Santander Bank vs. Wells Fargo

High-Yield Savings Account Comparison

By Aviel Fahl|Last Updated: October 21, 2025

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Summary of Santander Bank vs. Wells Fargo

Key Metrics at a Glance

FeatureSantander BankWells Fargo
Top Savings APY

0.01%

Santander Savings

0.05%

Platinum Savings

Minimum to Open$25$25
Minimum Balance for Top APY$0$1,000,000
NoteThis 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.

Santander Bank

Strengths

    Potential Drawbacks

    • Santander Bank has a maintenance fee of $1 on its savings account.
    • Santander Bank's APY is only 0.01%, offering minimal returns.
    • Santander Bank is not BBB rated or accredited.

    Wells Fargo

    Strengths

    • Wells Fargo's Platinum Savings offers a higher APY of 0.05% for large balances.
    • Wells Fargo has a strong App Store rating of 4.9.
    • Wells Fargo has branches and ATMs in 36 states and Washington, D.C.

    Potential Drawbacks

    • Wells Fargo has a high maintenance fee of $12, unless certain balance conditions are met.
    • Wells Fargo's BBB rating is D-, indicating poor trustworthiness.
    • Wells Fargo's high APY requires linking to a Premier checking account.
    Summary: Wells Fargo offers a significantly higher APY of 0.05% for its Platinum Savings account, but it comes with a high maintenance fee and requires a linked checking account. In contrast, Santander Bank's savings account has a low APY of 0.01% and a $1 maintenance fee, but lacks a BBB rating. Wells Fargo also has a wider branch network and better app ratings, making it more accessible.

    → As of October 21, 2025 Santander Bank offers an APY of 0.01% for its Santander 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.

    Wells Fargo yields $4 more than Santander Bank on a $10,000 balance after one year. Santander Bank pays $1, while Wells Fargo pays $5 - an APY advantage for Wells Fargo.

    → In addition, Wells Fargo also offers 0.01% APY for the Way2Save Savings account.

    Calculate Savings Growth for Santander Bank vs Wells Fargo

    All calculations are based on APY.

    Santander Bank - Santander Savings

    Top APY: 0.01%

    Total savings breakdown:

    • Interest earned: $5.7 (0.03%)
    • Total contributions: $13,000 (72.20%)
    • Initial deposit: $5,000 (27.77%)

    Your total balance

    $18,005.70

    Effective APY: 0.01% (based on your deposit and contributions)

    Total balance: $18,005.7

    Earnings: $5.7

    Bank Overview

    Wells Fargo - Platinum Savings

    Top APY: 0.05%

    ⚠️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 Overview

    With a $5,000 initial deposit and $13,000 in total contributions over 5 years, Santander Bank's total earnings would be $22.9 lower than Wells Fargo's total earnings.

    The Banksparency Savings Calculator provides estimated savings growth based on user input and our latest data.

    Compare Santander Bank's vs Wells Fargo's Savings Accounts

    Santander BankWells Fargo
    ProductSantander SavingsvsWay2Save SavingsPlatinum Savings
    APY
    0.01% (as of 10/21/2025)0.01% (as of 10/21/2025)0.05% - 0.05% (as of 10/21/2025)
    Bundled Account
    NoNoYes
    FDIC-insured
    YesYesYes
    Online OnlyNoNoNo
    Compound Frequency
    DailyDailyDaily
    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
    NoNoNo
    NoteThis 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.
    App Store Rating4.8/54.9/5
    Google Play Rating4.1/54.8/5
    BBB RatingNot RatedD-

    Comparative Historical APY Insights (Last 3 Months)

    Santander BankWells Fargo
    ProductSantander SavingsvsPlatinum SavingsWay2Save Savings
    Latest APY0.01 %0.05 %0.01 %
    TrendSidewaysFallingSideways
    Slope (bps/mo)-0.8-35.0-0.0
    Rate Changes / Mo0.310.920.00
    Days Since Last Change32497
    High (-3 m)0.03 %2.51 %0.01 %
    Low (-3 m)0.01 %0.05 %0.01 %
    Draw-down from High-66.7 %-98.0 %0.0 %
    Volatility (CV)0.3980.3020.000
    APY Insights Glossary
    Latest APY
    Most recent advertised annual-percentage yield.
    Trend
    Direction over the last 3 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 (-3 m)
    Highest APY in the last 98 days.
    Low (-3 m)
    Lowest APY in the last 98 days.
    Draw-down from High
    How far today sits below the 3-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.

    More Comparisons

    Compare Santander Bank's APY of 0.01% with other banks
    Compare Wells Fargo's APY of 0.05% with other banks