Betterment vs. Wells Fargo
Comparing Betterment and Wells Fargo for savings: Betterment's Cash Reserve pays 3.25% APY while Wells Fargo's Platinum Savings pays 0.05% APY.
Note: Wells Fargo requires a checking account.
See how they compare on rate stability, mobile app ratings, and more below.
The Bottom Line
Who pays more interest on $10,000? Betterment pays $320 more than Wells Fargo annually ($325 vs $5).
Choose Betterment if getting the best rate matters most, or you want a no-strings-attached account. Choose Wells Fargo if you value in-person banking, or you want Zelle for quick transfers.
Important Considerations
Wells Fargo requires a checking account to unlock its top savings rate, while Betterment offers its savings account standalone.
| Metric | BettermentCash Reserve Feb 6, 2026 | Wells FargoPlatinum Savings Feb 6, 2026 |
|---|---|---|
| APY | 3.25% | 0.05% |
Est. Earnings | $5,000+$163 $10,000+$325 $25,000+$813 | $5,000+$3 $10,000+$5 $25,000+$13 |
Min Deposit | $10 | $25 |
Snapshot view. Rates subject to change. | ||
Terms | - | 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 AppRate 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 Betterment vs. Wells Fargo
Executive Summary
Betterment offers a clear advantage with its Cash Reserve, providing a competitive APY of 3.25%, which is significantly higher than Wells Fargo's Way2Save Savings and Platinum Savings accounts, which yield only 0.01% and 0.05% respectively. Betterment's account has no direct deposit requirement or maintenance fees, and it allows for a low minimum deposit of $10, making it an attractive option for savers. In contrast, Wells Fargo's accounts require a minimum deposit of $25 and have maintenance fees that can apply. Overall, Betterment's Cash Reserve stands out as the superior choice for those seeking higher returns.
The analysis is based on current Banksparency database records
* This content is provided for informational purposes only; always verify details with the provider.
Why Betterment?
- ✓Higher potential APY (3.25% vs 0.01%-0.05%) on all balances
- ✓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
- ✓Fast transfers via Zelle® (up to $3,500 a day)
— Key Feature Differences —
Better Returns at $10,000
BettermentBetterment's Cash Reserve earns more on smaller deposits (approx. $325 vs $5/yr).
Better Returns at $25,000
BettermentBetterment's Cash Reserve pulls ahead with larger amounts (approx. $813 vs $13/yr).
Best for Simplicity
BettermentBetterment's Cash Reserve offers 3.25% APY with no bundling, direct deposit requirement or caps.
Shared Benefits
Over a 1-year period, Betterment's Cash Reserve pays $320 more interest on a $10,000 balance than Wells Fargo's Platinum 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
Betterment vs. Wells Fargo Savings Calculator
You earn $320 more with Betterment than Wells Fargo 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.
Betterment
Cash Reserve
Savings Breakdown
- Interest Earned+$325.00(3.1%)
- Total Contributions$0
- Initial Deposit$10,000
Projected Balance
$10,325.00
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 | Betterment | Wells Fargo |
|---|---|---|
| APY | 3.25% Verified: 2/6/2026 ↘︎ 0.25%90d Change | 0.05% Range: 0.05% - 0.05% Verified: 2/6/2026 Stable (90d) |
| Product Name | Cash Reserve | Platinum Savings |
| Minimum Deposit | $10 | $25 |
| Min. Balance for APY | $0 | $1,000,000 |
| Monthly Fee | $0 | $12. Waived with $3,500 minimum daily balance. |
| Compound Frequency | N/A | Daily |
| Branch Access | None | Yes |
| Account Type | Online Only | Online & Branches |
| Physical Branches | None | 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 | Yes | YesVerify FDIC |
| Zelle® Support | Not Supported | Available Limit: $3,500/dayFounding member; zero fees to replace wires. |
| BBB Rating | A- | A- |
| Important Notes | - | 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 Betterment 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 | Betterment | Wells Fargo | |
|---|---|---|---|
| Cash Reserve | Platinum Savings | Way2Save Savings | |
Current APY | 3.25% | 0.05% | 0.01% |
Trend | Stable | Stable | Stable |
Velocity (bps/mo) | -14.6 | -51.1 | 0.0 |
Days Since Change | 55 | 112 | 206 |
7-Month High | 4.00% | 2.51% | 0.01% |
7-Month Low | 3.25% | 0.05% | 0.01% |
Adjustments / Mo | 0.44 | 0.44 | 0.00 |
Volatility Score | 0.083 | 1.252 | 0.000 |
How to read these metrics(Click to expand)
Compare Similar Alternatives
Compare Betterment vs...
Comparing against Standard Savings
Compare Wells Fargo vs...
Comparing against other Bundled Accounts
More Comparisons
Compare Betterment's APY of 3.25% with other banks
| Bank Pair | Competitor APY | Min Deposit |
|---|---|---|
| Betterment vs Ally Bank | 3.30% | $0 |
| Betterment vs American Express | 3.30% | $0 |
| Betterment vs Axos Bank | 4.21% | $0 |
| Betterment vs Bank of America | 0.01% | $100 |
| Betterment vs Barclays | 4.00% | $0 |
| Betterment vs Capital One | 3.30% | $0 |
| Betterment vs Chase Bank | 0.01% | $0 |
| Betterment vs Chime | 3.00% | $0 |
| Betterment vs CIT Bank | 3.75% | $100 |
| Betterment vs Citibank | 3.20% | $0 |
| Betterment vs Discover Bank | 3.30% | $0 |
| Betterment vs EverBank | 3.90% | $0 |
| Betterment vs Marcus by Goldman Sachs | 3.65% | $0 |
| Betterment vs Newtek Bank | 4.20% | $0.01 |
| Betterment vs Openbank | 4.09% | $500 |
| Betterment vs Pibank | 4.60% | $0 |
| Betterment vs SoFi Bank | 4.00% | $0 |
| Betterment vs Synchrony Bank | 3.50% | $0 |
| Betterment vs Varo Bank | 5.00% | $0 |
| Betterment vs Wealthfront | 3.95% | $0 |