Charles Schwab Bank vs. Wells Fargo
Comparing Charles Schwab Bank and Wells Fargo for savings: Charles Schwab Bank's Schwab Bank Investor Savings™ pays 0.15% 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? Charles Schwab Bank pays $10 more than Wells Fargo annually ($15 vs $5).
Choose Charles Schwab Bank if you want a no-strings-attached account. Choose Wells Fargo if you value in-person banking, or you're an Android user.
Important Considerations
Wells Fargo requires a checking account to unlock its top savings rate, while Charles Schwab Bank offers its savings account standalone.
| Metric | Charles Schwab BankSchwab Bank Investor Savings™ Feb 6, 2026 | Wells FargoPlatinum Savings Feb 6, 2026 |
|---|---|---|
| APY | 0.15% | 0.05% |
Est. Earnings | $5,000+$8 $10,000+$15 $25,000+$38 | $5,000+$3 $10,000+$5 $25,000+$13 |
Min Deposit | $0 | $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 InsuredNo MinimumsGreat iOS AppIn-Person AccessZelle® 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 Charles Schwab Bank vs. Wells Fargo
Executive Summary
Charles Schwab Bank offers the Schwab Bank Investor Savings™ account with a competitive APY of 0.15%, requiring no minimum deposit or maintenance fees, making it an attractive choice for savers. In contrast, Wells Fargo's highest-yielding savings product, the Platinum Savings account, provides a significantly lower APY of 0.05%, which is only available for substantial balances of $1,000,000 or more and requires a linked Wells Fargo Premier checking account. Additionally, Wells Fargo's Way2Save Savings account offers an even lower APY of 0.01%. Overall, Charles Schwab Bank is the clear winner in terms of savings rate.
The analysis is based on current Banksparency database records
* This content is provided for informational purposes only; always verify details with the provider.
Why Charles Schwab Bank?
- ✓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 2.9)
- ✓Offers 2 different high-yield savings options
Shared Benefits
Over a 1-year period, Charles Schwab Bank's Schwab Bank Investor Savings™ pays $10 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
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Charles Schwab Bank vs. Wells Fargo Savings Calculator
You earn $10 more with Charles Schwab 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.
Charles Schwab Bank
Schwab Bank Investor Savings™
Savings Breakdown
- Interest Earned+$15.00(0.1%)
- Total Contributions$0
- Initial Deposit$10,000
Projected Balance
$10,015.00
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 | Charles Schwab Bank | Wells Fargo |
|---|---|---|
| APY | 0.15% Verified: 2/6/2026 Stable (90d) | 0.05% Range: 0.05% - 0.05% Verified: 2/6/2026 Stable (90d) |
| Product Name | Schwab Bank Investor Savings™ | Platinum Savings |
| Minimum Deposit | $0 | $25 |
| Min. Balance for APY | $0.01 | $1,000,000 |
| Monthly Fee | $0 | $12. Waived with $3,500 minimum daily balance. |
| Compound Frequency | Daily | Daily |
| Branch Access | Yes | Yes |
| Account Type | Online & Branches | 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 Integrated into Investor Checking; high liquidity. | 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 Charles Schwab 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 | Charles Schwab Bank | Wells Fargo | |
|---|---|---|---|
| Schwab Bank Investor Savings™ | Platinum Savings | Way2Save Savings | |
Current APY | 0.15% | 0.05% | 0.01% |
Trend | Stable | Stable | Stable |
Velocity (bps/mo) | 0.0 | -51.1 | 0.0 |
Days Since Change | 206 | 112 | 206 |
7-Month High | 0.15% | 2.51% | 0.01% |
7-Month Low | 0.15% | 0.05% | 0.01% |
Adjustments / Mo | 0.00 | 0.44 | 0.00 |
Volatility Score | 0.000 | 1.252 | 0.000 |
How to read these metrics(Click to expand)
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Compare Charles Schwab Bank's APY of 0.15% with other banks
| Bank Pair | Competitor APY | Min Deposit |
|---|---|---|
| Charles Schwab Bank vs Ally Bank | 3.30% | $0 |
| Charles Schwab Bank vs American Express | 3.30% | $0 |
| Charles Schwab Bank vs Axos Bank | 4.21% | $0 |
| Charles Schwab Bank vs Bank of America | 0.01% | $100 |
| Charles Schwab Bank vs Barclays | 4.00% | $0 |
| Charles Schwab Bank vs Capital One | 3.30% | $0 |
| Charles Schwab Bank vs Chase Bank | 0.01% | $0 |
| Charles Schwab Bank vs Chime | 3.00% | $0 |
| Charles Schwab Bank vs CIT Bank | 3.75% | $100 |
| Charles Schwab Bank vs Citibank | 3.20% | $0 |
| Charles Schwab Bank vs Discover Bank | 3.30% | $0 |
| Charles Schwab Bank vs EverBank | 3.90% | $0 |
| Charles Schwab Bank vs Marcus by Goldman Sachs | 3.65% | $0 |
| Charles Schwab Bank vs Newtek Bank | 4.20% | $0.01 |
| Charles Schwab Bank vs Openbank | 4.09% | $500 |
| Charles Schwab Bank vs Pibank | 4.60% | $0 |
| Charles Schwab Bank vs SoFi Bank | 4.00% | $0 |
| Charles Schwab Bank vs Synchrony Bank | 3.50% | $0 |
| Charles Schwab Bank vs Varo Bank | 5.00% | $0 |
| Charles Schwab Bank vs Wealthfront | 3.95% | $0 |