Wells Fargo Savings Account Interest Rates
Wells Fargo offers two savings accounts: the Way2Save Savings account and the Platinum Savings account. The annual percentage yields (APYs) on both account types are fairly low, though Platinum savers can access higher rates if they maintain a balance of $100,000 or more.
You can also boost your Platinum Savings rate if you link a Wells Fargo Prime Checking, Premier Checking, or Private Bank Interest Checking account, though the increase is quite small.Account Name | Balance for Highest APY | APY Range | Monthly Fee |
---|---|---|---|
Way2Save Savings | $0 | 0.01% | $5 |
Platinum Savings | $1 million | 0.25%–2.50% (0.26%–2.51% for relationship rate) | $12 |
See the best high-yield savings account rates today before choosing the savings account that is best for you.
Wells Fargo Savings Accounts: Key Features
Way2Save Savings Key Features | |
---|---|
APY Range | 0.01% |
Minimum Opening Deposit | $25 |
Withdrawal Limit | No limit |
Monthly Service Fee | $5 (waived if you meet certain criteria) |
Wells Fargo’s Way2Save account offers a flat APY across all balances. This rate is significantly lower than the national average savings rate of 0.45% (as of 9/18/23).
This account comes with a $5 monthly service fee, though the fee will be waived if you meet one of the following criteria:- Maintain a $300 minimum daily balance
- Make one automatic transfer of $25 or more from a linked Wells Fargo checking account each fee period
- Make a daily automatic transfer of $1 or more from a linked Wells Fargo Checking account
- Make one or more Save As You Go transfers
- Are 24 or younger
The Way2Save account comes with an ATM card to access your savings. Interest is compounded daily and paid to your account monthly.
Wells Fargo also allows parents to open individual and joint accounts for their children; contact a banker for more details on opening an account for your child.
Platinum Savings Key Features | |
---|---|
APY Range | 0.25%–2.50% (0.26%–2.51% with relationship) |
Minimum Balance to Earn Highest APY | $1 million |
Minimum Opening Deposit | $25 |
Withdrawal Limit | No limit |
Monthly Service Fee | $12 |
Platinum Savings APY Breakdown | ||
---|---|---|
Balance | Standard APY | Relationship APY |
$0–$99,999.99 | 0.25% | 0.26% |
$100,000–$499,999.99 | 1.01% | 1.02% |
$500,000–$999,999.99 | 2.00% | 2.01% |
$1,000,000 or more | 2.50% | 2.51% |
About Wells Fargo: Other Savings Options
Based in San Francisco, Wells Fargo is one of the largest banks in the U.S. Along with its two savings account options, it offers checking accounts, certificates of deposit (CDs), home loans, credit cards, and other financial products.
Anyone with a valid identification, Social Security number, and opening deposit can open a Wells Fargo savings account. You don’t have to be an existing Wells Fargo customer to open a savings account, though you’ll need a checking account if you want a Wells Fargo debit card.Wells Fargo’s savings rates are low compared to many other banks. The Way2Save account earns a meager APY, below the national average and far less than the 4% or higher rates you can find on a high-yield savings account.
In 2022, the Consumer Financial Protection Bureau (CFPB) ordered Wells Fargo to pay more than $2 billion in redress to consumers and a $1.7 billion civil penalty for legal violations. According to the CFPB, Wells Fargo mismanaged its loans and deposit accounts via illegal overdraft penalty charges, illegal freezing of consumer accounts, and deceptive claims about the availability of fee waivers.
Compare Savings Account Rates
Wells Fargo offers mediocre APYs for its savings accounts, and you can easily find higher rates elsewhere. Browse some high-yield accounts below to find the right bank to deposit your cash.In the News: Savings account rates reached higher in 2023 than we’d seen in more than 20 years, pushed up by the Federal Reserve’s rate-hike campaign that began in March 2022 to tame decades-high inflation. For its last four meetings, however, the Fed has held the federal funds rate steady, and signaled on Jan. 31 that the committee’s rate-hike cycle has almost certainly ended. While most Fed members expect two to four rate decreases will occur in 2024, the Fed has cautioned that it could be some time before the first cut is implemented.
Because savings account yields closely follow the fed funds rate, the Fed’s current holding pattern has caused savings rates to plateau, and declines should be expected once it appears the Fed is ready to make its first cut.Is Wells Fargo Good for Savings?
Wells Fargo does not offer particularly good APYs on its savings accounts. Its Way2Save account has an APY that’s usually significantly lower than the national average. While its Platinum Savings account offers better rates, you’ll need at least $100,000 in your account to start earning more. You can find high-yield savings accounts at other banks with APYs of 4% or more.
What Does Wells Fargo Charge for a Savings Account?
However, Way2Save account holders can get the $5 fee waived if they maintain a $300 minimum daily balance, make an automatic transfer of at least $25 from a linked Wells Fargo checking account each fee period, or meet other qualifying criteria. Platinum savers can get the $12 service fee waived if they maintain a minimum daily balance of $3,500 in their account. See our picks for the best free savings accounts for some inexpensive options with high yields.
What Is the Minimum Balance for a Wells Fargo Savings Account?
The minimum opening deposit for a Wells Fargo Way2Save or Platinum Savings account is $25. The Way2Save account has a single interest rate tier, but you’ll need a higher balance to earn the best APYs with the Platinum account; the higher your balance, the higher the APY.
How Do You Open a Wells Fargo Savings Account?
You can open a Wells Fargo Way2Save or Platinum Savings account by filling out and submitting a short application online. You’ll need to provide your Social Security number or ITIN, a valid identification, and a $25 opening deposit.
Your Guide to Savings Accounts
- What Is a Savings Account and How Does It Work?
- What Is a High-Yield Savings Account?
- How to Open a High-Yield Savings Account
- How to Close a Savings Account
- Besides a Savings Account, Where Is the Safest Place to Keep My Money?
- How Many Savings Accounts Should I Have?
- How Savings Account Interest Rates Are Determined
- How Interest Works on Savings Accounts
- How Is a Savings Account Taxed?
- Money Market Fund vs. MMA vs. Savings Account: What’s the Difference?
- Certificates of Deposit (CDs) vs. Savings Accounts: Which Is Better for You?
- 4 Savings Accounts for Investors
- Best High-Yield Savings Accounts
- Best Free Savings Accounts
- Best Savings Accounts for Kids and Teens