American Express vs Wells Fargo
High-Yield Savings Accounts Comparison

Last Updated: July 15, 2025

Summary of American Express vs. Wells Fargo

As of July 15, 2025 American Express offers an APY of 3.60% for its High Yield Savings Account account, compared to Wells Fargo's 2.51% APY for its Platinum Savings account.

American Express yields $355 more than Wells Fargo on a $10,000 balance after one year. American Express pays $360, while Wells Fargo pays $5 (with an effective APY of 0.05%) - an APY advantage for American Express.

American Express

Strengths

  • American Express offers a competitive APY of 3.60%.
  • No maintenance fees or minimum balance requirements.
  • High Yield Savings Account does not require direct deposit.

Potential Drawbacks

  • American Express has no physical branches.
  • BBB rating is F and not accredited.
  • App Store rating is lower than Wells Fargo's.

Wells Fargo

Strengths

  • Wells Fargo provides access to branches and ATMs in 36 states.
  • Google Play rating is higher at 4.8 compared to American Express.
  • Offers a tiered savings account for higher balances.

Potential Drawbacks

  • Current APY is lower at 2.51% for high balances.
  • Maintenance fee of $12 unless a $3,500 balance is maintained.
  • Requires a minimum deposit of $25 to open an account.
Summary: American Express offers a higher APY of 3.60% with no fees or branches, while Wells Fargo provides physical locations and a tiered savings account but with a lower APY of 2.51% and potential fees. Both banks have an F BBB rating, but Wells Fargo has a better Google Play rating. American Express has no direct deposit requirement, whereas Wells Fargo's account conditions are more complex.

Compare American Express' vs Wells Fargo's Savings Accounts

American ExpressWells Fargo
ProductHigh Yield Savings AccountvsPlatinum Savings
APY
3.60% (as of 7/15/2025)0.05% - 2.51% (as of 7/16/2025)
Bundled Account
NoYes
FDIC-insured
YesYes
Online OnlyYesNo
Compound Frequency
DailyDaily
Minimum Deposit$0$25
Minimum Balance for APY$0$1,000,000
Maintenance Fee$0$12. Waived with $3,500 minimum daily balance.
Direct Deposit Required
NoNo
NoteN/AThis 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.
Visit BankHigh Yield Savings AccountPlatinum Savings
App Store Rating4.9/54.9/5
Google Play Rating3.8/54.8/5
BBB RatingFF

No historical data available.

Calculate Savings Growth for American Express vs Wells Fargo

All calculations are based on APY.

American Express

APY: 3.60%

Total savings breakdown:

  • Interest earned: $36 (3.47%)
  • Total contributions: $0 (0.00%)
  • Initial deposit: $1,000 (96.53%)

Your total balance

$1,036.00

Effective APY: 3.60% (based on your deposit and contributions)

Total balance: $1,036

Earnings: $36

Bank Details

Wells Fargo

APY: 2.51%

Total savings breakdown:

  • Interest earned: $25.1 (2.45%)
  • Total contributions: $0 (0.00%)
  • Initial deposit: $1,000 (97.55%)

Your total balance

$1,025.10

Effective APY: 2.51% (based on your deposit and contributions)

Total balance: $1,025.1

Earnings: $25.1

Bank Details

After 1 year American Express would earn you $10.9 more than Wells Fargo.

More Comparisons

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