Wells Fargo: Savings Accounts & Rates

By Aviel Fahl

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Updated: 1/21/2026

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

Interest rates reported as APY

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 #96 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 #102 of 99 tracked.

Market Reality Check

This bank offers rates below the current top tier. The best rates we track are currently above 4.20% APY.

See Top Rates
National Avg: 0.39% (FDIC, 12/15/2025).
Banksparency tracks live rates daily.

Bank Overview

Visit Official Website

Our Take on Wells Fargo

The Good

  • Low opening deposit ($25)
  • Monthly fees can be waived
  • Top-tier mobile apps (iOS: 4.9, Android: 4.8)
  • Access to physical branches

Considerations

  • Requires opening a checking account (bundled)
  • High minimum balance ($1000000) to earn APY
  • Yield is below current market leaders
Verdict

Wells Fargo's Platinum Savings account offers a tiered APY of 0.05%, applicable for balances of $1,000,000 or more, and the same rate for balances up to $99,999.99. To earn this APY, the account must be linked to a Wells Fargo Premier checking account. While the account has a low opening deposit requirement of $25 and monthly fees can be waived, it does have a high minimum balance requirement to earn interest, and the yield is below that of current market leaders. Additionally, there is no direct deposit requirement.

Top Market Contenders

Capital One
3.30% APY
vs. Wells Fargo
Barclays
4.00% APY
vs. Wells Fargo
Marcus by Goldman Sachs
3.65% APY
vs. Wells Fargo
Popular Peer Comparisons
American Express vs Marcus by Goldman SachsChase Bank vs ChimeAxos Bank vs SoFi BankAlly Bank vs American ExpressBarclays vs Marcus by Goldman SachsChase Bank vs SoFi Bank

Savings Accounts: In-Depth View

Savings Accounts Offered by Wells Fargo

Feature
Way2Save Savings
Platinum Savings
APY
0.01%Verified: 1/21/2026
0.05%Range: 0.05% - 0.05%Verified: 1/21/2026
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
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: 1/21/2026
-
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 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 Bank3.30%$0
Wells Fargo vs American Express3.30%$0
Wells Fargo vs Axos Bank4.31%$0
Wells Fargo vs Bank of America0.01%$100
Wells Fargo vs Barclays4.00%$0
Wells Fargo vs Bask Bank3.75%$0
Wells Fargo vs Betterment3.25%$10
Wells Fargo vs BMO Alto3.25%$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 Chime3.50%$0
Wells Fargo vs CIT Bank3.75%$100
Wells Fargo vs Citibank3.30%$0
Wells Fargo vs Citizens Access™3.15%$0.01
Wells Fargo vs Climate First Bank4.21%$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 Stanley3.50%$0
Wells Fargo vs Elevault3.82%$0
Wells Fargo vs EverBank3.90%$0
Wells Fargo vs Fitness Bank4.75%$100
Wells Fargo vs FNBO Direct3.00%$1
Wells Fargo vs Forbright Bank3.85%$0
Wells Fargo vs FVCbank3.85%$500
Wells Fargo vs GO2bank4.50%$0
Wells Fargo vs Ivy Bank4.00%$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 Bank4.35%$0.01
Wells Fargo vs Openbank4.20%$500
Wells Fargo vs Peak Bank3.99%$100
Wells Fargo vs Pibank4.60%$0
Wells Fargo vs PNC3.30%$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 Bank3.90%$0
Wells Fargo vs Santander Bank0.01%$25
Wells Fargo vs SoFi Bank4.00%$0
Wells Fargo vs Synchrony Bank3.65%$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 Bank4.09%$100
Wells Fargo vs Wealthfront3.90%$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

SoFi Bank

SoFi Savings: 4.00% APY

Bundled Savings & Checking Account

Minimum Deposit: $0

Online Only

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

Wealthfront

Cash Account: 3.90% APY

Minimum Deposit: $0

Online Only

U.S. Bank

Smartly Savings: 3.50% APY

Bundled Savings & Checking Account

Minimum Deposit: $25

UFB Direct

UFB Checking and Savings Bundle: 3.46% APY

Bundled Savings & Checking Account

Minimum Deposit: $5000

Online Only

Direct Deposit: Not required

UFB Portfolio Savings: 3.26% APY

Minimum Deposit: $0

Online Only

E*TRADE from Morgan Stanley

Premium Savings Account: 3.50% APY

Minimum Deposit: $0

Online Only

CIBC Bank USA

Agility™ High-Interest Savings Account: 3.66% APY

Minimum Deposit: $1,000

Online Only

Western Alliance Bank

High-Yield Savings Premier: 3.80% APY

Minimum Deposit: $500

Online Only

Live Oak Bank

Personal Savings: 3.80% APY

Minimum Deposit: $0

Online Only

The State Exchange Bank

High-Yield Savings Account, powered by Raisin: 2.51% APY

Minimum Deposit: $1

Online Only

American Express

High Yield Savings Account: 3.30% APY

Minimum Deposit: $0

Online Only

Jenius Bank

Jenius Savings: 4.05% APY

Minimum Deposit: $0

Online Only