Ally Bank vs. Wells Fargo
Compare rates, requirements, and features side-by-side to find the best option for you.
| Metric | Ally BankSavings Account Jan 21, 2026 | Wells FargoPlatinum Savings Jan 21, 2026 |
|---|---|---|
| APY | 3.30% | 0.05% |
Est. Earnings | $5,000+$165 $10,000+$330 $25,000+$825 | $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 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. |
| Features | FDIC InsuredNo MinimumsGreat iOS AppGreat Android AppZelle® Supported | FDIC InsuredHigh MinimumGreat iOS AppGreat Android AppIn-Person AccessZelle® SupportedChecking Bundle |
Market Reality Check
Both of these banks offer rates below the current top tier. The best rates we track are currently above 4.20% APY.
Comparison Analysis
Comparing Ally Bank vs. Wells Fargo
As of Ally Bank offers an APY of 3.30% for its Savings Account, with a minimum balance of $0, compared to Wells Fargo's 0.05% APY for its Platinum Savings account, with a minimum balance of $1,000,000.
Ally Bank pays $325 more than Wells Fargo on a $10,000 balance after one year. Ally Bank pays $330, while Wells Fargo pays $5 - an APY advantage for Ally Bank.
In addition, Wells Fargo also offers 0.01% APY for the Way2Save Savings account, with a minimum balance of $0.
Why Ally Bank?
- ✓Higher potential APY (3.30% vs 0.01%-0.05%) on all balances
- ✓No checking account or direct deposit required
Why Wells Fargo?
- ✓Physical branch access (Wells Fargo offers branches and ATMs in 36 states and Washington, D.C.)
- ✓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. $330 vs $5/yr).
Better Returns at $25,000
Ally BankAlly Bank's Savings Account pulls ahead with larger amounts (approx. $825 vs $13/yr).
Best for Simplicity
Ally BankAlly Bank's Savings Account offers 3.30% APY with no bundling, direct deposit requirement or caps.
Best 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 $325 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.
Executive Summary as of
Ally Bank offers a competitive Savings Account with an APY of 3.30%, making it a clear winner in terms of returns, especially for smaller deposits. This account has no minimum deposit or maintenance fees, and does not require direct deposit, making it simple to manage. In contrast, Wells Fargo's savings products, including the Way2Save Savings and Platinum Savings accounts, offer significantly lower APYs of 0.01% and 0.05%, respectively, with the latter requiring a linked Premier checking account for optimal rates. While Wells Fargo boasts a highly rated mobile app, the stark difference in APYs positions Ally Bank as the superior choice for savers.
The analysis is based on current Banksparency database records
* This content is provided for informational purposes only; always verify details with the provider.
Non-sponsored link to official site
Non-sponsored link to official site
Top Market Contenders
Ally Bank vs. Wells Fargo Savings Calculator
You earn $325 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+$330.00(3.2%)
- Total Contributions$0
- Initial Deposit$10,000
Projected Balance
$10,330.00
Wells Fargo
Platinum Savings
Higher APY requires $1,000,000
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 | 3.30% Verified: 1/21/2026 ↘︎ 0.10%90d Change | 0.05% Range: 0.05% - 0.05% Verified: 1/21/2026 Stable (90d) |
| Product Name | Savings Account | Platinum Savings |
| Minimum Deposit | $0 | $25 |
| Min. Balance for APY | $0 | $1,000,000 |
| Monthly Fee | $0 | $12. Waived with $3,500 minimum daily balance. |
| Branch Access | None | Yes |
| Account Type | Online Only | Online & Branches |
| Direct Deposit Req. | None | None |
| Checking Bundle | No | Yes |
| Mobile Apps | iOS4.7 Android4.4 | iOS4.9 Android4.8 |
| 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 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 | Visit SiteVerify at Ally Bank Non-sponsored link to official site | Visit SiteVerify at Wells Fargo Non-sponsored link to official site |
📈 Compare Savings Rates Over Time
Historical Performance
| Metric | Ally Bank | Wells Fargo | |
|---|---|---|---|
| Savings Account | Platinum Savings | Way2Save Savings | |
Current APY | 3.30% | 0.05% | 0.01% |
Trend | Stable | Stable | Stable |
Velocity (bps/mo) | -4.5 | -56.6 | 0.0 |
Days Since Change | 82 | 96 | 189 |
6-Month High | 3.50% | 2.51% | 0.01% |
6-Month Low | 3.30% | 0.05% | 0.01% |
Adjustments / Mo | 0.32 | 0.47 | 0.00 |
Volatility Score | 0.026 | 1.163 | 0.000 |
How to read these metrics(Click to expand)
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