Synchrony Bank vs Wells Fargo
High-Yield Savings Accounts Comparison
Last Updated: July 15, 2025
Summary of Synchrony Bank vs. Wells Fargo
As of July 15, 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.
Synchrony Bank
Strengths
- Synchrony Bank offers a competitive APY of 3.80%, unchanged from 30 days ago.
- No minimum deposit or balance is required for the High Yield Savings account.
- Synchrony Bank has a high App Store rating of 4.8.
Potential Drawbacks
- Synchrony Bank is not rated by the Better Business Bureau.
Wells Fargo
Strengths
- Wells Fargo has physical branches and ATMs available in 36 states and Washington, D.C.
- Wells Fargo's App Store rating is slightly higher at 4.9.
Potential Drawbacks
- Wells Fargo has a low BBB rating of F and is not accredited.
- The Platinum Savings account requires a minimum deposit of $25 and a $1,000,000 balance for the highest APY.
Summary: Synchrony Bank's High Yield Savings account offers a significantly higher APY of 3.80% with no minimum balance, while Wells Fargo's Platinum Savings account provides a lower APY of 2.51%, requiring a substantial balance. Additionally, Synchrony Bank lacks a BBB rating, whereas Wells Fargo has a poor rating of F and is not accredited. Wells Fargo does offer branch access, which may appeal to some customers.
Compare Synchrony Bank's vs Wells Fargo's Savings Accounts
| Synchrony Bank | Wells Fargo | ||
|---|---|---|---|
| Product | High Yield Savings | vs | Platinum Savings |
| APY | 3.80% (as of 7/15/2025) | 0.05% - 2.51% (as of 7/16/2025) | |
| Bundled Account | No | Yes | |
| FDIC-insured | Yes | Yes | |
| Online Only | Yes | No | |
| Compound Frequency | Daily | Daily | |
| Minimum Deposit | $0 | $25 | |
| Minimum Balance for APY | $0 | $1,000,000 | |
| Maintenance Fee | $0 | $12. Waived with $3,500 minimum daily balance. | |
| Direct Deposit Required | No | No | |
| Note | N/A | This 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. | |
| Visit Bank | High Yield Savings | Platinum Savings | |
| App Store Rating | 4.8/5 | 4.9/5 | |
| Google Play Rating | 4.6/5 | 4.8/5 | |
| BBB Rating | Not Rated | F |
No historical data available.
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: $38 (3.66%)
- Total contributions: $0 (0.00%)
- Initial deposit: $1,000 (96.34%)
Your total balance
$1,038.00
Effective APY: 3.80% (based on your deposit and contributions)
Total balance: $1,038
Earnings: $38
Bank DetailsWells Fargo
APY: 2.51%
Total savings breakdown:
- Interest earned: $25.1 (2.45%)
- Total contributions: $0 (0.00%)
- Initial deposit: $1,000 (97.55%)
Your total balance
$1,025.10
Effective APY: 2.51% (based on your deposit and contributions)
Total balance: $1,025.1
Earnings: $25.1
Bank DetailsAfter 1 year Synchrony Bank would earn you $12.9 more than Wells Fargo.
More Comparisons
Compare Synchrony Bank's APY of 3.80% with other banks
| Bank Pair | Best APY | Min Deposit |
|---|---|---|
| Synchrony Bank vs Ally Bank | 3.50% | $0 |
| Synchrony Bank vs American Express | 3.60% | $0 |
| Synchrony Bank vs Axos Bank | 4.66% | $0 |
| Synchrony Bank vs Bank of America | 0.01% | $100 |
| Synchrony Bank vs Barclays | 4.10% | $0 |
| Synchrony Bank vs Capital One | 3.50% | $0 |
| Synchrony Bank vs Chase Bank | 0.01% | $0 |
| Synchrony Bank vs Chime | 3.75% | $0 |
| Synchrony Bank vs CIT Bank | 4.00% | $100 |
| Synchrony Bank vs Discover Bank | 3.50% | $0 |
| Synchrony Bank vs Fitness Bank | 5.00% | $100 |
| Synchrony Bank vs Marcus by Goldman Sachs | 3.65% | $0 |
| Synchrony Bank vs Presidential Bank | 4.50% | $5,000 |
| Synchrony Bank vs SoFi Bank | 3.80% | $0 |
| Synchrony Bank vs Varo Bank | 5.00% | $0 |
Compare Wells Fargo's APY of 2.51% with other banks
| Bank Pair | Best APY | Min Deposit |
|---|---|---|
| Wells Fargo vs Ally Bank | 3.50% | $0 |
| Wells Fargo vs American Express | 3.60% | $0 |
| Wells Fargo vs Axos Bank | 4.66% | $0 |
| Wells Fargo vs Bank of America | 0.01% | $100 |
| Wells Fargo vs Barclays | 4.10% | $0 |
| Wells Fargo vs Capital One | 3.50% | $0 |
| Wells Fargo vs Chase Bank | 0.01% | $0 |
| Wells Fargo vs Chime | 3.75% | $0 |
| Wells Fargo vs CIT Bank | 4.00% | $100 |
| Wells Fargo vs Discover Bank | 3.50% | $0 |
| Wells Fargo vs Fitness Bank | 5.00% | $100 |
| Wells Fargo vs Marcus by Goldman Sachs | 3.65% | $0 |
| Wells Fargo vs Presidential Bank | 4.50% | $5,000 |
| Wells Fargo vs SoFi Bank | 3.80% | $0 |
| Wells Fargo vs Varo Bank | 5.00% | $0 |