Santander Bank vs. Wells Fargo
Wells Fargo edges out Santander Bank slightly at 0.05% vs 0.01% APY. On a $10,000 balance, the difference is just $4 per year—so other factors may matter more.
The Bottom Line
The Santander Bank and Wells Fargo savings accounts are very similar. Choose Santander Bank if you want a no-strings-attached account, or choose Wells Fargo if you're an Android user.
Important Considerations
Wells Fargo requires a checking account to unlock its top savings rate, while Santander Bank offers its savings account standalone.
| Metric | Santander BankSantander Savings Jan 29, 2026 | Wells FargoPlatinum Savings Feb 17, 2026 |
|---|---|---|
| APY | 0.01% | 0.05% |
Est. Earnings | $5,000+$1 $10,000+$1 $25,000+$3 | $5,000+$3 $10,000+$5 $25,000+$13 |
Min Deposit | $25 | $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 MinimumsGreat iOS AppGreat Android AppIn-Person AccessZelle® 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 4.15% APY.
Comparison Analysis
Comparing Santander Bank vs. Wells Fargo
Executive Summary
Wells Fargo offers a higher APY of 0.05% with its Platinum Savings account, which is tiered and requires a balance of $1,000,000 or more or a linked Wells Fargo Premier checking account. For those looking for lower balances, the Way2Save Savings account provides a comparable APY of 0.01%. In contrast, Santander Bank's Santander Savings account also offers an APY of 0.01% but does not require a checking account. Both banks have a minimum deposit of $25 and daily compounding frequency. However, Wells Fargo has a maintenance fee of $5, which can be waived under certain conditions, while Santander has a $1 fee.
The analysis is based on current Banksparency database records
* This content is provided for informational purposes only; always verify details with the provider.
Why Santander Bank?
- ✓No checking account or direct deposit required
Why Wells Fargo?
- ✓Higher rated Android app (4.8 vs 4.1)
- ✓Offers 2 different high-yield savings options
— Key Feature Differences —
Best Mobile App Experience
Wells FargoWells Fargo offers an iOS app rated 4.9 (vs. 4.8) and Android app rated 4.8 (vs. 4.1)
Shared Benefits
Over a 1-year period, Wells Fargo's Platinum Savings pays $4 more interest on a $10,000 balance than Santander Bank's Santander 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
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Santander Bank vs. Wells Fargo Savings Calculator
You earn $4 more with Wells Fargo than Santander Bank 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.
Santander Bank
Santander Savings
Savings Breakdown
- Interest Earned+$1.00(0.0%)
- Total Contributions$0
- Initial Deposit$10,000
Projected Balance
$10,001.00
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 | Santander Bank | Wells Fargo |
|---|---|---|
| APY | 0.01% Verified: 1/29/2026 Stable (90d) | 0.05% Range: 0.05% - 0.05% Verified: 2/17/2026 Stable (90d) |
| Product Name | Santander Savings | Platinum Savings |
| Minimum Deposit | $25 | $25 |
| Min. Balance for APY | $0 | $1,000,000 |
| Monthly Fee | $1 | $12. Waived with $3,500 minimum daily balance. |
| Compound Frequency | Daily | Daily |
| Branch Access | Yes | Yes |
| Account Type | Online & Branches | Online & Branches |
| Physical Branches | Primarily in the Northeast and Miami, Florida | 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 Branch-based retail accounts only. | 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 Santander 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 | Santander Bank | Wells Fargo | |
|---|---|---|---|
| Santander Savings | Platinum Savings | Way2Save Savings | |
Current APY | 0.01% | 0.05% | 0.01% |
Trend | Stable | Stable | Stable |
Velocity (bps/mo) | -0.4 | -47.7 | 0.0 |
Days Since Change | 132 | 104 | 198 |
6-Month High | 0.03% | 2.51% | 0.01% |
6-Month Low | 0.01% | 0.05% | 0.01% |
Adjustments / Mo | 0.15 | 0.45 | 0.00 |
Volatility Score | 0.576 | 1.308 | 0.000 |
How to read these metrics(Click to expand)
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Compare Santander Bank's APY of 0.01% with other banks
| Bank Pair | Competitor APY | Min Deposit |
|---|---|---|
| Santander Bank vs Ally Bank | 3.30% | $0 |
| Santander Bank vs American Express | 3.30% | $0 |
| Santander Bank vs Axos Bank | 4.21% | $0 |
| Santander Bank vs Bank of America | 0.01% | $100 |
| Santander Bank vs Barclays | 4.00% | $0 |
| Santander Bank vs Capital One | 3.30% | $0 |
| Santander Bank vs Chase Bank | 0.01% | $0 |
| Santander Bank vs Chime | 3.00% | $0 |
| Santander Bank vs CIT Bank | 3.75% | $100 |
| Santander Bank vs Citibank | 3.20% | $0 |
| Santander Bank vs Discover Bank | 3.30% | $0 |
| Santander Bank vs EverBank | 3.90% | $0 |
| Santander Bank vs Marcus by Goldman Sachs | 3.65% | $0 |
| Santander Bank vs Newtek Bank | 4.20% | $0.01 |
| Santander Bank vs Openbank | 4.09% | $500 |
| Santander Bank vs Pibank | 4.60% | $0 |
| Santander Bank vs SoFi Bank | 4.00% | $0 |
| Santander Bank vs Synchrony Bank | 3.50% | $0 |
| Santander Bank vs Varo Bank | 5.00% | $0 |
| Santander Bank vs Wealthfront | 3.95% | $0 |