Chase Bank vs Wells Fargo
High-Yield Savings Accounts Comparison

Last Updated: August 29, 2025

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Summary of Chase Bank vs. Wells Fargo

As of August 29, 2025 Chase Bank offers an APY of 0.01% for its Chase Savings℠ account, compared to Wells Fargo's 2.51% APY for its Platinum Savings account.

Wells Fargo yields $4 more than Chase Bank on a $10,000 balance after one year. Chase Bank pays $1, while Wells Fargo pays $5 (with an effective APY of 0.05%) - an APY advantage for Wells Fargo.

In addition, Wells Fargo also offers 0.01% APY for the Way2Save Savings account.

Chase Bank

Strengths

  • Chase Bank has a higher App Store rating of 4.8 compared to Wells Fargo's 4.9.
  • Chase Bank's maintenance fee can be waived with a $300 balance, making it accessible.
  • Chase Bank has no minimum balance for its Chase Savings℠ account.

Potential Drawbacks

  • Chase Bank offers a low APY of 0.01%, significantly lower than Wells Fargo's high-yield options.
  • Chase Bank's BBB rating is A-, indicating moderate trustworthiness.
  • Chase Bank has no branches, limiting in-person banking options.

Wells Fargo

Strengths

  • Wells Fargo's Platinum Savings offers a competitive APY of 2.51% for high balances.
  • Wells Fargo has a large branch network across 36 states and D.C.
  • Wells Fargo's Way2Save Savings account has no minimum balance requirement.

Potential Drawbacks

  • Wells Fargo's BBB rating is F and it is not accredited, indicating poor trustworthiness.
  • Wells Fargo charges a maintenance fee of $12 unless a $3,500 balance is maintained.
  • Wells Fargo's Platinum Savings requires a $1,000,000 minimum balance for the highest APY.
Summary: Chase Bank offers a low APY of 0.01% with no minimum balance for its savings account, while Wells Fargo provides a higher APY of 2.51% for its Platinum Savings account, but requires a $1,000,000 minimum balance. Chase Bank has a better App Store rating and no branches, while Wells Fargo has a large branch network but a poor BBB rating. Both banks have maintenance fees that can be waived under certain conditions.

Compare Chase Bank's vs Wells Fargo's Savings Accounts

Chase BankWells Fargo
ProductChase Savings℠vsWay2Save SavingsPlatinum Savings
APY
0.01% (as of 8/29/2025)0.01% (as of 8/29/2025)0.05% - 2.51% (as of 8/29/2025)
Bundled Account
NoNoYes
FDIC-insured
YesYesYes
Online OnlyNoNoNo
Compound Frequency
MonthlyDailyDaily
Minimum Deposit$0$25$25
Minimum Balance for APY$0$0$1,000,000
Maintenance Fee$5$5. Waived under some circumstances.$12. Waived with $3,500 minimum daily balance.
Direct Deposit Required
NoNoNo
NoteAPY may vary by market. The maintenance fee may be waived under some circumstances, such as if the account balance is maintained with at least $300 each day, or you set up automatic transfers from a linked Chase account, etc.This is a tiered savings account where rates vary based on the balance. The 2.51% 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.
App Store Rating4.8/54.9/5
Google Play Rating4.5/54.8/5
BBB RatingA-F

Comparative Historical APY Insights (Last 2 Months)

Chase BankWells Fargo
ProductChase Savings℠vsPlatinum SavingsWay2Save Savings
Latest APY0.01 %2.51 %0.01 %
TrendSidewaysSidewaysSideways
Slope (bps/mo)0.00.0-0.0
Rate Changes / Mo0.000.000.00
Days Since Last Change454545
High (-2 m)0.01 %2.51 %0.01 %
Low (-2 m)0.01 %2.51 %0.01 %
Draw-down from High0.0 %0.0 %0.0 %
Volatility (CV)0.0000.0000.000
APY Insights Glossary
Latest APY
Most recent advertised annual-percentage yield.
Trend
Direction over the last 2 months (regression slope).
Slope (bps/mo)
Average monthly change; 10 bps = 0.10 pp.
Rate Changes / Mo
Typical number of APY moves per month.
Days Since Last Change
Recency of the latest APY adjustment.
High (-2 m)
Highest APY in the last 46 days.
Low (-2 m)
Lowest APY in the last 46 days.
Draw-down from High
How far today sits below the 2-month peak.
Volatility (CV)
Coefficient of variation = stdev ÷ mean.
Why Track Savings-Account APYs?
  • See how quickly a bank reacts to Fed moves or competition.
  • Gauge “twitchiness” - frequent moves can annoy savers.
  • Spot if you're buying near a peak (draw-down) or riding a rise.
  • Slope (bps/mo) shows speed of change.
  • Volatility (CV) scales jumps by average level.

Calculate Savings Growth for Chase Bank vs Wells Fargo

All calculations are based on APY.

Chase Bank

APY: 0.01%

Total savings breakdown:

  • Interest earned: $5.7 (0.03%)
  • Total contributions: $13,000 (72.20%)
  • Initial deposit: $5,000 (27.77%)

Your total balance

$18,005.70

Effective APY: 0.01% (based on your deposit and contributions)

Total balance: $18,005.7

Earnings: $5.7

Bank Overview

Wells Fargo

APY: 2.51%

⚠️The higher APY only applies once your balance reaches $1,000,000.

Total savings breakdown:

  • Interest earned: $28.6 (0.16%)
  • Total contributions: $13,000 (72.11%)
  • Initial deposit: $5,000 (27.73%)

Your total balance

$18,028.60

Effective APY: 0.05% (based on your deposit and contributions)

Total balance: $18,028.6

Earnings: $28.6

Bank Overview

With a $5,000 initial deposit and $13,000 in total contributions over 5 years, Chase Bank's total earnings would be $22.9 lower than Wells Fargo's total earnings.

The Banksparency Savings Calculator provides estimated savings growth based on user input and our latest data.

More Comparisons

Compare Chase Bank's APY of 0.01% with other banks
Compare Wells Fargo's APY of 2.51% with other banks