Wells Fargo Savings Rates
The best savings accounts act as a place to earn interest on money you don't need to access often, but also give you the ability to withdraw it quickly when you need it. The amount you earn on both the balance and the interest accrued over a year is called the Annual Percentage Yield (APY).
Wells Fargo savings accounts offer a variety of interest rates that are compounded daily and paid monthly. The two main accounts are the Wells Fargo Way2Save Savings Account and the Wells Fargo Platinum Savings Account. Both accounts can be opened online or at a Wells Fargo branch.
Way2Save aims to help you grow your savings over time by setting up automatic transfers from your checking account on a schedule you set, without actually earning any interest.
Platinum Savings is a more traditional savings account, but the interest rate is determined by the amount you deposit in the account: the more you deposit, the higher the interest rate you'll earn.
Regardless of balance tier and APY, all Platinum Savings accounts are eligible to earn an additional 0.01% when linked to any of the following eligible Wells Fargo checking accounts:
Prime Checking Account Premier Checking Account Private Bank Interest Checking Account Wells Fargo Account APY*Minimum Balance to Earn APYMinimum Opening DepositWay2Save Savings0.01%$0$25Platinum Savings0.25%$0 – $99,999.99$25Platinum Savings1.01%$100,000 – $499,999.99$25Platinum Savings2.00%$500,000 – $999,999.99$25Platinum Savings2.50%$1,000,000 and Up$25*APY as of June 25, 2024 and based on the 10001 zip code in New York City. Rates may vary by location.
How Wells Fargo savings rates compare to competitors
Interest rates on savings accounts are usually modest, so it makes sense to compare options between banks to get the most for your money. Online banks can usually offer savings accounts with higher interest rates than traditional brick-and-mortar banks because they don't have the overhead of a brick-and-mortar bank. However, online banks don't have the convenience of larger banks that offer in-person services.
Wells Fargo savings account interest rates are variable, meaning they can change at any time based on market conditions. Here's how Wells Fargo's interest-bearing savings accounts compare to similar offerings from other banks:
Bank Account APY*Minimum opening depositWells Fargo Platinum Savings0.25%-2.50%$25American Express High Yield Savings Account4.25%NoneChase Premier Savings0.01%-0.02%NoneMarcus Online Savings Account4.40%NoneDiscover Online Savings Account4.25%NoneAlly Savings Account4.20%NoneCapital One 360 Performance Savings4.25%None*APYs as of June 25, 2024
If you'd like to learn more about how much you can save in an interest-bearing savings account, try our savings account calculator to find out how much you can save with each bank.
>> Related: Learn more about the best high-yield savings accounts
Wells Fargo vs. Best Interest Rates
Below, we compare Wells Fargo's savings account with the banks offering the highest APYs.
Bank APY Wells Fargo Platinum Savings 0.25% First Community Bank 6.00% MyBankingDirect.com 5.55% Sovereign Bank 5.40% Eagle Bank 5.38%
Current Wells Fargo Savings Account Bonuses
Below are some of Wells Fargo's promotions and bonuses.
Earn $525 in Savings Bonus
Wells Fargo is offering a $525 savings bonus when you open a new eligible consumer savings account with a minimum initial deposit of $25 and meet Wells Fargo's bonus earning requirements. This offer applies to all consumer savings accounts except certificates of deposit (CDs) and Wells Fargo Private Bank accounts.
You must open a new savings account in person at a Wells Fargo branch and provide the banker with the bonus offer code that will be emailed to you. You must then make a new deposit of at least $25,000 within 30 days of opening the account and maintain that balance for 90 days. You can claim the bonus within 30 days of meeting all bonus requirements. This offer ends on June 25, 2024.
>> Related: Learn more about the best bank bonuses
Wells Fargo Savings Account: Who is it Best for?
Wells Fargo savings accounts offer lower interest rates than many other banks and credit unions, so if you already have a Wells Fargo checking or CD account, this account may be a good fit.
If you're currently trying to boost your savings, a Way2Save account might be a good choice, as it automatically transfers funds to your savings account whenever you use your debit card or pay a bill.
Wells Fargo is offering a savings bonus for new customers, so if you're comparison shopping, now might be a good time to apply for a savings account.
Why choose a Wells Fargo savings account?
Wells Fargo savings accounts come with access to an extensive branch and ATM network. There are more than 11,000 ATMs nationwide for deposits and withdrawals, and approximately 4,600 branches offering in-person banking. Wells Fargo offers 24/7 customer service via phone or social media, or you can schedule an appointment online to meet with a banker in person.
Wells Fargo charges a $35 overdraft fee, which many banks have begun to eliminate, but it does not charge an insufficient balance fee if the transaction is declined due to insufficient funds. If there is an overdraft fee, the transaction will still go through, but Wells Fargo will charge you $35 to make up the shortfall.
However, the fee doesn't occur immediately. Wells Fargo offers an “extra grace period,” which gives you additional business days to make deposits to avoid overdraft fees. Deposits that qualify for this fee include direct deposits, cash deposits, transfers from another eligible account, wire transfers, and Zelle.
Wells Fargo savings accounts are a great choice for people who want to keep all their banking activities in one place, as they offer a full range of financial services, including CDs, checking accounts, credit cards, mortgages, car loans, and personal loans. Below, we'll take a closer look at the types of savings accounts offered by Wells Fargo.
Wells Fargo Way2Save
The Wells Fargo Way2Save account is a great way to automatically build savings. You can open an account with a minimum opening deposit of $25 and link it to your Wells Fargo checking account. Then you can automate your savings in one of two ways:
“Save As You Go” Transfers: Every time you make a purchase with your debit card or complete a bill payment transaction online, $1 will be transferred from your checking account to your savings account. Automatic Transfers: You can set up recurring transfers of $25 per month or $1 per day from your linked checking account to your savings account.
A Way2Save account has a monthly service fee of $5.00. The monthly service fee will be waived if you meet any of the following conditions during each subscription period:
There is a $300 daily minimum balance. One automatic transfer of $25 or more from your linked Wells Fargo checking account per fee period. One automatic transfer of $1 or more from your linked Wells Fargo checking account each business day during the fee period. One or more Save As You Go transfers from your linked Wells Fargo checking account. The primary account holder is 24 years of age or younger.
It's pretty easy to get the monthly service fee waived if you meet at least one of the conditions above, and it's also convenient to automate your savings. However, the interest rate on this account is well below average, so your money might grow faster if you take advantage of a higher-yield savings account offered by another bank.
Wells Fargo Platinum Savings Account
The Platinum Savings Account offers the same benefits as banking with Wells Fargo, but the higher your balance, the higher your interest rate may be.
According to the most recent data from the FDIC, the national average APY for savings accounts is 0.45%. The interest rate on a Platinum Savings Account is much lower on balances under $99,999.99.
But if your balance is between $100,000 and $499,999.99, you'll earn a 1.01% APY, which is nearly double the national average APY, if your balance is between $500,000 and $999,999.99, you'll earn a 2.0% APY, and if you have more than $1 million in your Platinum Savings Account, you'll earn a 2.50% APY, which is more than five times the national average.
However, keep in mind that the FDIC only insures up to $250,000 per depositor, per FDIC-insured bank, per ownership category, and you can find much higher APYs, even 5.00% or more, at smaller banks and credit unions, allowing you to grow your money faster.
Kids Savings Account
Wells Fargo's Way2Save account is geared towards younger savers, but not all banks offer it. Like the traditional Way2Save account, you can open an account with a $25 deposit. For children 17 and under, accounts can only be opened in a branch and can only have a qualified adult as a co-owner. People 18-24 can open an account online and link it to a Wells Fargo student checking account. The $5 monthly service fee is waived for people 24 and under.
The Wells Fargo Kids account offers the same interest rate as a standard Way2Save account. This rate is much lower than the national average APY for savings accounts. However, this account may be a convenient option for parents or guardians who already have a bank account with Wells Fargo or who already have a Wells Fargo student checking account.
>> Related: Learn more about the best savings accounts
Maximize your savings with Wells Fargo
To get the best yield on a Wells Fargo savings account, you'll need to have enough money to qualify for the highest level of APY (currently more than $1 million) and also have a Prime or Premier Checking account with the bank, which combines to give you an additional 0.01% relationship bonus on top of the standard interest rate.
But putting so much money away in an account with such a low yield may not be the best financial decision: There are plenty of other high-yield savings accounts and CDs out there that offer yields up to twice as high as the top savings rate offered by Wells Fargo.
Wells Fargo savings account interest is compounded daily, meaning you earn interest each day on the total balance from the previous day. The longer you leave your money in your savings account, the more your balance will grow each day and the more interest you'll earn.
Setting savings goals and creating a plan to reach them can also help you maximize your savings. For example, the automatic savings option in your Way2Save account is a set-it-and-forget-it method to continually set aside money for savings.
>> Related: Learn more about how to save money
Other ways to save at Wells Fargo
As a full-service bank, Wells Fargo also offers other savings options, including a seven-month high-yield CD as well as three-month, six-month, and one-year CDs.
The seven-month special fixed-rate CD requires a minimum opening deposit of $5,000 and earns 4.75% annual interest (5.01% if you qualify for a relationship rate). In today's CD environment, where top interest rates hover around 5.00%, this is a high interest rate. However, these rates are typically offered by smaller or online-only banks that have limited customer service options and a lack of in-person branches.
Wells Fargo's three-month CDs have an annual interest rate of 2.50%. Six-month CDs have an annual interest rate of 2.50%, and one-year CDs range from 1.50% to 2.00%, depending on the amount deposited. Three-month CDs have decent rates, but you'd have to deposit a substantial amount to see a meaningful gain in three months. For example, with the minimum deposit of $2,500, you'd earn just $27.66 in interest. But if you deposit $100,000, you'd earn $1,106.50 in interest.
>> Related: Learn more about Wells Fargo CDs
Bottom Line: Wells Fargo Savings Account Interest Rates
Wells Fargo savings accounts have the benefit of being part of a large, well-established financial institution: For those who can maintain more than $100,000 in their Platinum Savings Account, the APY is above the national average. Way2Save accounts also offer unique benefits, such as automatic savings and the ability to open a joint account for teens age 13 and older.
Check out our Wells Fargo review for more details.