Image courtesy of Getty Images, Illustration courtesy of Bankrate
Wells Fargo offers two savings accounts to its customers, but for most savers, the difference is minimal. Like other big banks, both accounts offer small yields. With a balance of $100,000 or more in Wells Fargo's Platinum Savings Account, you'll earn a yield higher than the national average, making it more competitive than the typical brick-and-mortar big banks. But you'll find even higher yields at the top online banks.
Wells Fargo, on the other hand, has a large branch network and offers top-notch tools for virtually accessing savings accounts. With over 4,500 bank branches, Wells Fargo is the second most branch-based bank in the U.S. after Chase.
Additionally, the company's mobile apps have received positive reviews on Google Play and Apple's App Store.
Wells Fargo received a 3.6 out of 5 star rating across its savings products and a 3.0 out of 5 star rating for its savings accounts in Bankrate's review.
Wells Fargo savings account interest rates
Wells Fargo offers two standard savings accounts: the Wells Fargo Way2Save savings account and a premium account (Platinum Savings) with some extra perks. The Platinum Savings account also offers a slightly higher variable relationship rate supplement for those who participate in Wells Fargo's Portfolio program, which comes with a checking account and extra perks like higher transfer and deposit limits.
Here's a breakdown of your savings account options:
Account Name Interest Rate APY APY Balance Way2Save Savings 0.01% 0.01% $0 and up Platinum Savings 0.26% 0.26% $0 – $99,999.99 Platinum Savings 1.01% 1.02% $100,000 – $499,999.99 Platinum Savings 1.99% 2.01% $500,000 – $999,999.99 Platinum Savings 2.48% 2.51% $1,000,000 and up
Note: Annual Percentage Yield (APY) shown is based on July 3, 2024, for the 90210 zip code and may vary by location on some products.
How Wells Fargo Savings Accounts Compare to the Best-Yielding Banks
Wells Fargo's base interest rate on savings accounts is much lower than the rates offered by major online banks. While Wells Fargo is a large, well-known financial institution, many other banks offer higher savings rates.
Bask Bank and LendingClub Bank are among the online-only banks offering some of the best interest rates.
A higher APY can help you reach your savings goals faster. It may be hard to justify putting your savings in an account that offers only a 0.01 percent or 0.26 percent APY when other options offer much higher returns. However, having a Wells Fargo account may be interesting for people who value access to numerous branches and ATMs.
Other Savings Options from Wells Fargo
Wells Fargo offers alternatives like a variety of CDs and individual retirement accounts for those looking to grow their funds beyond their savings accounts.