Santander Bank vs Wells Fargo
High-Yield Savings Accounts Comparison
Last Updated: September 5, 2025
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Summary of Santander Bank vs. Wells Fargo
As of September 5, 2025 Santander Bank offers an APY of 0.03% for its Santander Savings account, with a minimum balance of $0, compared to Wells Fargo's 2.51% APY for its Platinum Savings account, with a minimum balance of $1,000,000.
Wells Fargo yields $2 more than Santander Bank on a $10,000 balance after one year. Santander Bank pays $3, while Wells Fargo pays $5 (with an effective APY of 0.05%) - an APY advantage for Wells Fargo.
In addition, Wells Fargo also offers 0.01% APY for the Way2Save Savings account.
Santander Bank
Strengths
Potential Drawbacks
- Santander Bank's APY is only 0.03%, which is significantly lower than Wells Fargo's.
- Santander Bank charges a maintenance fee of $1, which can be a drawback for some customers.
Wells Fargo
Strengths
- Wells Fargo offers a high APY of 2.51% for balances of $1,000,000 or more.
- Wells Fargo has a higher App Store rating of 4.9 compared to Santander's 4.8.
- Wells Fargo has a broader branch network across 36 states and Washington, D.C.
Potential Drawbacks
- Wells Fargo has a low BBB rating of F, indicating trustworthiness concerns.
- Wells Fargo's high APY requires a $1,000,000 balance, which may not be accessible for everyone.
Summary: Wells Fargo's Platinum Savings account offers a significantly higher APY of 2.51% for large balances compared to Santander Bank's 0.03%. However, Wells Fargo's account requires a $1,000,000 balance to achieve this rate and has a poor BBB rating of F. Santander Bank has a more accessible APY but charges a maintenance fee. Additionally, Wells Fargo has a better App Store rating and a wider branch network.
Compare Santander Bank's vs Wells Fargo's Savings Accounts
| Santander Bank | Wells Fargo | |||
|---|---|---|---|---|
| Product | Santander Savings | vs | Way2Save Savings | Platinum Savings |
| APY | 0.03% (as of 9/5/2025) | 0.01% (as of 9/5/2025) | 0.05% - 2.51% (as of 9/5/2025) | |
| Bundled Account | No | No | Yes | |
| FDIC-insured | Yes | Yes | Yes | |
| Online Only | No | No | No | |
| Compound Frequency | Daily | Daily | Daily | |
| Minimum Deposit | $25 | $25 | $25 | |
| Minimum Balance for APY | $0 | $0 | $1,000,000 | |
| Maintenance Fee | $1 | $5. Waived under some circumstances. | $12. Waived with $3,500 minimum daily balance. | |
| Direct Deposit Required | No | No | No | |
| Note | This is a tiered savings account where rates vary based on the balance. The 2.51% 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. | |||
| App Store Rating | 4.8/5 | 4.9/5 | ||
| Google Play Rating | 4.3/5 | 4.8/5 | ||
| BBB Rating | A- | F | ||
Comparative Historical APY Insights (Last 2 Months)
| Santander Bank | Wells Fargo | |||
|---|---|---|---|---|
| Product | Santander Savings | vs | Platinum Savings | Way2Save Savings |
| Latest APY | 0.03 % | 2.51 % | 0.01 % | |
| Trend | Sideways | Sideways | Sideways | |
| Slope (bps/mo) | -0.0 | 0.0 | 0.0 | |
| Rate Changes / Mo | 0.00 | 0.00 | 0.00 | |
| Days Since Last Change | 51 | 52 | 51 | |
| High (-2 m) | 0.03 % | 2.51 % | 0.01 % | |
| Low (-2 m) | 0.03 % | 2.51 % | 0.01 % | |
| Draw-down from High | 0.0 % | 0.0 % | 0.0 % | |
| Volatility (CV) | 0.000 | 0.000 | 0.000 | |
APY Insights Glossary
- Latest APY
- Most recent advertised annual-percentage yield.
- Trend
- Direction over the last 2 months (regression slope).
- Slope (bps/mo)
- Average monthly change; 10 bps = 0.10 pp.
- Rate Changes / Mo
- Typical number of APY moves per month.
- Days Since Last Change
- Recency of the latest APY adjustment.
- High (-2 m)
- Highest APY in the last 52 days.
- Low (-2 m)
- Lowest APY in the last 52 days.
- Draw-down from High
- How far today sits below the 2-month peak.
- Volatility (CV)
- Coefficient of variation = stdev ÷ mean.
Why Track Savings-Account APYs?
- See how quickly a bank reacts to Fed moves or competition.
- Gauge “twitchiness” - frequent moves can annoy savers.
- Spot if you're buying near a peak (draw-down) or riding a rise.
- Slope (bps/mo) shows speed of change.
- Volatility (CV) scales jumps by average level.
Calculate Savings Growth for Santander Bank vs Wells Fargo
All calculations are based on APY.
Santander Bank
APY: 0.03%
Total savings breakdown:
- Interest earned: $17.2 (0.10%)
- Total contributions: $13,000 (72.15%)
- Initial deposit: $5,000 (27.75%)
Your total balance
$18,017.20
Effective APY: 0.03% (based on your deposit and contributions)
Total balance: $18,017.2
Earnings: $17.2
Bank OverviewWells Fargo
APY: 2.51%
⚠️The higher APY only applies once your balance reaches $1,000,000.
Total savings breakdown:
- Interest earned: $28.6 (0.16%)
- Total contributions: $13,000 (72.11%)
- Initial deposit: $5,000 (27.73%)
Your total balance
$18,028.60
Effective APY: 0.05% (based on your deposit and contributions)
Total balance: $18,028.6
Earnings: $28.6
Bank OverviewWith a $5,000 initial deposit and $13,000 in total contributions over 5 years, Santander Bank's total earnings would be $11.4 lower than Wells Fargo's total earnings.
The Banksparency Savings Calculator provides estimated savings growth based on user input and our latest data.
More Comparisons
Compare Santander Bank's APY of 0.03% with other banks
Compare Wells Fargo's APY of 2.51% with other banks
| Bank Pair | Competitor APY | Min Deposit |
|---|---|---|
| Wells Fargo vs Ally Bank | 3.50% | $0 |
| Wells Fargo vs American Express | 3.50% | $0 |
| Wells Fargo vs Axos Bank | 4.46% | $0 |
| Wells Fargo vs Bank of America | 0.01% | $100 |
| Wells Fargo vs Barclays | 4.10% | $0 |
| Wells Fargo vs BrioDirect | 4.30% | $5,000 |
| Wells Fargo vs Capital One | 3.50% | $0 |
| Wells Fargo vs Chase Bank | 0.01% | $0 |
| Wells Fargo vs Chime | 3.75% | $0 |
| Wells Fargo vs CIT Bank | 4.00% | $100 |
| Wells Fargo vs Discover Bank | 3.50% | $0 |
| Wells Fargo vs Elevault | 4.60% | $0 |
| Wells Fargo vs EverBank | 4.30% | $0 |
| Wells Fargo vs Fitness Bank | 4.75% | $100 |
| Wells Fargo vs FVCbank | 4.35% | $500 |
| Wells Fargo vs GO2bank | 4.50% | $0 |
| Wells Fargo vs Marcus by Goldman Sachs | 3.65% | $0 |
| Wells Fargo vs Neighbors Bank | 4.60% | $0 |
| Wells Fargo vs Newtek Bank | 4.35% | $0 |
| Wells Fargo vs Peak Bank | 4.35% | $100 |
| Wells Fargo vs Pibank | 4.60% | $0 |
| Wells Fargo vs Presidential Bank | 4.50% | $5,000 |
| Wells Fargo vs SoFi Bank | 3.80% | $0 |
| Wells Fargo vs Synchrony Bank | 3.80% | $0 |
| Wells Fargo vs TIMBR | 4.40% | $1,000 |
| Wells Fargo vs UFB Direct | 4.21% | $5000 |
| Wells Fargo vs Varo Bank | 5.00% | $0 |
| Wells Fargo vs Zynlo Bank | 4.35% | $10 |