American Express vs. Wells Fargo
Compare rates, requirements, and features side-by-side to find the best option for you.
American Express
High Yield Savings Account
3.40%APYDec 6, 2025FDIC InsuredNo MinimumsGreat iOS AppShow Fine Print & Trends Hide Details
American Express
High Yield Savings Account
Wells Fargo
Platinum Savings
0.05%APYDec 6, 2025FDIC InsuredHigh MinimumChecking BundleGreat iOS AppGreat Android AppIn-Person AccessShow Fine Print & Trends Hide Details
Wells Fargo
Platinum Savings
Market Reality Check
Both of these banks offer rates below the current top tier. The best rates we track are currently above 4.25% APY.
Comparison Analysis
Comparing American Express vs. Wells Fargo
Why American Express?
- ✓Higher potential APY (3.40% 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 3.6)
- ✓Offers 2 different high-yield savings options
— Key Feature Differences —
Better Returns at $10,000
American ExpressAmerican Express's High Yield Savings Account earns more on smaller deposits (approx. $340 vs $5/yr).
Better Returns at $25,000
American ExpressAmerican Express's High Yield Savings Account pulls ahead with larger amounts (approx. $850 vs $13/yr).
Best for Simplicity
American ExpressAmerican Express's High Yield Savings Account offers 3.40% APY with no bundling, direct deposit requirement or caps.
Shared Benefits
Over a 1-year period, American Express's High Yield Savings Account pays $335 more interest on a $10,000 balance than Wells Fargo's Platinum Savings.
Executive Summary
American Express offers a competitive High Yield Savings Account with an APY of 3.40%, providing better returns on deposits compared to Wells Fargo's Way2Save Savings, which yields only 0.01%. American Express's account has no minimum deposit or maintenance fees, and it does not require direct deposit, making it a straightforward choice for savers. In contrast, Wells Fargo's offerings, including the Platinum Savings account, have significantly lower APYs and are subject to higher minimum balance requirements and fees. Overall, American Express stands out as the superior option for savers seeking higher interest rates.
Analysis generated based on current Banksparency database records
* AI-generated content provided for informational purposes only. Accuracy is not guaranteed; always verify details with the provider.
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| Feature | American Express | Wells Fargo |
|---|---|---|
| APY | 3.40% Verified: 12/6/2025 ↘︎ 0.10%90d Change | 0.05% Range: 0.05% - 0.05% Verified: 12/6/2025 ↘︎ 2.46%90d Change |
| Product Name | High Yield 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 | iOS4.9 Android3.6 | iOS4.9 Android4.8 |
| BBB Rating | F | 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 |
Savings Comparison
American Express earns $2,021.9 more than Wells Fargo.
American Express
High Yield Savings Account
Savings Breakdown
- Interest Earned+$2,050.50(10.2%)
- Total Contributions$13,000
- Initial Deposit$5,000
Projected Balance
$20,050.50
Wells Fargo
Platinum Savings
Higher APY requires $1,000,000
Savings Breakdown
- Interest Earned+$28.60(0.2%)
- Total Contributions$13,000
- Initial Deposit$5,000
Projected Balance
$18,028.60
The Banksparency Savings Calculator provides estimated savings growth based on user input and our latest data.
📈 Compare Savings Rates Over Time
Historical Performance
| Metric | American Express | Wells Fargo | |
|---|---|---|---|
| High Yield Savings Account | Platinum Savings | Way2Save Savings | |
Current APY | 3.40% | 0.05% | 0.01% |
Trend | Stable | Stable | Stable |
Velocity (bps/mo) | -1.5 | -72.0 | 0.0 |
Days Since Change | 10 | 50 | 143 |
5-Month High | 3.60% | 2.51% | 0.01% |
5-Month Low | 3.40% | 0.05% | 0.01% |
Adjustments / Mo | 0.42 | 0.63 | 0.00 |
Volatility Score | 0.011 | 0.843 | 0.000 |
How to read these metrics(Click to expand)
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