Sallie Mae Bank vs. Wells Fargo
Compare rates, requirements, and features side-by-side to find the best option for you.
Sallie Mae Bank
High-Yield Savings Account
3.90%APYDec 10, 2025FDIC InsuredNo MinimumsShow Fine Print & Trends Hide Details
Sallie Mae Bank
High-Yield Savings Account
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.
Sallie Mae Bank vs. Wells Fargo Savings Calculator
Sallie Mae Bank earns $2,341.6 more than Wells Fargo.
Sallie Mae Bank
High-Yield Savings Account
Savings Breakdown
- Interest Earned+$2,370.20(11.6%)
- Total Contributions$13,000
- Initial Deposit$5,000
Projected Balance
$20,370.20
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 Sallie Mae Bank vs. Wells Fargo
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
— 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 $0/yr).
Better Returns at $25,000
Sallie Mae BankSallie Mae Bank's High-Yield Savings Account pulls ahead with larger amounts (approx. $975 vs $0/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.
Executive Summary
Sallie Mae Bank offers a High-Yield Savings Account with a competitive APY of 3.90%, making it the clear winner compared to Wells Fargo's Way2Save Savings and Platinum Savings accounts, which yield only 0.01% and 0.05% APY, respectively. Sallie Mae's account has no minimum deposit or maintenance fees, and it does not require direct deposit, making it a straightforward choice for savers. In contrast, Wells Fargo's accounts have higher minimum deposit requirements and potential maintenance fees. For those seeking higher returns, Sallie Mae Bank's offering is significantly more advantageous.
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.
Top Market Contenders
See who beats both Sallie Mae Bank and Wells Fargo.
| Feature | Sallie Mae Bank | Wells Fargo |
|---|---|---|
| APY | 3.90% Verified: 12/10/2025 Stable (90d) | 0.05% Range: 0.05% - 0.05% Verified: 12/10/2025 ↘︎ 2.46%90d Change |
| 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. |
| Branch Access | None | Yes |
| Account Type | Online Only | Online & Branches |
| Direct Deposit Req. | None | None |
| Checking Bundle | No | Yes |
| Mobile Apps | iOS1.5 Android1.6 | 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 | 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 | -71.8 | -0.0 |
Days Since Change | 147 | 54 | 147 |
5-Month High | 3.90% | 2.51% | 0.01% |
5-Month Low | 3.90% | 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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