Betterment vs. Wells Fargo
Compare rates, requirements, and features side-by-side to find the best option for you.
Betterment
Cash Reserve
3.50%APYDec 10, 2025FDIC InsuredLow MinimumsGreat iOS AppGreat Android AppShow Fine Print & Trends Hide Details
Betterment
Cash Reserve
Wells Fargo
Platinum Savings
0.05%APYDec 10, 2025FDIC InsuredHigh MinimumChecking BundleGreat iOS AppGreat Android AppIn-Person AccessShow Fine Print & Trends Hide Details
Wells Fargo
Platinum Savings
Market Reality Check
Both of these banks offer rates below the current top tier. The best rates we track are currently above 4.25% APY.
Betterment vs. Wells Fargo Savings Calculator
Betterment earns $2,085.5 more than Wells Fargo.
Betterment
Cash Reserve
Savings Breakdown
- Interest Earned+$2,114.10(10.5%)
- Total Contributions$13,000
- Initial Deposit$5,000
Projected Balance
$20,114.10
Wells Fargo
Platinum Savings
Higher APY requires $1,000,000
Savings Breakdown
- Interest Earned+$28.60(0.2%)
- Total Contributions$13,000
- Initial Deposit$5,000
Projected Balance
$18,028.60
The Banksparency Savings Calculator provides estimated savings growth based on user input and our latest data.
Comparison Analysis
Comparing Betterment vs. Wells Fargo
Why Betterment?
- ✓Higher potential APY (3.50% 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
— Key Feature Differences —
Better Returns at $10,000
BettermentBetterment's Cash Reserve earns more on smaller deposits (approx. $350 vs $0/yr).
Better Returns at $25,000
BettermentBetterment's Cash Reserve pulls ahead with larger amounts (approx. $875 vs $0/yr).
Best for Simplicity
BettermentBetterment's Cash Reserve offers 3.50% APY with no bundling, direct deposit requirement or caps.
Shared Benefits
Over a 1-year period, Betterment's Cash Reserve pays $345 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.
Executive Summary
Betterment offers a clear advantage with its Cash Reserve, providing a competitive APY of 3.50% with no minimum balance requirement and no direct deposit needed, making it an attractive option for savers. In contrast, Wells Fargo's highest APY is just 0.05% through its Platinum Savings account, which requires a substantial balance of $1,000,000 and is contingent upon linking to a Wells Fargo Premier checking account. The Way2Save Savings account from Wells Fargo offers an even lower APY of 0.01%, with a minimum deposit of $25. Overall, Betterment's Cash Reserve stands out as the superior choice for those seeking higher returns.
Analysis generated based on current Banksparency database records
* AI-generated content provided for informational purposes only. Accuracy is not guaranteed; always verify details with the provider.
Stop Losing Interest
See who beats both Betterment and Wells Fargo.
| Feature | Betterment | Wells Fargo |
|---|---|---|
| APY | 3.50% Verified: 12/10/2025 ↘︎ 0.50%90d Change | 0.05% Range: 0.05% - 0.05% Verified: 12/10/2025 ↘︎ 2.46%90d Change |
| 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. |
| Branch Access | None | Yes |
| Account Type | Online Only | Online & Branches |
| Direct Deposit Req. | None | None |
| Checking Bundle | No | Yes |
| Mobile Apps | iOS4.8 Android4.7 | iOS4.9 Android4.8 |
| BBB Rating | A- | D- |
| 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 |
📈 Compare Savings Rates Over Time
Historical Performance
| Metric | Betterment | Wells Fargo | |
|---|---|---|---|
| Cash Reserve | Platinum Savings | Way2Save Savings | |
Current APY | 3.50% | 0.05% | 0.01% |
Trend | Stable | Stable | Stable |
Velocity (bps/mo) | -13.8 | -71.8 | -0.0 |
Days Since Change | 39 | 54 | 147 |
5-Month High | 4.00% | 2.51% | 0.01% |
5-Month Low | 3.50% | 0.05% | 0.01% |
Adjustments / Mo | 0.41 | 0.61 | 0.00 |
Volatility Score | 0.057 | 0.883 | 0.000 |
How to read these metrics(Click to expand)
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