Bank Of America vs Wells Fargo
High-Yield Savings Accounts Comparison

Last Updated: August 29, 2025

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Summary of Bank of America vs. Wells Fargo

As of August 29, 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.

In addition, Wells Fargo also offers 0.01% APY for the Way2Save Savings account.

Bank of America

Strengths

  • Bank of America has a strong BBB rating of A+.
  • The Advantage Savings account has a low minimum deposit of $100.

Potential Drawbacks

  • The current APY for Advantage Savings is only 0.01%, unchanged from 30 days ago.
  • Bank of America charges an $8 maintenance fee.

Wells Fargo

Strengths

  • Wells Fargo offers a high APY of 2.51% for the Platinum Savings account with a $1,000,000 balance.
  • Wells Fargo has a higher App Store rating of 4.9.

Potential Drawbacks

  • Wells Fargo has a poor BBB rating of F and is not BBB accredited.
  • The Platinum Savings account requires a $1,000,000 minimum balance to earn the highest APY.
Summary: Bank of America offers a low APY of 0.01% for its Advantage Savings account with a strong A+ BBB rating. In contrast, Wells Fargo provides a significantly higher APY of 2.51% for its Platinum Savings account, but requires a $1,000,000 balance and has a poor BBB rating of F. Additionally, Wells Fargo charges a $12 maintenance fee, while Bank of America charges $8.

Compare Bank of America's vs Wells Fargo's Savings Accounts

Bank of AmericaWells Fargo
ProductAdvantage SavingsvsWay2Save SavingsPlatinum Savings
APY
0.01% (as of 8/29/2025)0.01% (as of 8/29/2025)0.05% - 2.51% (as of 8/29/2025)
Bundled Account
NoNoYes
FDIC-insured
YesYesYes
Online OnlyNoNoNo
Compound Frequency
MonthlyDailyDaily
Minimum Deposit$100$25$25
Minimum Balance for APYN/A$0$1,000,000
Maintenance Fee$8$5. Waived under some circumstances.$12. Waived with $3,500 minimum daily balance.
Direct Deposit Required
NoNoNo
NoteAPY 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.
App Store Rating4.8/54.9/5
Google Play Rating4.6/54.8/5
BBB RatingA+F

Comparative Historical APY Insights (Last 2 Months)

Bank of AmericaWells Fargo
ProductAdvantage SavingsvsPlatinum SavingsWay2Save Savings
Latest APY0.01 %2.51 %0.01 %
TrendSidewaysSidewaysSideways
Slope (bps/mo)0.00.0-0.0
Rate Changes / Mo0.000.000.00
Days Since Last Change454545
High (-2 m)0.01 %2.51 %0.01 %
Low (-2 m)0.01 %2.51 %0.01 %
Draw-down from High0.0 %0.0 %0.0 %
Volatility (CV)0.0000.0000.000
APY Insights Glossary
Latest APY
Most recent advertised annual-percentage yield.
Trend
Direction over the last 2 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 (-2 m)
Highest APY in the last 46 days.
Low (-2 m)
Lowest APY in the last 46 days.
Draw-down from High
How far today sits below the 2-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.

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 Overview

Wells Fargo

APY: 2.51%

⚠️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 Overview

With 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.

More Comparisons

Compare Bank of America's APY of 0.01% with other banks
Compare Wells Fargo's APY of 2.51% with other banks