.
Important Considerations
Key Differentiators
- Stands out with top-rated iOS app (4.9), highly-rated Android app (4.8), in-person banking available, Zelle for instant transfers.
Savings Overview
Platinum Savings
Way2Save Savings
Market Reality Check
This bank offers rates below the current top tier. The best rates we track are currently above 4.07% APY.
Bank Overview
- HQ LocationSan Francisco, California
- Founded1852
- Ratings & Trust
- Zelle® SupportAvailableDaily Limit: $3,500Founding member; zero fees to replace wires.
- Deposit InsuranceFDIC Insured(Cert: 3511)
Top Market Contenders
Savings Accounts: In-Depth View
Savings Accounts Offered by Wells Fargo
| Feature | Way2Save Savings | Platinum Savings |
|---|---|---|
APY | 0.01%Verified: 4/21/2026 | 0.05%Range: 0.05% - 0.05%Verified: 4/21/2026 |
APY Trend | Very StableNo rate changes in last 90 days | Very StableNo rate changes in last 90 days |
Min. Deposit | $25 | $25 |
Min. Balance | $0 | $1,000,000 |
Monthly Fee | $5. Waived under some circumstances. | $12. Waived with $3,500 minimum daily balance. |
Direct Deposit | None | None |
Checking Bundle | No | Yes |
Branch Access | Yes | Yes |
Compounding | Daily | Daily |
FDIC Insured | Yes | Yes |
Eligibility | United States | United States |
Important | - | This is a tiered savings account where rates vary based on the balance. The 0.05% APY is available for balances of $1,000,000 or more, and 0.05% APY up to $99,999.99. These APYs require the account is linked to a Wells Fargo Premier checking account. See bank for more tiers and details. |
| Next Steps | - | - |
Calculate Savings for Wells Fargo
Minimum balance for higher APY: $1,000,000
Savings Breakdown
- Interest Earned+$18.60(0.1%)
- Total Contributions$13,000
- Initial Deposit$1,000
Projected Balance
$14,018.60
The Banksparency Savings Calculator provides estimated savings growth based on user input and our latest data.
Wells Fargo Savings Rates Over Time
Compare with Wells Fargo
| Feature | Current View Wells Fargo | Empty Slot |
|---|---|---|
| Product | - | |
APY | 0.05% - 0.05%Verified: 4/21/2026 | - |
APY Trend | Very StableNo rate changes in last 90 days | - |
| Min. Deposit | $25 | - |
| Monthly Fee | $12. Waived with $3,500 minimum daily balance. | - |
Direct Deposit | No | - |
Checking Bundle | Yes | - |
| Branch Access | Yes | - |
| Eligibility | United States | - |
Compounding | Daily | - |
FDIC Insured | Yes | - |
| Note | This is a tiered savings account where rates vary based on the balance. The 0.05% APY is available for balances of $1,000,000 or more, and 0.05% APY up to $99,999.99. These APYs require the account is linked to a Wells Fargo Premier checking account. See bank for more tiers and details. | - |
| Next Steps | - | - |
Bank-to-Bank Comparisons
Compare Wells Fargo's APY of 0.05% with other banks
| Bank Pair | Competitor APY | Min Deposit |
|---|---|---|
| Wells Fargo vs Ally Bank | 3.10% | $0 |
| Wells Fargo vs American Express | 3.20% | $0 |
| Wells Fargo vs Axos Bank | 4.21% | $0 |
| Wells Fargo vs Barclays | 3.75% | $0 |
| Wells Fargo vs Capital One | 3.20% | $0 |
| Wells Fargo vs Chime | 3.00% | $0 |
| Wells Fargo vs CIT Bank | 3.75% | $100 |
| Wells Fargo vs Discover Bank | 3.30% | $0 |
| Wells Fargo vs EverBank | 3.90% | $0 |
| Wells Fargo vs Marcus by Goldman Sachs | 3.50% | $0 |
| Wells Fargo vs Newtek Bank | 4.20% | $0.01 |
| Wells Fargo vs Openbank | 4.00% | $500 |
| Wells Fargo vs Pibank | 4.40% | $0 |
| Wells Fargo vs SoFi Bank | 4.00% | $0 |
| Wells Fargo vs Synchrony Bank | 3.40% | $0 |
| Wells Fargo vs Varo Bank | 5.00% | $0 |
| Wells Fargo vs Wealthfront | 4.20% | $0 |
Alternatives to Wells Fargo
Banks with Higher/Similar Savings APY
For a top list of the highest savings rates, see all HYSA top rates
Bread Savings
High-Yield Savings Account: 4.00% APY
Minimum Deposit: $100
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Marcus by Goldman Sachs
Marcus Online Savings Account: 3.50% APY
Minimum Deposit: $0
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Sallie Mae Bank
High-Yield Savings Account: 3.75% APY
Minimum Deposit: $0
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Wealthfront
Cash Account: 4.20% APY
Minimum Deposit: $0
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My Banking Direct
High Yield Savings Account: 3.90% APY
Minimum Deposit: $500
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SoFi Bank
SoFi Savings: 4.00% APY
Bundled Savings & Checking Account
Minimum Deposit: $0
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Ally Bank
Savings Account: 3.10% APY
Minimum Deposit: $0
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Amalgamated Bank
Online Savings: 2.25% APY (Inactive)
Minimum Deposit: $100
Evergreen Bank Group
High-Yield Online Savings: 4.25% APY (Inactive)
Minimum Deposit: $100
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Neighbors Bank
Neighbors Savings Account: 4.20% APY
Minimum Deposit: $0
Eligible States: Limited (see details)
Bank of America
Advantage Savings: 0.01% APY
Minimum Deposit: $100
Openbank
High-Yield Savings Account: 4.00% APY
Minimum Deposit: $500
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