Santander Bank vs. Wells Fargo
High-Yield Savings Account Comparison
By Aviel Fahl|Last Updated: October 21, 2025
We earn a commission if you open an account through some links on this page.
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.