EverBank vs. Wells Fargo
Comparing EverBank and Wells Fargo for savings: EverBank's Performance Savings pays 3.90% 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? EverBank pays $385 more than Wells Fargo annually ($390 vs $5).
Choose EverBank if getting the best rate matters most, you want a no-strings-attached account, or BBB rating matters to you. Choose Wells Fargo if you value in-person banking.
Important Considerations
Wells Fargo requires a checking account to unlock its top savings rate, while EverBank offers its savings account standalone.
| Metric | EverBankPerformance Savings Apr 21, 2026 | Wells FargoPlatinum Savings Apr 21, 2026 |
|---|---|---|
| APY | 3.90% | 0.05% |
Est. Earnings | $5,000+$195 $10,000+$390 $25,000+$975 | $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 AppGreat Android AppZelle® SupportedDaily CompoundingRate Changes Often | 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 4.07% APY.
Comparison Analysis
Comparing EverBank vs. Wells Fargo
Executive Summary
EverBank offers a competitive Performance Savings account with an APY of 3.90%, which is significantly higher than Wells Fargo's Way2Save Savings account, yielding just 0.01%. EverBank's account has no minimum deposit, maintenance fees, or direct deposit requirements, making it a straightforward option for savers. In contrast, Wells Fargo's savings options, including the Platinum Savings account with a maximum APY of 0.05%, require a minimum deposit of $25 and may incur fees unless certain conditions are met. Overall, EverBank stands out as the superior choice for higher 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 EverBank?
- ✓Higher potential APY (3.90% vs 0.01%-0.05%) on all balances
- ✓No checking account or direct deposit required
Why Wells Fargo?
- ✓Offers 2 different high-yield savings options
— Key Feature Differences —
Better Returns at $10,000
EverBankEverBank's Performance Savings earns more on smaller deposits (approx. $390 vs $5/yr).
Better Returns at $25,000
EverBankEverBank's Performance Savings pulls ahead with larger amounts (approx. $975 vs $13/yr).
Best for Simplicity
EverBankEverBank's Performance Savings offers 3.90% 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. 4.7)
Shared Benefits
Over a 1-year period, EverBank's Performance Savings pays $385 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
EverBank vs. Wells Fargo Savings Calculator
You earn $385 more with EverBank 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.
EverBank
Performance Savings
Savings Breakdown
- Interest Earned+$390.00(3.8%)
- Total Contributions$0
- Initial Deposit$10,000
Projected Balance
$10,390.00
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 | EverBank | Wells Fargo |
|---|---|---|
| APY | 3.90% Verified: 4/21/2026 Stable (90d) | 0.05% Range: 0.05% - 0.05% Verified: 4/21/2026 Stable (90d) |
| Product Name | Performance Savings | Platinum Savings |
| Minimum Deposit | $0 | $25 |
| Min. Balance for APY | $0 | $1,000,000 |
| Monthly Fee | $0 | $12. Waived with $3,500 minimum daily balance. |
| Compound Frequency | Daily | Daily |
| Branch Access | None | Yes |
| Account Type | Online Only | Online & Branches |
| Physical Branches | 11 locations in Florida and California | 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 Native integration verified. | 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 EverBank 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 | EverBank | Wells Fargo | |
|---|---|---|---|
| Performance Savings | Platinum Savings | Way2Save Savings | |
Current APY | 3.90% | 0.05% | 0.01% |
Trend | Stable | Stable | Stable |
Velocity (bps/mo) | -5.1 | -32.3 | 0.0 |
Days Since Change | 123 | 186 | 280 |
9-Month High | 4.30% | 2.51% | 0.01% |
9-Month Low | 3.90% | 0.05% | 0.01% |
Adjustments / Mo | 0.21 | 0.32 | 0.00 |
Volatility Score | 0.037 | 1.583 | 0.000 |
How to read these metrics(Click to expand)
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Compare EverBank's APY of 3.90% with other banks
Compare Wells Fargo's APY of 0.05% with other banks
| Bank Pair | Competitor APY | Min Deposit |
|---|---|---|
| Wells Fargo vs Ally Bank | 3.10% | $0 |
| Wells Fargo vs American Express | 3.20% | $0 |
| Wells Fargo vs Axos Bank | 4.21% | $0 |
| Wells Fargo vs Barclays | 3.75% | $0 |
| Wells Fargo vs Capital One | 3.20% | $0 |
| Wells Fargo vs Chime | 3.00% | $0 |
| Wells Fargo vs CIT Bank | 3.75% | $100 |
| Wells Fargo vs Discover Bank | 3.30% | $0 |
| Wells Fargo vs Marcus by Goldman Sachs | 3.50% | $0 |
| Wells Fargo vs Newtek Bank | 4.20% | $0.01 |
| Wells Fargo vs Openbank | 4.00% | $500 |
| Wells Fargo vs Pibank | 4.40% | $0 |
| Wells Fargo vs SoFi Bank | 4.00% | $0 |
| Wells Fargo vs Synchrony Bank | 3.40% | $0 |
| Wells Fargo vs Varo Bank | 5.00% | $0 |
| Wells Fargo vs Wealthfront | 4.20% | $0 |