Synchrony Bank vs Wells Fargo
High-Yield Savings Accounts Comparison

Last Updated: August 29, 2025

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Summary of Synchrony Bank vs. Wells Fargo

As of August 29, 2025 Synchrony Bank offers an APY of 3.80% for its High Yield Savings account, compared to Wells Fargo's 2.51% APY for its Platinum Savings account.

Synchrony Bank yields $375 more than Wells Fargo on a $10,000 balance after one year. Synchrony Bank pays $380, while Wells Fargo pays $5 (with an effective APY of 0.05%) - an APY advantage for Synchrony Bank.

In addition, Wells Fargo also offers 0.01% APY for the Way2Save Savings account.

Synchrony Bank

Strengths

  • Synchrony Bank offers a competitive APY of 3.80%, unchanged from 30 days ago.
  • No maintenance fees or minimum balance requirements at Synchrony Bank.
  • High App Store rating of 4.8 for Synchrony Bank.

Potential Drawbacks

  • Synchrony Bank is not rated by the BBB, which may raise trust concerns.

Wells Fargo

Strengths

  • Wells Fargo has physical branches and ATMs in 36 states and Washington, D.C.
  • Wells Fargo's App Store rating is slightly higher at 4.9.

Potential Drawbacks

  • Wells Fargo's BBB rating is F and it is not BBB accredited.
  • The Platinum Savings account requires a minimum balance of $1,000,000 for the 2.51% APY.
Summary: Synchrony Bank offers a significantly higher APY of 3.80% with no fees or minimums, while Wells Fargo's best APY is 2.51% but requires a high balance. Wells Fargo has physical branches, but its BBB rating is poor. Synchrony Bank has strong App Store ratings, while Wells Fargo's ratings are slightly better. Overall, Synchrony Bank may be more appealing for online savers seeking higher yields.

Compare Synchrony Bank's vs Wells Fargo's Savings Accounts

Synchrony BankWells Fargo
ProductHigh Yield SavingsvsWay2Save SavingsPlatinum Savings
APY
3.80% (as of 8/29/2025)0.01% (as of 8/29/2025)0.05% - 2.51% (as of 8/29/2025)
Bundled Account
NoNoYes
FDIC-insured
YesYesYes
Online OnlyYesNoNo
Compound Frequency
DailyDailyDaily
Minimum Deposit$0$25$25
Minimum Balance for APY$0$0$1,000,000
Maintenance Fee$0$5. Waived under some circumstances.$12. Waived with $3,500 minimum daily balance.
Direct Deposit Required
NoNoNo
NoteThis is a tiered savings account where rates vary based on the balance. The 2.51% 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 Rating4.8/54.9/5
Google Play Rating4.5/54.8/5
BBB RatingNot RatedF

Comparative Historical APY Insights (Last 2 Months)

Synchrony BankWells Fargo
ProductHigh Yield SavingsvsPlatinum SavingsWay2Save Savings
Latest APY3.80 %2.51 %0.01 %
TrendSidewaysSidewaysSideways
Slope (bps/mo)0.00.00.0
Rate Changes / Mo0.000.000.00
Days Since Last Change464646
High (-2 m)3.80 %2.51 %0.01 %
Low (-2 m)3.80 %2.51 %0.01 %
Draw-down from High0.0 %0.0 %0.0 %
Volatility (CV)0.0000.0000.000
APY Insights Glossary
Latest APY
Most recent advertised annual-percentage yield.
Trend
Direction over the last 2 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 (-2 m)
Highest APY in the last 47 days.
Low (-2 m)
Lowest APY in the last 47 days.
Draw-down from High
How far today sits below the 2-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.

Calculate Savings Growth for Synchrony Bank vs Wells Fargo

All calculations are based on APY.

Synchrony Bank

APY: 3.80%

Total savings breakdown:

  • Interest earned: $2,305.9 (11.36%)
  • Total contributions: $13,000 (64.02%)
  • Initial deposit: $5,000 (24.62%)

Your total balance

$20,305.90

Effective APY: 3.80% (based on your deposit and contributions)

Total balance: $20,305.9

Earnings: $2,305.9

Bank Overview

Wells Fargo

APY: 2.51%

⚠️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

Effective APY: 0.05% (based on your deposit and contributions)

Total balance: $18,028.6

Earnings: $28.6

Bank Overview

With a $5,000 initial deposit and $13,000 in total contributions over 5 years, Synchrony Bank's total earnings would be $2,277.3 higher than Wells Fargo's total earnings.

The Banksparency Savings Calculator provides estimated savings growth based on user input and our latest data.

More Comparisons

Compare Synchrony Bank's APY of 3.80% with other banks
Compare Wells Fargo's APY of 2.51% with other banks