American Express vs. Wells Fargo
American Express's High Yield Savings Account pays 3.00% APY while Wells Fargo's Platinum Savings pays 0.05% APY.
Note: Wells Fargo's Platinum Savings also needs a checking account.
See how they compare on rate stability, mobile app ratings, and more below.
The Bottom Line
Who pays more interest on $10,000? American Express pays $295 more than Wells Fargo annually ($300 vs $5).
Choose American Express if getting the best rate matters most, or you want a no-strings-attached account. Choose Wells Fargo if you value in-person banking.
Important Considerations
Wells Fargo's Platinum Savings pays its top rate only if you also open a checking account with Wells Fargo, while American Express's High Yield Savings Account stands alone.
| Metric | American ExpressHigh Yield Savings Account Sep 14, 2026 | Wells FargoPlatinum Savings Sep 14, 2026 |
|---|---|---|
| APY | 3.00% | 0.05% |
Earns in a year | $5,000+$150 $10,000+$300 $25,000+$750 | $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 highest rates 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 AppZelle® SupportedDaily CompoundingRate Changes Often | FDIC InsuredLow MinimumsGreat iOS AppGreat Android AppIn-Person AccessZelle® SupportedChecking BundleDaily CompoundingRate Changes Often |
Market Reality Check
Both of these institutions offer rates below the top 10 savings and money market accounts we track. Those institutions all pay at least 4.20% APY.
Comparison Analysis
Comparing American Express vs. Wells Fargo
Executive Summary
American Express last changed on July 10, 2026, down 10 basis points; Wells Fargo has not changed since at least January 21, 2026. American Express paid 3.21% on average on savings and money market deposits. Its savings account offers 3.00%. At a balance of $10,000, American Express provides an effective rate of 3.00%, while Wells Fargo offers an effective rate of 0.05%. The total deposits for American Express are $171.6 billion, and for Wells Fargo, they are $1.6 trillion.
The analysis is based on current Banksparency database records
* This content is provided for informational purposes only; always verify details with the provider.
Why American Express?
- Higher potential APY (3.00% 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.)
- Offers 2 different high-yield savings options
Key Feature Differences
Better Returns at $10,000
American ExpressAmerican Express's High Yield Savings Account earns more on smaller deposits (approx. $300 vs $5/yr).
Better Returns at $25,000
American ExpressAmerican Express's High Yield Savings Account pulls ahead with larger amounts (approx. $750 vs $13/yr).
Shared Benefits
Over a 1-year period, American Express's High Yield Savings Account pays $295 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.
Non-sponsored link to official site
Non-sponsored link to official site
Top Market Contenders
American Express vs. Wells Fargo Savings Calculator
You earn $295 more with American Express 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.
American Express
High Yield Savings Account
Savings Breakdown
- Interest Earned+$300.00(2.9%)
- Total Contributions$0
- Initial Deposit$10,000
Projected Balance
$10,300.00
Wells Fargo
Platinum Savings
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 | American Express | Wells Fargo |
|---|---|---|
| APY | 3.00% Observed: 9/14/2026 0.10%90-day change | 0.05% Observed: 9/14/2026 Stable over 90 days |
| Product Name | High Yield Savings Account | Platinum Savings |
| Minimum Deposit | $0 | $25 |
| Min. Balance for APY | $0 | $0.01 |
| Monthly Fee | $0 | $12. Waived with $3,500 minimum daily balance. |
| Compound Frequency | Daily | Daily |
| In-Branch Access | No | Yes |
| Account Type | Online Only | Online & Branches |
| Physical Branches | 1 (UT) | 4,184 (AK, AL, AR, AZ, CA, CO, CT, DC (+32 more)) |
| Direct Deposit Req. | None | None |
| Checking Bundle | No | Yes |
| Mobile Apps | ||
| FDIC or NCUA Insured | YesVerify FDIC | YesVerify FDIC |
| Zelle® Support | Available Requires Amex Rewards Checking; not available for standalone HYSA. | Available Limit: $3,500/dayFounding member; zero fees to replace wires. |
| BBB Rating | F | D- |
| Important Notes | - | This is a tiered savings account where rates vary based on the balance. The highest rates require the account is linked to a Wells Fargo Premier checking account. See bank for more tiers and details. |
| Next Steps | Visit SiteVerify at American Express Non-sponsored link to official site | Visit SiteVerify at Wells Fargo Non-sponsored link to official site |
What each bank pays on deposits
An advertised rate tells you what a new savings account earns today. It cannot tell you how the bank has priced the savings and money market deposits it already holds, over time. This section shows that. The figure is computed from the interest expense and deposit balances that every bank files with the FDIC in the same form. That is what makes it comparable across banks and across quarters.
American Express
The two figures answer different questions, so they sit side by side and are not combined.
In Q2 2026, American Express paid a higher average rate on savings and money market deposits than 96% of banks that reported a figure (3,938 banks; FDIC call report). The all-bank median was 1.45%.
Each figure is that bank's own charter-level average across its whole deposit book, so the two are shown one after the other and are not a ranking.
Wells Fargo
The two figures answer different questions, so they sit side by side and are not combined.
In Q2 2026, Wells Fargo paid a higher average rate on savings and money market deposits than 39% of banks that reported a figure (3,938 banks; FDIC call report). The all-bank median was 1.45%.
How to read these figures
What the average covers. It is an average across the whole bank, taken from its own quarterly FDIC call report. It covers savings accounts and money market deposit accounts, personal and business, at every balance tier. It also covers accounts that were opened years ago and keep the rate of those years. The FDIC line does not separate consumer accounts.
The second figure. The scale row also shows the average across all interest-bearing deposits: savings, interest checking, money market accounts, CDs, personal and business. That figure covers the whole deposit book. The two are shown separately and are not combined.
What the advertised rate covers. It is the rate that this bank advertises now for a new savings account. Banksparency records it from the bank's website on the date shown beside it.
Why the two differ. They measure different things, so this page shows them side by side and keeps them apart. An advertised rate applies to one account, opened now, at today's price. The average also includes older savings balances at the rates of earlier years, money market balances that were priced in a different rate environment, and business accounts. An average below an advertised rate is the usual result of that arithmetic. On its own it is not evidence about the account that you would open.
What the average is useful for. The bank files the data itself, under reporting instructions that are the same for every filer, and the same computation runs for every bank on this site. That makes it comparable in a way that an advertisement is not. Two things on this page read it: the percentile, which shows where the quarter sits among all filers, and the chart, which shows the direction the figure has moved across quarters.
What the average cannot tell you. It cannot tell you the rate that you would earn. No single customer earns the average. For your rate, read the advertised rate above and the rate tables on this page, each with the date it was observed.
What to do next. Use the advertised rate to work out what a new account earns. Use the chart to see how the quarterly average has moved against the all-bank median. Then compare the advertised rate against the current rates on the savings-rate tables before you open an account.
Definitions: Call Report · Rate Paid on Deposits · Interest-Bearing Deposits · Front Book and Back Book · Deposit Rate Percentile
Average annualized rates paid on savings and money market deposits, and on all interest-bearing deposits, quarterly. The FDIC line for savings includes money market deposit accounts and business savings deposits and does not separate consumer accounts. Source: FDIC call report data, as reported; it may be amended. The percentile compares all FDIC filers, count-weighted. A missing quarter is suppressed, never interpolated. The percentile counts the banks that paid strictly less on savings and money market deposits, one vote per bank, among the 3,938 banks that reported a figure for the quarter ending June 30, 2026.
CD rates, term by term
Wells Fargo has no CD listed on Banksparency. American Express lists 10 CD terms, from 10 to 60 months. Its highest rate is 4.25% APY on the 10-month CD. Each row below is one term, with the FDIC national average for that term beside it.
| Term | American Express APY | FDIC average (Aug 2026) |
|---|---|---|
| 12 months | 3.50% APYNo minimum | 1.71% |
| 10 months | 4.25% APYNo minimum | |
| 11 months | 3.50% APYNo minimum | 1.71%12-month average |
| 14 months | 3.50% APYNo minimum | |
| 18 months | 3.25% APYNo minimum | |
| 22 months | 4.00% APYNo minimum | |
| 24 months | 3.25% APYNo minimum | 1.57% |
| 36 months | 2.25% APYNo minimum | 1.34% |
| 48 months | 2.25% APYNo minimum | 1.27% |
| 60 months | 3.00% APYNo minimum | 1.36% |
Wells Fargo: no CD listed on Banksparency.
Compare Savings Rates Over Time
Historical Performance
| Metric | American Express | Wells Fargo | |
|---|---|---|---|
| High Yield Savings Account | Platinum Savings | Way2Save Savings | |
Current APY | 3.00% | 0.05% | 0.01% |
Trend | Stable | Stable | Stable |
Speed of change | -0.05 | -0.35 | -0.00 |
Days Since Change | 66 | 332 | 363 |
12-Month High | 3.50% | 2.51% | 0.01% |
12-Month Low | 3.00% | 0.05% | 0.01% |
Changes per month | 0.41 | 0.25 | 0.00 |
Steadiness | 0.030 | 1.993 | 0.000 |
How to read these metrics(Click to expand)
Trends and speed
- Trend: The general direction of the rate over the analyzed period. Useful for seeing whether a bank is raising its rate or letting it slip.
- Speed of change: How fast the rate moves. A high positive number means they raise rates quickly. A reading of 0.10 is a tenth of a percentage point each month.
- Changes per month: How often the rate moves. A high number means it changes constantly; a low number means it holds.
Risk & Range
- High/Low: The absolute ceiling and floor of the rate during the 364-day window.
- Steadiness: How far the rate swings around its average. A lower score means a steadier, more predictable rate.
- Days Since Change: A high number, for example above 90, means the rate rarely moves. A low number means it changed recently.
Compare Similar Alternatives
Compare American Express vs...
Comparing against Standard Savings
Compare Wells Fargo vs...
Comparing against other Bundled Accounts
More Comparisons
Compare American Express' APY of 3.00% 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 | 3.00% | $0 |
| Wells Fargo vs Axos Bank | 4.21% | $0 |
| Wells Fargo vs Barclays | 3.65% | $0 |
| Wells Fargo vs Capital One | 3.50% | $0 |
| Wells Fargo vs Chime | 3.75% | $0 |
| Wells Fargo vs CIT Bank | 3.75% | $100 |
| Wells Fargo vs EverBank | 3.90% | $0 |
| Wells Fargo vs Marcus by Goldman Sachs | 3.40% | $0 |
| Wells Fargo vs Newtek Bank | 4.20% | $100 |
| Wells Fargo vs Openbank | 3.80% | $500 |
| Wells Fargo vs Pibank | 4.10% | $0 |
| Wells Fargo vs SoFi Bank | 4.00% | $0 |
| Wells Fargo vs Synchrony Bank | 3.30% | $0 |
| Wells Fargo vs Varo Bank | 3.75% | $0 |
| Wells Fargo vs Wealthfront | 3.95% | $0 |