Bank of America vs. Wells Fargo
Wells Fargo edges out Bank of America slightly at 0.05% vs 0.01% APY. On a $10,000 balance, the difference is just $4 per year—so other factors may matter more.
The Bottom Line
The Bank of America and Wells Fargo savings accounts are very similar. Choose Bank of America if you want a no-strings-attached account. Choose Wells Fargo if you value in-person banking.
Important Considerations
Wells Fargo requires a checking account to unlock its top savings rate, while Bank of America offers its savings account standalone.
| Metric | Bank of AmericaAdvantage Savings Feb 25, 2026 | Wells FargoPlatinum Savings Mar 7, 2026 |
|---|---|---|
| APY | 0.01% | 0.05% |
Est. Earnings | $5,000+$1 $10,000+$1 $25,000+$3 | $5,000+$3 $10,000+$5 $25,000+$13 |
Min Deposit | $100 | $25 |
Snapshot view. Rates subject to change. | ||
Terms | 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. |
| Features | FDIC InsuredLow MinimumsGreat iOS AppGreat Android AppIn-Person AccessZelle® SupportedRate Changes Often | FDIC InsuredHigh MinimumGreat iOS AppGreat Android AppIn-Person AccessZelle® SupportedChecking BundleDaily CompoundingRate Changes Often |
Market Reality Check
Both of these banks offer rates below the current top tier. The best rates we track are currently above 4.15% APY.
Comparison Analysis
Comparing Bank of America vs. Wells Fargo
Executive Summary
Wells Fargo offers a superior savings option with its Platinum Savings account, providing a higher APY of 0.05%. This account requires a substantial minimum balance of $1,000,000 and must be linked to a Wells Fargo Premier checking account to earn the stated rate. For those seeking lower balance options, the Way2Save Savings account is available with an APY of 0.01%, requiring a minimum deposit of $25 and no minimum balance. In comparison, Bank of America's Advantage Savings account also offers an APY of 0.01%, with a minimum deposit of $100 and a monthly maintenance fee of $8, which can be waived under certain conditions. Both banks do not require direct deposit for their savings accounts.
The analysis is based on current Banksparency database records
* This content is provided for informational purposes only; always verify details with the provider.
Why Bank of America?
- ✓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.)
- ✓Offers 2 different high-yield savings options
Shared Benefits
Over a 1-year period, Wells Fargo's Platinum Savings pays $4 more interest on a $10,000 balance than Bank of America's Advantage Savings.
*This calculation assumes current rates remain consistent for 1 year and does not include temporary bonuses.
Non-sponsored link to official site
Non-sponsored link to official site
Top Market Contenders
Bank of America vs. Wells Fargo Savings Calculator
You earn $4 more with Wells Fargo than Bank of America on a $10,000 initial deposit for 1 year*.
*This calculation assumes that APYs remain unchanged for 1 year, and takes into account known promo rate periods, but does not factor in bonuses. You can see how often these banks have changed their rates in the Compare Savings Rates Over Time section below.
Bank of America
Advantage Savings
Savings Breakdown
- Interest Earned+$1.00(0.0%)
- Total Contributions$0
- Initial Deposit$10,000
Projected Balance
$10,001.00
Wells Fargo
Platinum Savings
Higher APY requires $1,000,000
Savings Breakdown
- Interest Earned+$5.00(0.0%)
- Total Contributions$0
- Initial Deposit$10,000
Projected Balance
$10,005.00
The Banksparency Savings Calculator provides estimated savings growth based on user input and our latest data.
| Feature | Bank of America | Wells Fargo |
|---|---|---|
| APY | 0.01% Verified: 2/25/2026 Stable (90d) | 0.05% Range: 0.05% - 0.05% Verified: 3/7/2026 Stable (90d) |
| Product Name | Advantage Savings | Platinum Savings |
| Minimum Deposit | $100 | $25 |
| Min. Balance for APY | N/A | $1,000,000 |
| Monthly Fee | $8 | $12. Waived with $3,500 minimum daily balance. |
| Compound Frequency | Monthly | Daily |
| Branch Access | Yes | Yes |
| Account Type | Online & Branches | Online & Branches |
| Physical Branches | N/A | Wells Fargo offers branches and ATMs in 36 states and Washington, D.C. |
| Direct Deposit Req. | None | None |
| Checking Bundle | No | Yes |
| Mobile Apps | ||
| FDIC Insured | YesVerify FDIC | YesVerify FDIC |
| Zelle® Support | Available Limit: $3,500/dayFounding member; highest limits for established users. | Available Limit: $3,500/dayFounding member; zero fees to replace wires. |
| BBB Rating | A+ | A- |
| Important Notes | 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. |
| Next Steps | Visit SiteVerify at Bank of America Non-sponsored link to official site | Visit SiteVerify at Wells Fargo Non-sponsored link to official site |
📈 Compare Savings Rates Over Time
Historical Performance
| Metric | Bank of America | Wells Fargo | |
|---|---|---|---|
| Advantage Savings | Platinum Savings | Way2Save Savings | |
Current APY | 0.01% | 0.05% | 0.01% |
Trend | Stable | Stable | Stable |
Velocity (bps/mo) | 0.0 | -42.5 | 0.0 |
Days Since Change | 71 | 131 | 225 |
7-Month High | 0.03% | 2.51% | 0.01% |
7-Month Low | 0.01% | 0.05% | 0.01% |
Adjustments / Mo | 0.27 | 0.40 | 0.00 |
Volatility Score | 0.141 | 1.394 | 0.000 |
How to read these metrics(Click to expand)
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