Bank of America vs. Wells Fargo
Compare rates, requirements, and features side-by-side to find the best option for you.
| Metric | Bank of AmericaAdvantage Savings Jan 21, 2026 | Wells FargoPlatinum Savings Jan 21, 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® Supported | FDIC InsuredHigh MinimumGreat iOS AppGreat Android AppIn-Person AccessZelle® SupportedChecking Bundle |
Market Reality Check
Both of these banks offer rates below the current top tier. The best rates we track are currently above 4.20% APY.
Comparison Analysis
Comparing Bank of America vs. Wells Fargo
As of 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 pays $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, with a minimum balance of $0.
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.
Executive Summary as of
Wells Fargo offers a competitive savings option with its Platinum Savings account, which provides a higher APY of 0.05% for balances of $1,000,000 or more, and requires linkage to a Wells Fargo Premier checking account. Alternatively, the Way2Save Savings account yields 0.01% APY with a lower minimum deposit of $25 and no minimum balance requirement. In contrast, Bank of America's Advantage Savings account also offers a 0.01% APY, requiring a minimum deposit of $100 and potentially incurring an $8 monthly fee unless conditions are met. Both banks have similar APYs for their standard savings accounts, but Wells Fargo's higher yield on the Platinum Savings account makes it the more attractive option for those with substantial deposits.
The analysis is based on current Banksparency database records
* This content is provided for informational purposes only; always verify details with the provider.
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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: 1/21/2026 Stable (90d) | 0.05% Range: 0.05% - 0.05% Verified: 1/21/2026 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. |
| Branch Access | Yes | Yes |
| Account Type | Online & Branches | Online & Branches |
| Direct Deposit Req. | None | None |
| Checking Bundle | No | Yes |
| Mobile Apps | iOS4.8 Android4.6 | iOS4.9 Android4.8 |
| 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+ | D- |
| 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 | -56.6 | 0.0 |
Days Since Change | 36 | 96 | 189 |
6-Month High | 0.03% | 2.51% | 0.01% |
6-Month Low | 0.01% | 0.05% | 0.01% |
Adjustments / Mo | 0.32 | 0.47 | 0.00 |
Volatility Score | 0.156 | 1.163 | 0.000 |
How to read these metrics(Click to expand)
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