Santander Bank vs. Wells Fargo
Compare rates, requirements, and features side-by-side to find the best option for you.
| Metric | Santander BankSantander Savings Jan 21, 2026 | Wells FargoPlatinum Savings Jan 21, 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® Supported | FDIC InsuredHigh MinimumGreat iOS AppGreat Android AppIn-Person AccessZelle® SupportedChecking Bundle |
Market Reality Check
Both of these banks offer rates below the current top tier. The best rates we track are currently above 4.20% APY.
Comparison Analysis
Comparing Santander Bank vs. Wells Fargo
As of 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 pays $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, with a minimum balance of $0.
Why Santander Bank?
- ✓No checking account or direct deposit required
Why Wells Fargo?
- ✓Higher rated Android app (4.8 vs 4.0)
- ✓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. 4.0)
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.
Executive Summary as of
Wells Fargo offers a competitive Platinum Savings account with a higher APY of 0.05%, but it requires a minimum balance of $1,000,000 and must be linked to a Wells Fargo Premier checking account. For those looking for a more accessible option, their Way2Save Savings account provides a lower APY of 0.01% with no minimum balance requirement, although it has a maintenance fee of $5, which can be waived under certain conditions. In comparison, Santander Bank's Santander Savings account also offers an APY of 0.01% with a minimum deposit of $25 and a maintenance fee of $1. Both banks provide FDIC insurance and daily compounding, making their savings products nearly identical in terms of APY.
The analysis is based on current Banksparency database records
* This content is provided for informational purposes only; always verify details with the provider.
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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: 1/21/2026 Stable (90d) | 0.05% Range: 0.05% - 0.05% Verified: 1/21/2026 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. |
| Branch Access | Yes | Yes |
| Account Type | Online & Branches | Online & Branches |
| Direct Deposit Req. | None | None |
| Checking Bundle | No | Yes |
| Mobile Apps | iOS4.8 Android4.0 | iOS4.9 Android4.8 |
| Zelle® Support | Available Branch-based retail accounts only. | Available Limit: $3,500/dayFounding member; zero fees to replace wires. |
| BBB Rating | Not Rated | 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 | 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 | -56.6 | 0.0 |
Days Since Change | 124 | 96 | 189 |
6-Month High | 0.03% | 2.51% | 0.01% |
6-Month Low | 0.01% | 0.05% | 0.01% |
Adjustments / Mo | 0.16 | 0.47 | 0.00 |
Volatility Score | 0.575 | 1.163 | 0.000 |
How to read these metrics(Click to expand)
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