Carver Bank vs. Wells Fargo
Compare rates, requirements, and features side-by-side to find the best option for you.
| Metric | Carver BankHigh Yield Savings Jan 7, 2026 | Wells FargoPlatinum Savings Jan 7, 2026 |
|---|---|---|
| APY | 4.00% | 0.05% |
Est. Earnings | $5,000+$200 $10,000+$400 $25,000+$1,000 | $5,000+$3 $10,000+$5 $25,000+$13 |
Min Deposit | $5,000 | $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 InsuredMod. MinimumGreat iOS AppGreat Android AppZelle® Supported | FDIC InsuredHigh MinimumGreat iOS AppGreat Android AppIn-Person AccessZelle® SupportedChecking Bundle |
Market Reality Check
Both of these banks offer rates below the current top tier. The best rates we track are currently above 4.21% APY.
Comparison Analysis
Comparing Carver Bank vs. Wells Fargo
As of Carver Bank offers an APY of 4.00% for its High Yield Savings account, with a minimum balance of $5,000, compared to Wells Fargo's 0.05% APY for its Platinum Savings account, with a minimum balance of $1,000,000.
Carver Bank pays $395 more than Wells Fargo on a $10,000 balance after one year. Carver Bank pays $400, while Wells Fargo pays $5 - an APY advantage for Carver Bank.
In addition, Wells Fargo also offers 0.01% APY for the Way2Save Savings account, with a minimum balance of $0.
Why Carver Bank?
- ✓Higher potential APY (4.00% vs 0.01%-0.05%)
- ✓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.)
- ✓Higher rated Android app (4.8 vs 4.5)
- ✓Offers 2 different high-yield savings options
— Key Feature Differences —
Better Returns at $10,000
Carver BankCarver Bank's High Yield Savings earns more on smaller deposits (approx. $400 vs $5/yr).
Better Returns at $25,000
Carver BankCarver Bank's High Yield Savings pulls ahead with larger amounts (approx. $1000 vs $13/yr).
Best for Simplicity
Carver BankCarver Bank's High Yield Savings offers 4.00% APY with no bundling, direct deposit requirement or caps.
Best Mobile App Experience
Wells FargoWells Fargo offers an iOS app rated 4.9 (vs. 4.7) and Android app rated 4.8 (vs. 4.5)
Shared Benefits
Over a 1-year period, Carver Bank's High Yield Savings pays $395 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 as of
Carver Bank offers a High Yield Savings account with a competitive APY of 4.00%, requiring a minimum deposit and balance of $5,000, with no maintenance fees if the minimum balance is met. This account is online-only and does not require direct deposit, making it accessible for those looking for simplicity in savings. In contrast, Wells Fargo's highest APY is only 0.05% with their Platinum Savings account, which requires a minimum balance of $1,000,000 and is linked to a checking account. Their Way2Save Savings account offers a mere 0.01% APY with a $25 minimum deposit. Overall, Carver Bank's High Yield Savings stands out significantly in terms of returns.
The analysis is based on current Banksparency database records
* This content is provided for informational purposes only; always verify details with the provider.
Non-sponsored link to official site
Non-sponsored link to official site
Top Market Contenders
Carver Bank vs. Wells Fargo Savings Calculator
You earn $395 more with Carver Bank 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.
Carver Bank
High Yield Savings
Savings Breakdown
- Interest Earned+$400.00(3.8%)
- Total Contributions$0
- Initial Deposit$10,000
Projected Balance
$10,400.00
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 | Carver Bank | Wells Fargo |
|---|---|---|
| APY | 4.00% Verified: 1/7/2026 Stable (90d) | 0.05% Range: 0.05% - 0.05% Verified: 1/7/2026 ↘︎ 2.46%90d Change |
| Product Name | High Yield Savings | Platinum Savings |
| Minimum Deposit | $5,000 | $25 |
| Min. Balance for APY | $5,000 | $1,000,000 |
| Monthly Fee | $0, of minimum balance requirement met. Otherwise $6. | $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 | iOS4.7 Android4.5 | iOS4.9 Android4.8 |
| Zelle® Support | Available Full native integration in digital banking. | Available Limit: $3,500/dayFounding member; zero fees to replace wires. |
| 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 | Visit SiteVerify at Carver Bank 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 | Carver Bank | Wells Fargo | |
|---|---|---|---|
| High Yield Savings | Platinum Savings | Way2Save Savings | |
Current APY | 4.00% | 0.05% | 0.01% |
Trend | Stable | Stable | Stable |
Velocity (bps/mo) | 0.0 | -61.6 | -0.0 |
Days Since Change | 175 | 82 | 175 |
6-Month High | 4.00% | 2.51% | 0.01% |
6-Month Low | 4.00% | 0.05% | 0.01% |
Adjustments / Mo | 0.00 | 0.51 | 0.00 |
Volatility Score | 0.000 | 1.077 | 0.000 |
How to read these metrics(Click to expand)
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