Openbank vs. Wells Fargo
Compare rates, requirements, and features side-by-side to find the best option for you.
| Metric | OpenbankHigh-Yield Savings Account Jan 7, 2026 | Wells FargoPlatinum Savings Jan 7, 2026 |
|---|---|---|
| APY | 4.20% | 0.05% |
Est. Earnings | $5,000+$210 $10,000+$420 $25,000+$1,050 | $5,000+$3 $10,000+$5 $25,000+$13 |
Min Deposit | $500 | $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 InsuredLow Minimums | FDIC InsuredHigh MinimumGreat iOS AppGreat Android AppIn-Person AccessZelle® SupportedChecking Bundle |
Comparison Analysis
Comparing Openbank vs. Wells Fargo
As of Openbank offers an APY of 4.20% for its High-Yield Savings Account, with a minimum balance of $0, compared to Wells Fargo's 0.05% APY for its Platinum Savings account, with a minimum balance of $1,000,000.
Openbank pays $415 more than Wells Fargo on a $10,000 balance after one year. Openbank pays $420, while Wells Fargo pays $5 - an APY advantage for Openbank.
In addition, Wells Fargo also offers 0.01% APY for the Way2Save Savings account, with a minimum balance of $0.
Why Openbank?
- ✓Higher potential APY (4.20% vs 0.01%-0.05%) on all balances
- ✓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 iOS app (4.9 vs 3.1)
- ✓Higher rated Android app (4.8 vs 2.9)
- ✓Offers 2 different high-yield savings options
- ✓Fast transfers via Zelle® (up to $3,500 a day)
— Key Feature Differences —
Better Returns at $10,000
OpenbankOpenbank's High-Yield Savings Account earns more on smaller deposits (approx. $420 vs $5/yr).
Better Returns at $25,000
OpenbankOpenbank's High-Yield Savings Account pulls ahead with larger amounts (approx. $1050 vs $13/yr).
Best for Simplicity
OpenbankOpenbank's High-Yield Savings Account offers 4.20% APY with no bundling, direct deposit requirement or caps.
Best Mobile App Experience
Wells FargoWells Fargo offers an iOS app rated 4.9 (vs. 3.1) and Android app rated 4.8 (vs. 2.9)
Shared Benefits
Over a 1-year period, Openbank's High-Yield Savings Account pays $415 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 as of
Openbank's High-Yield Savings Account stands out with a competitive 4.20% APY and no direct deposit requirement, making it an excellent choice for savers looking for simplicity and higher returns. In contrast, Wells Fargo offers significantly lower yields, with their Way2Save Savings account earning only 0.01% APY and the Platinum Savings account providing a maximum of 0.05% APY, which is contingent upon linking to a Premier checking account and maintaining a substantial balance. While Wells Fargo has a strong mobile app experience, Openbank's online-only presence and higher APY make it the preferred option for those prioritizing savings growth.
The analysis is based on current Banksparency database records
* This content is provided for informational purposes only; always verify details with the provider.
Non-sponsored link to official site
Non-sponsored link to official site
Top Market Contenders
Openbank vs. Wells Fargo Savings Calculator
You earn $415 more with Openbank 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.
Openbank
High-Yield Savings Account
Savings Breakdown
- Interest Earned+$420.00(4.0%)
- Total Contributions$0
- Initial Deposit$10,000
Projected Balance
$10,420.00
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 | Openbank | Wells Fargo |
|---|---|---|
| APY | 4.20% Verified: 1/7/2026 Stable (90d) | 0.05% Range: 0.05% - 0.05% Verified: 1/7/2026 ↘︎ 2.46%90d Change |
| Product Name | High-Yield Savings Account | Platinum Savings |
| Minimum Deposit | $500 | $25 |
| Min. Balance for APY | $0 | $1,000,000 |
| Monthly Fee | $0 | $12. Waived with $3,500 minimum daily balance. |
| Branch Access | None | Yes |
| Account Type | Online Only | Online & Branches |
| Direct Deposit Req. | None | None |
| Checking Bundle | No | Yes |
| Mobile Apps | iOS3.1 Android2.9 | iOS4.9 Android4.8 |
| Zelle® Support | Not Supported | Available Limit: $3,500/dayFounding member; zero fees to replace wires. |
| BBB Rating | Not Rated | 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 Openbank 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 | Openbank | Wells Fargo | |
|---|---|---|---|
| High-Yield Savings Account | Platinum Savings | Way2Save Savings | |
Current APY | 4.20% | 0.05% | 0.01% |
Trend | Stable | Stable | Stable |
Velocity (bps/mo) | -0.3 | -61.6 | -0.0 |
Days Since Change | 169 | 82 | 175 |
6-Month High | 4.30% | 2.51% | 0.01% |
6-Month Low | 4.20% | 0.05% | 0.01% |
Adjustments / Mo | 0.17 | 0.51 | 0.00 |
Volatility Score | 0.004 | 1.077 | 0.000 |
How to read these metrics(Click to expand)
Compare Similar Alternatives
Compare Openbank vs...
Comparing against Standard Savings
Compare Wells Fargo vs...
Comparing against other Bundled Accounts