Bank Of America vs. Wells Fargo
High-Yield Savings Account Comparison
Last Updated: October 14, 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 APY | $1,000,000 |
Bank of America
Strengths
- Bank of America has a higher App Store rating at 4.8.
- Bank of America has an A+ BBB rating, indicating higher trustworthiness.
Potential Drawbacks
- Bank of America offers a low APY of 0.01%, unchanged from 30 days ago.
- Bank of America charges an $8 maintenance fee that can be waived under certain conditions.
Wells Fargo
Strengths
- Wells Fargo's Platinum Savings account offers a higher APY of 0.05%, although this requires a $1,000,000 balance.
- Wells Fargo has branches and ATMs in 36 states and Washington, D.C.
Potential Drawbacks
- Wells Fargo has a low BBB rating of F and is not BBB Accredited.
- Wells Fargo charges a $12 maintenance fee unless a $3,500 minimum daily balance is maintained.
Summary: Bank of America offers a more trustworthy profile with an A+ BBB rating and higher App Store rating, but its APY is low at 0.01%. In contrast, Wells Fargo provides a slightly better APY of 0.05% for high balances but has an F BBB rating and higher fees. The choice may depend on users' priorities regarding trustworthiness versus APY potential.
→ As of October 14, 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
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
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 10/14/2025) | 0.01% (as of 10/14/2025) | 0.05% - 0.05% (as of 10/14/2025) | |
| 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+ | F | ||
Comparative Historical APY Insights (Last 3 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 | -14.8 | 0.0 | |
| Rate Changes / Mo | 0.00 | 0.33 | 0.00 | |
| Days Since Last Change | 92 | 2 | 92 | |
| High (-3 m) | 0.01 % | 2.51 % | 0.01 % | |
| Low (-3 m) | 0.01 % | 0.05 % | 0.01 % | |
| Draw-down from High | 0.0 % | -98.0 % | 0.0 % | |
| Volatility (CV) | 0.000 | 0.176 | 0.000 | |
APY Insights Glossary
- Latest APY
- Most recent advertised annual-percentage yield.
- Trend
- Direction over the last 3 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 (-3 m)
- Highest APY in the last 92 days.
- Low (-3 m)
- Lowest APY in the last 92 days.
- Draw-down from High
- How far today sits below the 3-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.
More Comparisons
Compare Bank of America's APY of 0.01% with other banks
Compare Wells Fargo's APY of 0.05% with other banks
| Bank Pair | Competitor APY | Min Deposit |
|---|---|---|
| Wells Fargo vs Ally Bank | 3.40% | $0 |
| Wells Fargo vs American Express | 3.50% | $0 |
| Wells Fargo vs Axos Bank | 4.51% | $0 |
| Wells Fargo vs Barclays | 4.10% | $0 |
| Wells Fargo vs BrioDirect | 4.20% | $5,000 |
| Wells Fargo vs Capital One | 3.40% | $0 |
| Wells Fargo vs Chase Bank | 0.01% | $0 |
| Wells Fargo vs Chime | 3.75% | $0 |
| Wells Fargo vs CIT Bank | 3.85% | $100 |
| Wells Fargo vs Discover Bank | 3.40% | $0 |
| Wells Fargo vs Elevault | 4.34% | $0 |
| Wells Fargo vs EverBank | 4.05% | $0 |
| Wells Fargo vs Fitness Bank | 4.75% | $100 |
| Wells Fargo vs FVCbank | 4.10% | $500 |
| Wells Fargo vs GO2bank | 4.50% | $0 |
| Wells Fargo vs Marcus by Goldman Sachs | 3.65% | $0 |
| Wells Fargo vs Neighbors Bank | 4.50% | $0 |
| Wells Fargo vs Newtek Bank | 4.35% | $0 |
| Wells Fargo vs Peak Bank | 4.20% | $100 |
| Wells Fargo vs Pibank | 4.60% | $0 |
| Wells Fargo vs Presidential Bank | 4.50% | $5,000 |
| Wells Fargo vs Santander Bank | 0.01% | $25 |
| Wells Fargo vs SoFi Bank | 4.50% | $0 |
| Wells Fargo vs Synchrony Bank | 3.80% | $0 |
| Wells Fargo vs TIMBR | 4.40% | $1,000 |
| Wells Fargo vs UFB Direct | 3.96% | $5000 |
| Wells Fargo vs Varo Bank | 5.00% | $0 |
| Wells Fargo vs Zynlo Bank | 4.20% | $10 |