Wells Fargo: Savings Accounts & Rates

By Aviel Fahl

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Updated: 3/7/2026

Mission: Banksparency aims to make Wells Fargo's savings accounts transparent and comparable to the market.

Interest rates reported as APY

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 99+ 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

To earn the Platinum Savings top rate, you'll need a linked checking account with Wells Fargo.

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

0.05% APY
Tiered Range: 0.05% - 0.05%
Very StableNo rate changes in last 90 days
Min: $25 Checking Bundle Branch Access
Rank #97 of 99 tracked.
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.

Way2Save Savings

0.01% APY
Very StableNo rate changes in last 90 days
Min: $25 Branch Access
Rank #103 of 99 tracked.

Market Reality Check

This bank offers rates below the current top tier. The best rates we track are currently above 4.15% APY.

See Top Rates
National Avg: 0.39% (FDIC, 2/1/2026).
Banksparency tracks live rates daily.

Bank Overview

Visit Official Website

Top Market Contenders

Axos Bank
4.21% APY
vs. Wells Fargo
SoFi Bank
4.00% APY
vs. Wells Fargo
Discover Bank
3.30% APY
vs. Wells Fargo
Popular Peer Comparisons
Chase Bank vs SoFi BankEverBank vs SoFi BankBarclays vs Marcus by Goldman SachsOpenbank vs WealthfrontAlly Bank vs Marcus by Goldman SachsMarcus by Goldman Sachs vs SoFi Bank

Savings Accounts: In-Depth View

Savings Accounts Offered by Wells Fargo

Feature
Way2Save Savings
Platinum Savings
APY
0.01%Verified: 3/7/2026
0.05%Range: 0.05% - 0.05%Verified: 3/7/2026
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
YesYes
Compounding
DailyDaily
FDIC Insured
 Yes Yes
Eligibility
United StatesUnited 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

All calculations are based on APY.
$
⚠️

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

Effective APY
0.05%

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: 3/7/2026
-
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 AccessYes-
Eligibility United States-
Compounding
Daily-
FDIC Insured
Yes-
NoteThis 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 PairCompetitor APYMin Deposit
Wells Fargo vs Affirm3.20%$0
Wells Fargo vs Ally Bank3.20%$0
Wells Fargo vs American Express3.30%$0
Wells Fargo vs Axos Bank4.21%$0
Wells Fargo vs Bank of America0.01%$100
Wells Fargo vs Barclays3.85%$0
Wells Fargo vs Bask Bank0.25%$0
Wells Fargo vs Betterment3.90%$10
Wells Fargo vs BMO Alto3.15%$0
Wells Fargo vs Bread Savings4.00%$100
Wells Fargo vs BrioDirect3.75%$5,000
Wells Fargo vs Capital One3.30%$0
Wells Fargo vs Carver Bank4.00%$5,000
Wells Fargo vs Charles Schwab Bank0.15%$0
Wells Fargo vs Chase Bank0.01%$0
Wells Fargo vs Chime3.00%$0
Wells Fargo vs CIT Bank3.75%$100
Wells Fargo vs Citibank3.20%$0
Wells Fargo vs Citizens Access™3.15%$0.01
Wells Fargo vs Climate First Bank4.01%$50
Wells Fargo vs Colorado Federal Savings Bank4.05%$50,000
Wells Fargo vs Discover Bank3.30%$0
Wells Fargo vs E*TRADE from Morgan Stanley3.35%$0
Wells Fargo vs Elevault3.82%$0
Wells Fargo vs EverBank3.90%$0
Wells Fargo vs Fitness Bank4.50%$100
Wells Fargo vs FNBO Direct3.00%$1
Wells Fargo vs Forbright Bank3.85%$0
Wells Fargo vs FVCbank4.00%$500
Wells Fargo vs GO2bank4.50%$0
Wells Fargo vs Ivy Bank3.85%$2,500
Wells Fargo vs Jenius Bank4.05%$0
Wells Fargo vs LendingClub4.00%$0
Wells Fargo vs Marcus by Goldman Sachs3.65%$0
Wells Fargo vs MutualOne Bank4.07%$20,000
Wells Fargo vs My Banking Direct4.02%$500
Wells Fargo vs Neighbors Bank4.20%$0
Wells Fargo vs Newtek Bank4.20%$0.01
Wells Fargo vs Openbank4.09%$500
Wells Fargo vs Peak Bank4.02%$100
Wells Fargo vs Pibank4.60%$0
Wells Fargo vs PNC3.25%$0
Wells Fargo vs Popular Direct3.90%$100
Wells Fargo vs Presidential Bank3.75%$5,000
Wells Fargo vs Quontic Bank3.50%$100
Wells Fargo vs Salem Five Direct3.61%$10
Wells Fargo vs Sallie Mae Bank3.85%$0
Wells Fargo vs Santander Bank0.01%$25
Wells Fargo vs SoFi Bank4.00%$0
Wells Fargo vs Synchrony Bank3.50%$0
Wells Fargo vs TD Bank2.36%$0
Wells Fargo vs TIMBR4.15%$1,000
Wells Fargo vs UFB Direct3.46%$5000
Wells Fargo vs Upgrade3.05%$0
Wells Fargo vs Valley Direct4.00%$1,000
Wells Fargo vs Varo Bank5.00%$0
Wells Fargo vs Vio Bank4.03%$100
Wells Fargo vs Wealthfront4.20%$0
Wells Fargo vs Zynlo Bank3.85%$10

Alternatives to Wells Fargo

Banks with Higher/Similar Savings APY

For a top list of the highest savings rates, see all HYSA top rates

Colorado Federal Savings Bank

High Yield Savings: 4.00% APY

Minimum Deposit: $1

Online Only

Premier Savings: 4.05% APY

Minimum Deposit: $50,000

Online Only

UFB Direct

UFB Portfolio Savings: 3.26% APY

Minimum Deposit: $0

Online Only

UFB Checking and Savings Bundle: 3.46% APY

Bundled Savings & Checking Account

Minimum Deposit: $5000

Online Only

Direct Deposit: Not required

Ivy Bank

High-Yield Savings Account: 3.85% APY

Minimum Deposit: $2,500

Online Only

Eligible States: Limited (see details)

Discover Bank

Online Savings Account: 3.30% APY (Inactive)

Minimum Deposit: $0

Online Only

Live Oak Bank

Personal Savings: 3.80% APY

Minimum Deposit: $0

Online Only

BrioDirect

High-Yield Savings Account: 3.75% APY

Minimum Deposit: $5,000

Online Only

U.S. Bank

Smartly Savings: 3.50% APY

Bundled Savings & Checking Account

Minimum Deposit: $25

Ally Bank

Savings Account: 3.20% APY

Minimum Deposit: $0

Online Only

Quontic Bank

High Yield Savings: 3.50% APY

Minimum Deposit: $100

Online Only

Upgrade

Premier Savings: 3.05% APY

Minimum Deposit: $0

Online Only

SoFi Bank

SoFi Savings: 4.00% APY

Bundled Savings & Checking Account

Minimum Deposit: $0

Online Only

MutualOne Bank

Mo Premium Savings: 4.07% APY

Minimum Deposit: $20,000

Online Savings: 0.40% APY

Minimum Deposit: $5,000

Online Only