Bank Of America vs Wells Fargo
High-Yield Savings Accounts Comparison
Last Updated: July 15, 2025
Summary of Bank of America vs. Wells Fargo
As of July 15, 2025 Bank of America offers an APY of 0.01% for its Advantage Savings account, compared to Wells Fargo's 2.51% APY for its Platinum Savings account.
Wells Fargo yields $4 more than Bank of America on a $10,000 balance after one year. Bank of America pays $1, while Wells Fargo pays $5 (with an effective APY of 0.05%) - an APY advantage for Wells Fargo.
Bank of America
Strengths
- Bank of America has a higher App Store rating at 4.8 compared to Wells Fargo's 4.9.
- The Advantage Savings account has no direct deposit requirement.
- Bank of America has a lower maintenance fee of $8.
Potential Drawbacks
- The current APY for the Advantage Savings account is only 0.01%.
- Bank of America has no branches, limiting in-person banking options.
- Bank of America has a BBB rating of A, indicating better trustworthiness.
Wells Fargo
Strengths
- Wells Fargo offers a competitive APY of 2.51% for high balances.
- Branches and ATMs are available in 36 states and Washington, D.C.
- Wells Fargo has a higher Google Play rating at 4.8.
Potential Drawbacks
- Wells Fargo's BBB rating is F and it is not BBB Accredited.
- The Platinum Savings account has a high minimum deposit of $25.
- A maintenance fee of $12 applies unless certain balance conditions are met.
Summary: Wells Fargo offers a significantly higher APY of 2.51% for its Platinum Savings account, but it has a poor BBB rating of F. In contrast, Bank of America provides a lower APY of 0.01% with no direct deposit requirement and a better BBB rating of A. Additionally, Bank of America has no branches, while Wells Fargo has extensive physical locations across 36 states.
Compare Bank of America's vs Wells Fargo's Savings Accounts
| Bank of America | Wells Fargo | ||
|---|---|---|---|
| Product | Advantage Savings | vs | Platinum Savings |
| APY | 0.01% (as of 7/15/2025) | 0.05% - 2.51% (as of 7/16/2025) | |
| Bundled Account | No | Yes | |
| FDIC-insured | Yes | Yes | |
| Online Only | No | No | |
| Compound Frequency | Monthly | Daily | |
| Minimum Deposit | $100 | $25 | |
| Minimum Balance for APY | N/A | $1,000,000 | |
| Maintenance Fee | $8 | $12. Waived with $3,500 minimum daily balance. | |
| Direct Deposit Required | No | No | |
| Note | APY may vary by market. The monthly fee may be waived under some circumstances, such as if you maintain a minimum balance of $500, or are below the age of 25, etc. | 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 | Advantage Savings | Platinum Savings | |
| App Store Rating | 4.8/5 | 4.9/5 | |
| Google Play Rating | 4.6/5 | 4.8/5 | |
| BBB Rating | A | F |
No historical data available.
Calculate Savings Growth for Bank of America vs Wells Fargo
All calculations are based on APY.
Bank of America
APY: 0.01%
Total savings breakdown:
- Interest earned: $0.1 (0.01%)
- Total contributions: $0 (0.00%)
- Initial deposit: $1,000 (99.99%)
Your total balance
$1,000.10
Effective APY: 0.01% (based on your deposit and contributions)
Total balance: $1,000.1
Earnings: $0.1
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 Bank of America would earn you $25 less than Wells Fargo.
More Comparisons
Compare Bank of America's APY of 0.01% with other banks
| Bank Pair | Best APY | Min Deposit |
|---|---|---|
| Bank of America vs Ally Bank | 3.50% | $0 |
| Bank of America vs American Express | 3.60% | $0 |
| Bank of America vs Axos Bank | 4.66% | $0 |
| Bank of America vs Barclays | 4.10% | $0 |
| Bank of America vs Capital One | 3.50% | $0 |
| Bank of America vs Chase Bank | 0.01% | $0 |
| Bank of America vs Chime | 3.75% | $0 |
| Bank of America vs CIT Bank | 4.00% | $100 |
| Bank of America vs Discover Bank | 3.50% | $0 |
| Bank of America vs Fitness Bank | 5.00% | $100 |
| Bank of America vs Marcus by Goldman Sachs | 3.65% | $0 |
| Bank of America vs Presidential Bank | 4.50% | $5,000 |
| Bank of America vs SoFi Bank | 3.80% | $0 |
| Bank of America vs Synchrony Bank | 3.80% | $0 |
| Bank of America 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 American Express | 3.60% | $0 |
| Wells Fargo vs Axos Bank | 4.66% | $0 |
| 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 |