Charles Schwab Bank vs. Wells Fargo
Compare rates, requirements, and features side-by-side to find the best option for you.
Charles Schwab Bank
Schwab Bank Investor Savings™
0.15%APYDec 10, 2025FDIC InsuredNo MinimumsGreat iOS AppIn-Person AccessShow Fine Print & Trends Hide Details
Charles Schwab Bank
Schwab Bank Investor Savings™
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.
Charles Schwab Bank vs. Wells Fargo Savings Calculator
Charles Schwab Bank earns $57.5 more than Wells Fargo.
Charles Schwab Bank
Schwab Bank Investor Savings™
Savings Breakdown
- Interest Earned+$86.10(0.5%)
- Total Contributions$13,000
- Initial Deposit$5,000
Projected Balance
$18,086.10
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 Charles Schwab Bank vs. Wells Fargo
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
— Key Feature Differences —
Better Returns at $10,000
Charles Schwab BankCharles Schwab Bank's Schwab Bank Investor Savings™ earns more on smaller deposits (approx. $15 vs $0/yr).
Better Returns at $25,000
Charles Schwab BankCharles Schwab Bank's Schwab Bank Investor Savings™ pulls ahead with larger amounts (approx. $38 vs $0/yr).
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.
Executive Summary
Charles Schwab Bank offers a competitive savings option with its Schwab Bank Investor Savings™, which provides an APY of 0.15%. This account requires no minimum deposit and has no maintenance fees, making it accessible for all savers. In contrast, Wells Fargo's highest APY is 0.05% available through its Platinum Savings account, which requires a minimum balance of $1,000,000 and is contingent upon linking to a Wells Fargo Premier checking account. Their Way2Save Savings account offers an even lower APY of 0.01%. Overall, Charles Schwab Bank is the clear winner in terms of APY, providing better returns on savings.
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.
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| Feature | Charles Schwab Bank | Wells Fargo |
|---|---|---|
| APY | 0.15% Verified: 12/10/2025 Stable (90d) | 0.05% Range: 0.05% - 0.05% Verified: 12/10/2025 ↘︎ 2.46%90d Change |
| 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. |
| Branch Access | Yes | Yes |
| Account Type | Online & Branches | Online & Branches |
| Direct Deposit Req. | None | None |
| Checking Bundle | No | Yes |
| Mobile Apps | iOS4.8 Android2.9 | 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 | 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 | -71.8 | -0.0 |
Days Since Change | 147 | 54 | 147 |
5-Month High | 0.15% | 2.51% | 0.01% |
5-Month Low | 0.15% | 0.05% | 0.01% |
Adjustments / Mo | 0.00 | 0.61 | 0.00 |
Volatility Score | 0.000 | 0.883 | 0.000 |
How to read these metrics(Click to expand)
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