Synchrony Bank vs. Wells Fargo
Compare rates, requirements, and features side-by-side to find the best option for you.
Synchrony Bank
High Yield Savings
3.65%APYDec 6, 2025FDIC InsuredNo MinimumsGreat iOS AppGreat Android AppShow Fine Print & Trends Hide Details
Synchrony Bank
High Yield Savings
Wells Fargo
Platinum Savings
0.05%APYDec 6, 2025FDIC InsuredHigh MinimumChecking BundleGreat iOS AppGreat Android AppIn-Person AccessShow Fine Print & Trends Hide Details
Wells Fargo
Platinum Savings
Market Reality Check
Both of these banks offer rates below the current top tier. The best rates we track are currently above 4.25% APY.
Comparison Analysis
Comparing Synchrony Bank vs. Wells Fargo
Why Synchrony Bank?
- ✓Higher potential APY (3.65% vs 0.01%-0.05%) on all balances
- ✓No checking account or direct deposit required
Why Wells Fargo?
- ✓Physical branch access (Wells Fargo offers branches and ATMs in 36 states and Washington, D.C.)
- ✓Higher rated Android app (4.8 vs 4.5)
- ✓Offers 2 different high-yield savings options
— Key Feature Differences —
Better Returns at $10,000
Synchrony BankSynchrony Bank's High Yield Savings earns more on smaller deposits (approx. $365 vs $5/yr).
Better Returns at $25,000
Synchrony BankSynchrony Bank's High Yield Savings pulls ahead with larger amounts (approx. $913 vs $13/yr).
Best for Simplicity
Synchrony BankSynchrony Bank's High Yield Savings offers 3.65% APY with no bundling, direct deposit requirement or caps.
Shared Benefits
Over a 1-year period, Synchrony Bank's High Yield Savings pays $360 more interest on a $10,000 balance than Wells Fargo's Platinum Savings.
Executive Summary
Synchrony Bank offers a competitive High Yield Savings account with an attractive 3.65% APY, requiring no minimum deposit or maintenance fees, and is available online only. This account is ideal for those seeking simplicity, as it does not have any direct deposit requirements or caps on earnings. In contrast, Wells Fargo's savings options, such as the Way2Save Savings account and the Platinum Savings account, yield significantly lower APYs of 0.01% and 0.05%, respectively. The Wells Fargo accounts also require a minimum deposit of $25, with the Platinum Savings account necessitating a $1,000,000 balance for the higher APY. Therefore, Synchrony Bank stands out as the better choice for higher returns.
Analysis generated based on current Banksparency database records
* AI-generated content provided for informational purposes only. Accuracy is not guaranteed; always verify details with the provider.
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See who beats both Synchrony Bank and Wells Fargo.
| Feature | Synchrony Bank | Wells Fargo |
|---|---|---|
| APY | 3.65% Verified: 12/6/2025 ↘︎ 0.15%90d Change | 0.05% Range: 0.05% - 0.05% Verified: 12/6/2025 ↘︎ 2.46%90d Change |
| Product Name | High Yield Savings | Platinum Savings |
| Minimum Deposit | $0 | $25 |
| Min. Balance for APY | $0 | $1,000,000 |
| Monthly Fee | $0 | $12. Waived with $3,500 minimum daily balance. |
| Branch Access | None | Yes |
| Account Type | Online Only | Online & Branches |
| Direct Deposit Req. | None | None |
| Checking Bundle | No | Yes |
| Mobile Apps | iOS4.8 Android4.5 | iOS4.9 Android4.8 |
| 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 |
Savings Comparison
Synchrony Bank earns $2,181.1 more than Wells Fargo.
Synchrony Bank
High Yield Savings
Savings Breakdown
- Interest Earned+$2,209.70(10.9%)
- Total Contributions$13,000
- Initial Deposit$5,000
Projected Balance
$20,209.70
Wells Fargo
Platinum Savings
Higher APY requires $1,000,000
Savings Breakdown
- Interest Earned+$28.60(0.2%)
- Total Contributions$13,000
- Initial Deposit$5,000
Projected Balance
$18,028.60
The Banksparency Savings Calculator provides estimated savings growth based on user input and our latest data.
📈 Compare Savings Rates Over Time
Historical Performance
| Metric | Synchrony Bank | Wells Fargo | |
|---|---|---|---|
| High Yield Savings | Platinum Savings | Way2Save Savings | |
Current APY | 3.65% | 0.05% | 0.01% |
Trend | Stable | Stable | Stable |
Velocity (bps/mo) | -2.3 | -72.0 | 0.0 |
Days Since Change | 18 | 50 | 143 |
5-Month High | 3.80% | 2.51% | 0.01% |
5-Month Low | 3.65% | 0.05% | 0.01% |
Adjustments / Mo | 0.21 | 0.63 | 0.00 |
Volatility Score | 0.015 | 0.843 | 0.000 |
How to read these metrics(Click to expand)
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