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
Feature | Santander Bank | Wells 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 |
Note | 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. |
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.
→ 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
Santander Bank - Santander Savings
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
Total balance: $18,005.7
Earnings: $5.7
Bank OverviewWells Fargo - Platinum Savings
⚠️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
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 $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 Bank | Wells Fargo | |||
---|---|---|---|---|
Product | Santander Savings | vs | Way2Save Savings | Platinum 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 | 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 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 Rating | 4.8/5 | 4.9/5 | ||
Google Play Rating | 4.1/5 | 4.8/5 | ||
BBB Rating | Not Rated | D- |
Comparative Historical APY Insights (Last 3 Months)
Santander Bank | Wells Fargo | |||
---|---|---|---|---|
Product | Santander Savings | vs | Platinum Savings | Way2Save Savings |
Latest APY | 0.01 % | 0.05 % | 0.01 % | |
Trend | Sideways | Falling | Sideways | |
Slope (bps/mo) | -0.8 | -35.0 | -0.0 | |
Rate Changes / Mo | 0.31 | 0.92 | 0.00 | |
Days Since Last Change | 32 | 4 | 97 | |
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) | 0.398 | 0.302 | 0.000 |
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.