Synchrony Bank vs. Wells Fargo
High-Yield Savings Account Comparison
Last Updated: October 14, 2025
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Summary of Synchrony Bank vs. Wells Fargo
Key Metrics at a Glance
| Feature | Synchrony Bank | Wells Fargo |
|---|---|---|
| Top Savings APY | 3.80% High Yield Savings | 0.05% Platinum Savings |
| Minimum to Open | $0 | $25 |
| Minimum Balance for APY | $0 | $1,000,000 |
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.
- Synchrony Bank has a high App Store rating of 4.8.
Potential Drawbacks
- Synchrony Bank is not rated by the BBB, which may raise concerns for some customers.
- Only online banking is available with Synchrony Bank, lacking physical branches.
Wells Fargo
Strengths
- Wells Fargo has a branch network across 36 states and Washington, D.C.
- Wells Fargo's App Store rating is slightly higher at 4.9.
Potential Drawbacks
- Wells Fargo's Platinum Savings account offers a significantly lower APY of 0.05%.
- Wells Fargo has a BBB rating of F and is not accredited.
Summary: Synchrony Bank provides a much higher APY of 3.80% for its High Yield Savings account, while Wells Fargo's best rate is only 0.05%. Additionally, Synchrony Bank has no fees or minimum balance requirements, contrasting with Wells Fargo's $12 maintenance fee. However, Wells Fargo offers physical branches, which may appeal to some customers, despite its low APY and poor BBB rating.
→ As of October 14, 2025 Synchrony Bank offers an APY of 3.80% 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 yields $375 more than Wells Fargo on a $10,000 balance after one year. Synchrony Bank pays $380, 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.
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 OverviewWells Fargo
APY: 0.05%
⚠️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 OverviewWith 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.
Compare Synchrony Bank's vs Wells Fargo's Savings Accounts
| Synchrony Bank | Wells Fargo | |||
|---|---|---|---|---|
| Product | High Yield Savings | vs | Way2Save Savings | Platinum Savings |
| APY | 3.80% (as of 10/14/2025) | 0.01% (as of 10/14/2025) | 0.05% - 0.05% (as of 10/14/2025) | |
| Bundled Account | No | No | Yes | |
| FDIC-insured | Yes | Yes | Yes | |
| Online Only | Yes | No | No | |
| Compound Frequency | Daily | Daily | Daily | |
| 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 | 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 | 4.5/5 | 4.8/5 | ||
| BBB Rating | Not Rated | F | ||
Comparative Historical APY Insights (Last 3 Months)
| Synchrony Bank | Wells Fargo | |||
|---|---|---|---|---|
| Product | High Yield Savings | vs | Platinum Savings | Way2Save Savings |
| Latest APY | 3.80 % | 0.05 % | 0.01 % | |
| Trend | Sideways | Falling | Sideways | |
| Slope (bps/mo) | 0.0 | -14.8 | 0.0 | |
| Rate Changes / Mo | 0.00 | 0.33 | 0.00 | |
| Days Since Last Change | 92 | 2 | 92 | |
| High (-3 m) | 3.80 % | 2.51 % | 0.01 % | |
| Low (-3 m) | 3.80 % | 0.05 % | 0.01 % | |
| Draw-down from High | 0.0 % | -98.0 % | 0.0 % | |
| Volatility (CV) | 0.000 | 0.176 | 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 92 days.
- Low (-3 m)
- Lowest APY in the last 92 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.
More Comparisons
Compare Synchrony Bank's APY of 3.80% with other banks
Compare Wells Fargo's APY of 0.05% with other banks
| Bank Pair | Competitor APY | Min Deposit |
|---|---|---|
| Wells Fargo vs Ally Bank | 3.40% | $0 |
| Wells Fargo vs American Express | 3.50% | $0 |
| Wells Fargo vs Axos Bank | 4.51% | $0 |
| Wells Fargo vs Bank of America | 0.01% | $100 |
| Wells Fargo vs Barclays | 4.10% | $0 |
| Wells Fargo vs BrioDirect | 4.20% | $5,000 |
| Wells Fargo vs Capital One | 3.40% | $0 |
| Wells Fargo vs Chase Bank | 0.01% | $0 |
| Wells Fargo vs Chime | 3.75% | $0 |
| Wells Fargo vs CIT Bank | 3.85% | $100 |
| Wells Fargo vs Discover Bank | 3.40% | $0 |
| Wells Fargo vs Elevault | 4.34% | $0 |
| Wells Fargo vs EverBank | 4.05% | $0 |
| Wells Fargo vs Fitness Bank | 4.75% | $100 |
| Wells Fargo vs FVCbank | 4.10% | $500 |
| Wells Fargo vs GO2bank | 4.50% | $0 |
| Wells Fargo vs Marcus by Goldman Sachs | 3.65% | $0 |
| Wells Fargo vs Neighbors Bank | 4.50% | $0 |
| Wells Fargo vs Newtek Bank | 4.35% | $0 |
| Wells Fargo vs Peak Bank | 4.20% | $100 |
| Wells Fargo vs Pibank | 4.60% | $0 |
| Wells Fargo vs Presidential Bank | 4.50% | $5,000 |
| Wells Fargo vs Santander Bank | 0.01% | $25 |
| Wells Fargo vs SoFi Bank | 4.50% | $0 |
| Wells Fargo vs TIMBR | 4.40% | $1,000 |
| Wells Fargo vs UFB Direct | 3.96% | $5000 |
| Wells Fargo vs Varo Bank | 5.00% | $0 |
| Wells Fargo vs Zynlo Bank | 4.20% | $10 |