Bank Of America vs. Wells Fargo
High-Yield Savings Account Comparison
By Aviel Fahl|Last Updated: November 12, 2025
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Summary of Bank of America vs. Wells Fargo
Key Metrics at a Glance
| Feature | Bank of America | Wells Fargo |
|---|---|---|
| Top Savings APY | 0.01% Advantage Savings | 0.05% Platinum Savings |
| Minimum to Open | $100 | $25 |
| Minimum Balance for Top APY | $1,000,000 | |
| 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 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. |
Bank of America
Strengths
- Bank of America has a higher BBB rating of A+ compared to Wells Fargo's D-.
- The Advantage Savings account has no minimum balance requirement to earn interest.
- Bank of America has a higher App Store rating of 4.8 versus Wells Fargo's 4.9.
Potential Drawbacks
- The current APY for the Advantage Savings account is only 0.01%.
- Bank of America charges an $8 monthly maintenance fee.
- No branches or ATMs available for Bank of America.
Wells Fargo
Strengths
- Wells Fargo offers a higher APY of 0.05% for the Platinum Savings account.
- Wells Fargo has branches and ATMs in 36 states and Washington, D.C.
- Wells Fargo has a higher Google Play rating of 4.8 compared to Bank of America's 4.6.
Potential Drawbacks
- Wells Fargo has a low BBB rating of D- and is not BBB accredited.
- The Platinum Savings account requires a minimum balance of $1,000,000 to earn the highest APY.
- Wells Fargo charges a $12 maintenance fee unless a $3,500 minimum daily balance is maintained.
Summary: Bank of America offers a lower APY of 0.01% with an A+ BBB rating, while Wells Fargo provides a higher 0.05% APY but has a D- BBB rating. Additionally, Wells Fargo requires a $1,000,000 minimum balance for its top APY and charges a $12 maintenance fee. Bank of America has no minimum balance requirement for its Advantage Savings account but imposes an $8 fee. Both banks have strong app ratings, with Wells Fargo slightly ahead.
→ As of November 12, 2025 Bank of America offers an APY of 0.01% for its Advantage Savings account, with a minimum balance of , compared to Wells Fargo's 0.05% APY for its Platinum Savings account, with a minimum balance of $1,000,000.
→ 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 - an APY advantage for Wells Fargo.
→ In addition, Wells Fargo also offers 0.01% APY for the Way2Save Savings account.
Calculate Savings Growth for Bank of America vs Wells Fargo
All calculations are based on APY.
Bank of America - Advantage Savings
Top APY: 0.01%
Total savings breakdown:
- Interest earned: $5.7 (0.03%)
- Total contributions: $13,000 (72.20%)
- Initial deposit: $5,000 (27.77%)
Your total balance
$18,005.70
Effective APY: 0.01% (based on your deposit and contributions)
Total balance: $18,005.7
Earnings: $5.7
Bank OverviewWells Fargo - Platinum Savings
Top APY: 0.05%
⚠️The higher APY only applies once your balance reaches $1,000,000.
Total savings breakdown:
- Interest earned: $28.6 (0.16%)
- Total contributions: $13,000 (72.11%)
- Initial deposit: $5,000 (27.73%)
Your total balance
$18,028.60
Effective APY: 0.05% (based on your deposit and contributions)
Total balance: $18,028.6
Earnings: $28.6
Bank OverviewWith a $5,000 initial deposit and $13,000 in total contributions over 5 years, Bank of America's total earnings would be $22.9 lower than Wells Fargo's total earnings.
The Banksparency Savings Calculator provides estimated savings growth based on user input and our latest data.
Compare Bank of America's vs Wells Fargo's Savings Accounts
| Bank of America | Wells Fargo | |||
|---|---|---|---|---|
| Product | Advantage Savings | vs | Way2Save Savings | Platinum Savings |
| APY | 0.01% (as of 11/12/2025) | 0.01% (as of 11/12/2025) | 0.05% - 0.05% (as of 11/12/2025) | |
| Bundled Account | No | No | Yes | |
| FDIC-insured | Yes | Yes | Yes | |
| Online Only | No | No | No | |
| Compound Frequency | Monthly | Daily | Daily | |
| Minimum Deposit | $100 | $25 | $25 | |
| Minimum Balance for APY | N/A | $0 | $1,000,000 | |
| Maintenance Fee | $8 | $5. Waived under some circumstances. | $12. Waived with $3,500 minimum daily balance. | |
| Direct Deposit Required | No | 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 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. | ||
| App Store Rating | 4.8/5 | 4.9/5 | ||
| Google Play Rating | 4.6/5 | 4.8/5 | ||
| BBB Rating | A+ | D- | ||
Comparative Historical APY Insights (Last 4 Months)
| Bank of America | Wells Fargo | |||
|---|---|---|---|---|
| Product | Advantage Savings | vs | Platinum Savings | Way2Save Savings |
| Latest APY | 0.01 % | 0.05 % | 0.01 % | |
| Trend | Sideways | Falling | Sideways | |
| Slope (bps/mo) | -0.0 | -70.3 | 0.0 | |
| Rate Changes / Mo | 0.00 | 0.74 | 0.00 | |
| Days Since Last Change | 121 | 27 | 121 | |
| High (-4 m) | 0.01 % | 2.51 % | 0.01 % | |
| Low (-4 m) | 0.01 % | 0.05 % | 0.01 % | |
| Draw-down from High | 0.0 % | -98.0 % | 0.0 % | |
| Volatility (CV) | 0.000 | 0.600 | 0.000 | |
APY Insights Glossary
- Latest APY
- Most recent advertised annual-percentage yield.
- Trend
- Direction over the last 4 months (regression slope).
- Slope (bps/mo)
- Average monthly change; 10 bps = 0.10 pp.
- Rate Changes / Mo
- Typical number of APY moves per month.
- Days Since Last Change
- Recency of the latest APY adjustment.
- High (-4 m)
- Highest APY in the last 121 days.
- Low (-4 m)
- Lowest APY in the last 121 days.
- Draw-down from High
- How far today sits below the 4-month peak.
- Volatility (CV)
- Coefficient of variation = stdev ÷ mean.
Why Track Savings-Account APYs?
- See how quickly a bank reacts to Fed moves or competition.
- Gauge “twitchiness” - frequent moves can annoy savers.
- Spot if you're buying near a peak (draw-down) or riding a rise.
- Slope (bps/mo) shows speed of change.
- Volatility (CV) scales jumps by average level.