Wells Fargo: Savings Accounts & Rates

Savings rates updated: 8/29/2025

Mission statement: Banksparency aims to make Wells Fargo's savings accounts transparent and comparable to those of other banks. Learn more about Banksparency.

Note: Interest rates below are reported as APY, or Annual Percentage Yield

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Savings Overview

Platinum Savings: 0.05% - 2.51% APY(Rank 80 out of 81 tracked HYSAs)

Minimum Deposit: $25 | Bundled Savings & Checking Account

Way2Save Savings: 0.01% APY(Rank 94 out of 94 savings accounts)

Minimum Deposit: $25

National Savings Interest Rate: 0.39% (as of 8/26/2025)

Note: The FDIC tracks savings and CD rates nationally, but it does not report APY, only the average interest rate.

(Source: FDIC)

Bank Overview

Location: San Francisco, California

Founded: 1852

Access to Branches: Wells Fargo offers branches and ATMs in 36 states and Washington, D.C.

Deposit Insurance: FDIC Cert # 3511

BBB Rating: F (Not BBB Accredited)

App Store Rating: 4.9/5

Google Play Rating: 4.8/5

Website: Visit Wells Fargo

Our Take on Wells Fargo

Highlights

Platinum Savings offers a competitive 2.51% APY for balances over $1,000,000.
Way2Save Savings has a low minimum deposit requirement of $25.
Wells Fargo has a high App Store rating of 4.9.
Branches and ATMs available in 36 states and D.C.

Considerations

BBB rating is F and not BBB Accredited.
Platinum Savings requires a $1,000,000 minimum balance for top APY.
Way2Save Savings has a maintenance fee of $5, though it can be waived.
Both accounts lack direct deposit requirements.

Summary: Wells Fargo offers two savings accounts with distinct features. The Platinum Savings account provides a high 2.51% APY for large balances, while the Way2Save Savings account has a low $25 minimum deposit. However, the bank's F rating from the BBB raises concerns about trustworthiness. With a strong App Store rating of 4.9 and extensive branch access, Wells Fargo remains a viable option for savers despite its drawbacks.

Savings Accounts: In-Depth View

Savings Accounts Offered by Wells Fargo

Feature	Way2Save Savings	Platinum Savings
APY	0.01% (as of 8/29/2025)	0.05% - 2.51% (as of 8/29/2025)
APY Trend	Stable for the last quarter	Stable for the last quarter
Minimum Deposit	$25	$25
Minimum Balance for APY	$0	$1,000,000
FDIC-insured	Yes	Yes
Online Only	No	No
Bundled Account	No	Yes
Direct Deposit Required	No	No
Compound Frequency	Daily	Daily
Maintenance Fee	$5. Waived under some circumstances.	$12. Waived with $3,500 minimum daily balance.
Eligibility	United States	United States
Note	N/A	This is a tiered savings account where rates vary based on the balance. The 2.51% 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.
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No deposit agreement summary available for this bank.

Calculate Savings for Wells Fargo

All calculations are based on APY.

Choose savings account:

Initial Deposit:

⚠️ The minimum balance for the higher APY on this account is $1,000,000.

Recurring Deposit Amount:

Deposit Frequency:

Duration:

Total savings breakdown:

Interest earned: $18.6 (0.13%)
Total contributions: $13,000 (92.73%)
Initial deposit: $1,000 (7.13%)

Your total balance

$14,018.60

Effective APY: 0.05% (based on your deposit and contributions)

The Banksparency Savings Calculator provides estimated savings growth based on user input and our latest data.

Wells Fargo Savings Rates Over Time

Compare Wells Fargo's Savings Accounts

Affirm - 3.85% APY
All America Bank - 1.50-3.25% APY
Ally Bank - 3.50% APY
Amalgamated Bank - 2.25% APY
American Express - 3.50% APY
Ameriprise Bank - 3.15-3.15% APY
Axos Bank - 4.46% APY
Bank5 Connect - 4.05% APY
Bank of America - 0.01% APY
Barclays - 3.90-4.10% APY
Bask Bank - 4.15% APY
Betterment - 4.00% APY
BMO Alto - 3.50% APY
Bread Savings - 4.25% APY
BrioDirect - 4.30% APY
Capital One - 3.50% APY
Carver Bank - 4.00% APY
Charles Schwab Bank - 0.15% APY
Chase Bank - 0.01% APY
Chime - 1.25-3.75% APY
CIBC Bank USA - 4.02% APY
CIT Bank - 0.25-4.00% APY
Citibank - 3.50% APY
Citizens Access™ - 3.50% APY
Colorado Federal Savings Bank - 4.15% APY
ConnectOne Bank - 4.00% APY
Customers Bank - 4.23% APY
Discover Bank - 3.50% APY
Elevault - 4.60% APY
E*TRADE from Morgan Stanley - 4.00% APY
EverBank - 4.30% APY
Evergreen Bank Group - 4.25% APY
First Foundation Bank - 4.25% APY
Fitness Bank - 4.85% APY
Flagstar Bank - 4.00% APY
FNBO Direct - 3.25% APY
Forbright Bank - 4.25% APY
FVCbank - 4.35% APY
GO2bank - 4.50% APY
High Plains Bank - 0.23-3.82% APY
Jenius Bank - 4.20% APY
LendingClub - 3.20-4.20% APY
Live Oak Bank - 4.00% APY
Marcus by Goldman Sachs - 3.65% APY
My Banking Direct - 4.30% APY
MySavingsDirect - 3.75% APY
Neighbors Bank - 4.60% APY
Newtek Bank - 4.35% APY
OMB Bank - 1.00% APY
Openbank - 4.20% APY
Peak Bank - 4.35% APY
Pibank - 4.60% APY
PNC - 3.95% APY
Poppy Bank - 4.25% APY
Popular Direct - 4.10% APY
Presidential Bank - 4.00-4.50% APY
Prime Alliance Bank - 4.05% APY
Primis Bank - 4.20% APY
Quontic Bank - 3.75% APY
RBMAX - 4.15% APY
Rising Bank - 4.30% APY
ROGER - 4.12% APY
Salem Five Direct - 4.01% APY
Sallie Mae Bank - 3.90% APY
Santander Bank - 0.03% APY
SoFi Bank - 3.80% APY
Synchrony Bank - 3.80% APY
TAB Bank - 4.15% APY
TD Bank - 0.05-3.00% APY
The State Exchange Bank - 3.05% APY
TIMBR - 4.40% APY
UFB Direct - 4.01-4.21% APY
Upgrade - 4.02% APY
Valley Direct - 4.30% APY
Varo Bank - 2.50-5.00% APY
Western Alliance Bank - 4.30% APY
Zynlo Bank - 4.35% APY

Feature	Wells Fargo	Select a bank...
Product		N/A
APY	0.05% - 2.51% (as of 8/29/2025)	N/A
Bundled Account	Yes	N/A
FDIC-insured	Yes	N/A
Online Only	No	N/A
Compound Frequency	Daily	N/A
Minimum Deposit	$25	N/A
Minimum Balance for APY	$1,000,000	N/A
Maintenance Fee	$12. Waived with $3,500 minimum daily balance.	N/A
Direct Deposit Required	No	N/A
Note	This is a tiered savings account where rates vary based on the balance. The 2.51% 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.	N/A

Bank-to-Bank Comparisons

Compare Wells Fargo's APY of 2.51% with other banks

Bank Pair	Best APY	Min Deposit
Wells Fargo vs Ally Bank	3.50%	$0
Wells Fargo vs American Express	3.50%	$0
Wells Fargo vs Axos Bank	4.46%	$0
Wells Fargo vs Bank of America	0.01%	$100
Wells Fargo vs Barclays	4.10%	$0
Wells Fargo vs Capital One	3.50%	$0
Wells Fargo vs Chase Bank	0.01%	$0
Wells Fargo vs Chime	3.75%	$0
Wells Fargo vs CIT Bank	4.00%	$100
Wells Fargo vs Discover Bank	3.50%	$0
Wells Fargo vs Fitness Bank	4.85%	$100
Wells Fargo vs Marcus by Goldman Sachs	3.65%	$0
Wells Fargo vs Presidential Bank	4.50%	$5,000
Wells Fargo vs SoFi Bank	3.80%	$0
Wells Fargo vs Synchrony Bank	3.80%	$0
Wells Fargo vs UFB Direct	4.21%	$5000
Wells Fargo vs Varo Bank	5.00%	$0