Ally Bank vs. Wells Fargo
Ally Bank's Savings Account offers 3.10% APY while Wells Fargo's Platinum Savings advertises 0.05% APY.
See how they compare on rate stability, mobile app ratings, and more below.
The Bottom Line
On a $10,000 balance, Ally Bank's Savings Account earns about $305 more in a year than Wells Fargo's Platinum Savings: $310 against $5.
Choose Ally Bank if getting the best rate matters most, you want a no-strings-attached account, or BBB rating matters to you. Choose Wells Fargo if you value in-person banking and live in a state where the account has branch access.
Important Considerations
For Wells Fargo's Platinum Savings, the top rate needs a linked account at the bank.
| Metric | Ally BankSavings Account Oct 20, 2026 | Wells FargoPlatinum Savings Oct 20, 2026 |
|---|---|---|
| APY | 3.10% | 0.05% |
Earns in a year | $5,000+$155 $10,000+$310 $25,000+$775 | $5,000+$3 $10,000+$5 $25,000+$13 |
Min. Deposit | $0 | $25 |
Snapshot view. Rates subject to change. | ||
Terms | - | This is a tiered savings account where rates vary based on the balance. The highest rates require the account is linked to a Wells Fargo Premier checking account. See bank for more tiers and details. |
| Features | FDIC InsuredNo MinimumsGreat iOS AppGreat Android AppZelle® SupportedDaily CompoundingRate Changes Often | FDIC InsuredLow MinimumsGreat iOS AppGreat Android AppIn-Person AccessZelle® SupportedLinked AccountDaily CompoundingStable Rate |
Market Reality Check
Both of these institutions pay less on $10,000 than the 10 highest-paying savings accounts we track that are open nationwide. Each of those earns at least $415 a year on $10,000.
Comparison Analysis
Comparing Ally Bank vs. Wells Fargo
Executive Summary
Ally Bank last changed its rate on September 25, 2026, up 10 basis points; Wells Fargo has not changed since at least January 21, 2026. Ally Bank paid 3.03% on average on savings and money market deposits. Its savings account offers a standard rate of 3.1%. In contrast, Wells Fargo's savings account offers a standard rate of 0.05%. Ally Bank has led on the rate at a balance of $10,000 since at least January 21, 2026, with a gap of 305 basis points.
The analysis is based on current Banksparency database records
* This content is provided for informational purposes only; always verify details with the provider.
Why Ally Bank?
- Higher potential APY (3.10% vs 0.05%) on all balances
- No linked account or direct deposit required
Why Wells Fargo?
- Physical branch access (Wells Fargo offers branches and ATMs in 36 states and Washington, D.C.), for Platinum Savings in 39 states and DC only
- Higher rated Android app (4.8 vs 4.4)
- Offers 2 different high-yield savings options
Key Feature Differences
Better Returns at $10,000
Ally BankAlly Bank's Savings Account earns more on smaller deposits (approx. $310 vs $5/yr).
Better Returns at $25,000
Ally BankAlly Bank's Savings Account pulls ahead with larger amounts (approx. $775 vs $13/yr).
Better for Simplicity
Ally BankAlly Bank's Savings Account offers 3.10% APY with no bundling, direct deposit requirement or caps.
Better Mobile App Experience
Wells FargoWells Fargo offers an iOS app rated 4.9 (vs. 4.7) and Android app rated 4.8 (vs. 4.4)
Shared Benefits
Over a 1-year period, Ally Bank's Savings Account pays $305 more interest on a $10,000 balance than Wells Fargo's Platinum Savings.
*This calculation assumes current rates remain consistent for 1 year and does not include temporary bonuses.
Non-sponsored link to official site
Non-sponsored link to official site
Top Market Contenders
Ally Bank vs. Wells Fargo Savings Calculator
You earn $305 more with Ally Bank than Wells Fargo on a $10,000 initial deposit for 1 year*.
*This calculation assumes that APYs remain unchanged for 1 year, and takes into account known promo rate periods, but does not factor in bonuses. You can see how often these banks have changed their rates in the Compare Savings Rates Over Time section below.
Ally Bank
Savings Account
Savings Breakdown
- Interest Earned+$310.00(3.0%)
- Total Contributions$0
- Initial Deposit$10,000
Projected Balance
$10,310.00
Wells Fargo
Platinum Savings
Savings Breakdown
- Interest Earned+$5.00(0.0%)
- Total Contributions$0
- Initial Deposit$10,000
Projected Balance
$10,005.00
The Banksparency Savings Calculator provides estimated savings growth based on user input and our latest data.
| Feature | Ally Bank | Wells Fargo |
|---|---|---|
| APY | 3.10% Observed: 10/20/2026 0.10%90-day change | 0.05% Observed: 10/20/2026 Stable over 90 days |
| Product Name | Savings Account | Platinum Savings |
| Minimum Deposit | $0 | $25 |
| Min. Balance for APY | $0 | $0.01 |
| Monthly Fee | $0 | $12. Waived with $3,500 minimum daily balance. |
| Compound Frequency | Daily | Daily |
| Branches | None | In 39 states and DC |
| Physical Branches | None that serve this account | 4,182 (AK, AL, AR, AZ, CA, CO, CT, DC (+32 more)) |
| Direct Deposit Req. | None | None |
| Linked Account | No | Yes |
| Mobile Apps | ||
| FDIC or NCUA Insured | YesVerify FDIC | YesVerify FDIC |
| Zelle® Support | Available Limit: $5,000/dayBenchmark for online Zelle; high limits. | Available Limit: $3,500/dayFounding member; zero fees to replace wires. |
| BBB Rating | A+ | D- |
| Important Notes | - | This is a tiered savings account where rates vary based on the balance. The highest rates require the account is linked to a Wells Fargo Premier checking account. See bank for more tiers and details. |
| Next Steps | Visit SiteVerify at Ally Bank Non-sponsored link to official site | Visit SiteVerify at Wells Fargo Non-sponsored link to official site |
What each bank pays on deposits
An advertised rate tells you what a new savings account earns today. It cannot tell you how the bank has priced the savings and money market deposits it already holds, over time. This section shows that. The figure is computed from the interest expense and deposit balances that every bank files with the FDIC in the same form. That is what makes it comparable across banks and across quarters.
Ally Bank
The two figures answer different questions, so they sit side by side and are not combined.
In Q2 2026, Ally Bank paid a higher average rate on savings and money market deposits than 94% of banks that reported a figure (FDIC call report). The all-bank median was 1.45%.
Each figure is that bank's own charter-level average across its whole deposit book, so the two are shown one after the other and are not a ranking.
Wells Fargo
The two figures answer different questions, so they sit side by side and are not combined.
In Q2 2026, Wells Fargo paid a higher average rate on savings and money market deposits than 39% of banks that reported a figure (FDIC call report). The all-bank median was 1.45%.
Average annualized rates paid on savings and money market deposits, and on all interest-bearing deposits, quarterly. The FDIC line for savings includes money market deposit accounts and business savings deposits and does not separate consumer accounts. Source: FDIC call report data, as reported; it may be amended. The percentile compares all FDIC filers, count-weighted. A missing quarter is suppressed, never interpolated. The percentile counts the banks that paid strictly less on savings and money market deposits, one vote per bank, among the banks that reported a figure for the quarter.
CD rates, term by term
Ally Bank lists CDs on Banksparency at 3, 6, 9, 11, 12, 18, 36 and 60 months. Wells Fargo lists CDs at 4, 7, 11 and 15 months. Each row below is one term, with the best rate each bank advertises for it.
| Term | Ally Bank APY | Wells Fargo APY | FDIC average (Oct 2026) |
|---|---|---|---|
| 12 months | 4.30% APYNo minimum | Not listed here | 1.76% |
| 3 months | 2.80% APYNo minimum | Not listed here | 1.14% |
| 4 months | Not listed here | 3.49% APY$5,000 minimum | 1.14%3-month average |
| 6 months | 3.85% APYNo minimum | Not listed here | 1.39% |
| 7 months | Not listed here | 3.84% APY$5,000 minimum | 1.39%6-month average |
| 9 months | 4.00% APYNo minimum | Not listed here | |
| 11 months | 2.80% APYNo minimum | 3.99% APY$5,000 minimum | 1.76%12-month average |
| 15 months | Not listed here | 3.74% APY$5,000 minimum | |
| 18 months | 4.40% APYNo minimum | Not listed here | |
| 36 months | 4.10% APYNo minimum | Not listed here | 1.39% |
| 60 months | 4.25% APYNo minimum | Not listed here | 1.41% |
Money market accounts
A money market account holds a savings balance and adds check or debit card access. The figure each bank advertises is its highest APY across every active tier, so the sentence under it says which balance earns that rate.
Ally Bank
Money Market Account
3.10% APY
No minimum. As observed Oct 20, 2026.
Wells Fargo
No money market account listed here.
The FDIC national money market average was 0.63% in Oct 2026.
Compare Savings Rates Over Time
Historical Performance
| Metric | Ally Bank | Wells Fargo | |
|---|---|---|---|
| Savings Account | Platinum Savings | Way2Save Savings | |
Current APY | 3.10% | 0.05% | 0.01% |
Trend | Stable | Stable | Stable |
Speed of change | -0.03 | 0.00 | 0.00 |
Days Since Change | 25 | 364 | 364 |
12-Month High | 3.40% | 0.05% | 0.01% |
12-Month Low | 3.00% | 0.05% | 0.01% |
Changes per month | 0.41 | 0.00 | 0.00 |
Steadiness | 0.017 | 0.000 | 0.000 |
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Compare Ally Bank's APY of 3.10% with other banks
Compare Wells Fargo's APY of 0.05% with other banks
| Bank Pair | Competitor APY | Min Deposit |
|---|---|---|
| Wells Fargo vs American Express | 3.20% | $0 |
| Wells Fargo vs Barclays | 3.65% | $0 |
| Wells Fargo vs Capital One | 3.10% | $0 |
| Wells Fargo vs Chime | 4.00% | $0 |
| Wells Fargo vs CIT Bank | 3.75% | $100 |
| Wells Fargo vs EverBank | 4.20% | $0 |
| Wells Fargo vs Marcus by Goldman Sachs | 3.50% | $0 |
| Wells Fargo vs Newtek Bank | 4.20% | $100 |
| Wells Fargo vs Openbank | 4.35% | $500 |
| Wells Fargo vs SoFi Bank | 4.40% | $0 |
| Wells Fargo vs Varo Bank | 3.75% | $0 |
| Wells Fargo vs Wealthfront | 4.20% | $0 |