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 Express | Wells Fargo | ||
---|---|---|---|
Product | High Yield Savings Account | vs | Platinum Savings |
APY | 3.60% (as of 7/15/2025) | 0.05% - 2.51% (as of 7/16/2025) | |
Bundled Account | No | Yes | |
FDIC-insured | Yes | Yes | |
Online Only | Yes | No | |
Compound Frequency | Daily | Daily | |
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 | No | No | |
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. | |
Visit Bank | High Yield Savings Account | Platinum Savings | |
App Store Rating | 4.9/5 | 4.9/5 | |
Google Play Rating | 3.8/5 | 4.8/5 | |
BBB Rating | F | F |
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 DetailsWells 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 DetailsAfter 1 year American Express would earn you $10.9 more than Wells Fargo.
More Comparisons
Compare American Express' APY of 3.60% with other banks
Bank Pair | Best APY | Min Deposit |
---|---|---|
American Express vs Ally Bank | 3.50% | $0 |
American Express vs Axos Bank | 4.66% | $0 |
American Express vs Bank of America | 0.01% | $100 |
American Express vs Barclays | 4.10% | $0 |
American Express vs Capital One | 3.50% | $0 |
American Express vs Chase Bank | 0.01% | $0 |
American Express vs Chime | 3.75% | $0 |
American Express vs CIT Bank | 4.00% | $100 |
American Express vs Discover Bank | 3.50% | $0 |
American Express vs Fitness Bank | 5.00% | $100 |
American Express vs Marcus by Goldman Sachs | 3.65% | $0 |
American Express vs Presidential Bank | 4.50% | $5,000 |
American Express vs SoFi Bank | 3.80% | $0 |
American Express vs Synchrony Bank | 3.80% | $0 |
American Express vs Varo Bank | 5.00% | $0 |
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 Axos Bank | 4.66% | $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 | 5.00% | $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 Varo Bank | 5.00% | $0 |