Carver Bank vs. Wells Fargo
Comparing Carver Bank and Wells Fargo for savings: Carver Bank's High Yield Savings pays 4.00% 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? Carver Bank pays $395 more than Wells Fargo annually ($400 vs $5).
Choose Carver Bank if getting the best rate matters most, or you want a no-strings-attached account. Choose Wells Fargo if you value in-person banking.
Important Considerations
Wells Fargo requires a checking account to unlock its top savings rate, while Carver Bank offers its savings account standalone.
| Metric | Carver BankHigh Yield Savings Feb 21, 2026 | Wells FargoPlatinum Savings Feb 21, 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® SupportedDaily CompoundingStable Rate | 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 Carver Bank vs. Wells Fargo
Executive Summary
Carver Bank offers a High Yield Savings account with a competitive APY of 4.00%, making it a strong choice for savers, especially with a minimum deposit of $5,000 and no maintenance fees if the balance requirement is met. This account is online-only and does not require direct deposit. In contrast, Wells Fargo's Way2Save Savings account yields only 0.01% APY, while its Platinum Savings account offers a maximum of 0.05% APY, but requires a substantial minimum balance of $1,000,000 and is linked to a checking account. Overall, Carver Bank's offering 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.
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.
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: 2/21/2026 Stable (90d) | 0.05% Range: 0.05% - 0.05% Verified: 2/21/2026 Stable (90d) |
| 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. |
| Compound Frequency | Daily | Daily |
| Branch Access | None | Yes |
| Account Type | Online Only | Online & Branches |
| Physical Branches | N/A | 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 | YesVerify FDIC | YesVerify FDIC |
| Zelle® Support | Available Full native integration in digital banking. | 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 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 | -46.5 | 0.0 |
Days Since Change | 221 | 127 | 221 |
7-Month High | 4.00% | 2.51% | 0.01% |
7-Month Low | 4.00% | 0.05% | 0.01% |
Adjustments / Mo | 0.00 | 0.41 | 0.00 |
Volatility Score | 0.000 | 1.328 | 0.000 |
How to read these metrics(Click to expand)
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Compare Carver Bank's APY of 4.00% with other banks
| Bank Pair | Competitor APY | Min Deposit |
|---|---|---|
| Carver Bank vs Ally Bank | 3.20% | $0 |
| Carver Bank vs American Express | 3.30% | $0 |
| Carver Bank vs Axos Bank | 4.21% | $0 |
| Carver Bank vs Bank of America | 0.01% | $100 |
| Carver Bank vs Barclays | 3.85% | $0 |
| Carver Bank vs Capital One | 3.30% | $0 |
| Carver Bank vs Chase Bank | 0.01% | $0 |
| Carver Bank vs Chime | 3.00% | $0 |
| Carver Bank vs CIT Bank | 3.75% | $100 |
| Carver Bank vs Citibank | 3.20% | $0 |
| Carver Bank vs Discover Bank | 3.30% | $0 |
| Carver Bank vs EverBank | 3.90% | $0 |
| Carver Bank vs Marcus by Goldman Sachs | 3.65% | $0 |
| Carver Bank vs Newtek Bank | 4.20% | $0.01 |
| Carver Bank vs Openbank | 4.09% | $500 |
| Carver Bank vs Pibank | 4.60% | $0 |
| Carver Bank vs SoFi Bank | 4.00% | $0 |
| Carver Bank vs Synchrony Bank | 3.50% | $0 |
| Carver Bank vs Varo Bank | 5.00% | $0 |
| Carver Bank vs Wealthfront | 3.95% | $0 |