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 America | Wells Fargo | |||
|---|---|---|---|---|
| Product | Advantage Savings | vs | Way2Save Savings | Platinum 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 | 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 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 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 2 Months)
| Bank of America | Wells Fargo | |||
|---|---|---|---|---|
| Product | Advantage Savings | vs | Platinum Savings | Way2Save Savings |
| Latest APY | 0.01 % | 2.51 % | 0.01 % | |
| Trend | Sideways | Sideways | Sideways | |
| Slope (bps/mo) | 0.0 | 0.0 | -0.0 | |
| Rate Changes / Mo | 0.00 | 0.00 | 0.00 | |
| Days Since Last Change | 45 | 45 | 45 | |
| High (-2 m) | 0.01 % | 2.51 % | 0.01 % | |
| Low (-2 m) | 0.01 % | 2.51 % | 0.01 % | |
| Draw-down from High | 0.0 % | 0.0 % | 0.0 % | |
| Volatility (CV) | 0.000 | 0.000 | 0.000 | |
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 OverviewWells 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 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.
More Comparisons
Compare Bank of America's APY of 0.01% with other banks
| Bank Pair | Best APY | Min Deposit |
|---|---|---|
| Bank of America vs Ally Bank | 3.50% | $0 |
| Bank of America vs American Express | 3.50% | $0 |
| Bank of America vs Axos Bank | 4.46% | $0 |
| Bank of America vs Barclays | 4.10% | $0 |
| Bank of America vs Capital One | 3.50% | $0 |
| Bank of America vs Chase Bank | 0.01% | $0 |
| Bank of America vs Chime | 3.75% | $0 |
| Bank of America vs CIT Bank | 4.00% | $100 |
| Bank of America vs Discover Bank | 3.50% | $0 |
| Bank of America vs Fitness Bank | 4.85% | $100 |
| Bank of America vs Marcus by Goldman Sachs | 3.65% | $0 |
| Bank of America vs Presidential Bank | 4.50% | $5,000 |
| Bank of America vs SoFi Bank | 3.80% | $0 |
| Bank of America vs Synchrony Bank | 3.80% | $0 |
| Bank of America vs UFB Direct | 4.21% | $5000 |
| Bank of America vs Varo Bank | 5.00% | $0 |
Compare Wells Fargo's APY of 2.51% with other banks
| Bank Pair | Best APY | Min Deposit |
|---|---|---|
| Wells Fargo vs Ally Bank | 3.50% | $0 |
| Wells Fargo vs American Express | 3.50% | $0 |
| Wells Fargo vs Axos Bank | 4.46% | $0 |
| Wells Fargo vs Barclays | 4.10% | $0 |
| Wells Fargo vs Capital One | 3.50% | $0 |
| Wells Fargo vs Chase Bank | 0.01% | $0 |
| Wells Fargo vs Chime | 3.75% | $0 |
| Wells Fargo vs CIT Bank | 4.00% | $100 |
| Wells Fargo vs Discover Bank | 3.50% | $0 |
| Wells Fargo vs Fitness Bank | 4.85% | $100 |
| Wells Fargo vs Marcus by Goldman Sachs | 3.65% | $0 |
| Wells Fargo vs Presidential Bank | 4.50% | $5,000 |
| Wells Fargo vs SoFi Bank | 3.80% | $0 |
| Wells Fargo vs Synchrony Bank | 3.80% | $0 |
| Wells Fargo vs UFB Direct | 4.21% | $5000 |
| Wells Fargo vs Varo Bank | 5.00% | $0 |