Synchrony Bank vs. Wells Fargo
Compare rates, requirements, and features side-by-side to find the best option for you.
| Metric | Synchrony BankHigh Yield Savings Jan 21, 2026 | Wells FargoPlatinum Savings Jan 21, 2026 |
|---|---|---|
| APY | 3.65% | 0.05% |
Est. Earnings | $5,000+$183 $10,000+$365 $25,000+$912 | $5,000+$3 $10,000+$5 $25,000+$13 |
Min Deposit | $0 | $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 InsuredNo MinimumsGreat iOS AppGreat Android App | 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 Synchrony Bank vs. Wells Fargo
As of Synchrony Bank offers an APY of 3.65% for its High Yield 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.
Synchrony Bank pays $360 more than Wells Fargo on a $10,000 balance after one year. Synchrony Bank pays $365, while Wells Fargo pays $5 - an APY advantage for Synchrony Bank.
In addition, Wells Fargo also offers 0.01% APY for the Way2Save Savings account, with a minimum balance of $0.
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
- ✓Fast transfers via Zelle® (up to $3,500 a day)
— 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. $912 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.
*This calculation assumes current rates remain consistent for 1 year and does not include temporary bonuses.
Executive Summary as of
Synchrony Bank offers a High Yield Savings account with a competitive APY of 3.65%, making it an excellent choice for savers looking for better returns without any direct deposit requirements or maintenance fees. The account is online-only and allows for deposits starting at $0. In contrast, Wells Fargo's Way2Save Savings account provides a significantly lower APY of just 0.01%, while the Platinum Savings account offers a slightly higher rate of 0.05%, but only for substantial balances and with a linked checking account. Overall, Synchrony Bank's offering stands out for its higher yield and simplicity.
The analysis is based on current Banksparency database records
* This content is provided for informational purposes only; always verify details with the provider.
Non-sponsored link to official site
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Top Market Contenders
Synchrony Bank vs. Wells Fargo Savings Calculator
You earn $360 more with Synchrony Bank than Wells Fargo 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.
Synchrony Bank
High Yield Savings
Savings Breakdown
- Interest Earned+$365.00(3.5%)
- Total Contributions$0
- Initial Deposit$10,000
Projected Balance
$10,365.00
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 | Synchrony Bank | Wells Fargo |
|---|---|---|
| APY | 3.65% Verified: 1/21/2026 ↘︎ 0.15%90d Change | 0.05% Range: 0.05% - 0.05% Verified: 1/21/2026 Stable (90d) |
| 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 |
| Zelle® Support | Not Supported | 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 Synchrony 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 | 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) | -3.3 | -56.6 | 0.0 |
Days Since Change | 64 | 96 | 189 |
6-Month High | 3.80% | 2.51% | 0.01% |
6-Month Low | 3.65% | 0.05% | 0.01% |
Adjustments / Mo | 0.16 | 0.47 | 0.00 |
Volatility Score | 0.020 | 1.163 | 0.000 |
How to read these metrics(Click to expand)
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