Sallie Mae Bank vs. Wells Fargo
Comparing Sallie Mae Bank and Wells Fargo for savings: Sallie Mae Bank's High-Yield Savings Account 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? Sallie Mae Bank pays $385 more than Wells Fargo annually ($390 vs $5).
Choose Sallie Mae Bank if getting the best rate matters most, or you want a no-strings-attached account. Choose Wells Fargo if you value in-person banking, mobile app quality matters, or you want Zelle for quick transfers.
Important Considerations
Wells Fargo requires a checking account to unlock its top savings rate, while Sallie Mae Bank offers its savings account standalone.
| Metric | Sallie Mae BankHigh-Yield Savings Account Feb 6, 2026 | Wells FargoPlatinum Savings Feb 6, 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 MinimumsDaily 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 Sallie Mae Bank vs. Wells Fargo
Executive Summary
Sallie Mae Bank offers a High-Yield Savings Account with a competitive APY of 3.90%, making it a strong choice for savers looking for better returns without any direct deposit requirements or maintenance fees. In contrast, Wells Fargo's savings options, including the Way2Save Savings account and the Platinum Savings account, yield significantly lower APYs of 0.01% and 0.05%, respectively, with the latter requiring a linked Premier checking account for optimal rates. Additionally, Wells Fargo has a mobile app rated highly, but for those focused on savings growth, Sallie Mae Bank is the clear winner.
The analysis is based on current Banksparency database records
* This content is provided for informational purposes only; always verify details with the provider.
Why Sallie Mae Bank?
- ✓Higher potential APY (3.90% 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 1.5)
- ✓Higher rated Android app (4.8 vs 1.6)
- ✓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
Sallie Mae BankSallie Mae Bank's High-Yield Savings Account earns more on smaller deposits (approx. $390 vs $5/yr).
Better Returns at $25,000
Sallie Mae BankSallie Mae Bank's High-Yield Savings Account pulls ahead with larger amounts (approx. $975 vs $13/yr).
Best for Simplicity
Sallie Mae BankSallie Mae Bank's High-Yield Savings Account 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. 1.5) and Android app rated 4.8 (vs. 1.6)
Shared Benefits
Over a 1-year period, Sallie Mae Bank's High-Yield Savings Account 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
Sallie Mae Bank vs. Wells Fargo Savings Calculator
You earn $385 more with Sallie Mae 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.
Sallie Mae Bank
High-Yield Savings Account
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 | Sallie Mae Bank | Wells Fargo |
|---|---|---|
| APY | 3.90% Verified: 2/6/2026 Stable (90d) | 0.05% Range: 0.05% - 0.05% Verified: 2/6/2026 Stable (90d) |
| Product Name | High-Yield Savings Account | 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 | 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 | Not Supported | 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 Sallie Mae 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 | Sallie Mae Bank | Wells Fargo | |
|---|---|---|---|
| High-Yield Savings Account | Platinum Savings | Way2Save Savings | |
Current APY | 3.90% | 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 | 3.90% | 2.51% | 0.01% |
7-Month Low | 3.90% | 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 Sallie Mae Bank's APY of 3.90% with other banks
| Bank Pair | Competitor APY | Min Deposit |
|---|---|---|
| Sallie Mae Bank vs Ally Bank | 3.30% | $0 |
| Sallie Mae Bank vs American Express | 3.30% | $0 |
| Sallie Mae Bank vs Axos Bank | 4.21% | $0 |
| Sallie Mae Bank vs Bank of America | 0.01% | $100 |
| Sallie Mae Bank vs Barclays | 4.00% | $0 |
| Sallie Mae Bank vs Capital One | 3.30% | $0 |
| Sallie Mae Bank vs Chase Bank | 0.01% | $0 |
| Sallie Mae Bank vs Chime | 3.00% | $0 |
| Sallie Mae Bank vs CIT Bank | 3.75% | $100 |
| Sallie Mae Bank vs Citibank | 3.20% | $0 |
| Sallie Mae Bank vs Discover Bank | 3.30% | $0 |
| Sallie Mae Bank vs EverBank | 3.90% | $0 |
| Sallie Mae Bank vs Marcus by Goldman Sachs | 3.65% | $0 |
| Sallie Mae Bank vs Newtek Bank | 4.20% | $0.01 |
| Sallie Mae Bank vs Openbank | 4.09% | $500 |
| Sallie Mae Bank vs Pibank | 4.60% | $0 |
| Sallie Mae Bank vs SoFi Bank | 4.00% | $0 |
| Sallie Mae Bank vs Synchrony Bank | 3.50% | $0 |
| Sallie Mae Bank vs Varo Bank | 5.00% | $0 |
| Sallie Mae Bank vs Wealthfront | 3.95% | $0 |