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Wells Fargo Savings Rates Review
Wells Fargo has two savings accounts: the Wells Fargo Platinum Savings Account and Wells Fargo Way2Save® Savings Account.
The Wells Fargo Platinum Savings Account has a tiered interest rate system based on your account balance. Even the lowest tier pays a higher interest rate than many national brick-and-mortar banks. You'll earn a slightly higher Relationship Rate if you link this account to a Wells Fargo checking account, but the difference is minor.
The Wells Fargo Way2Save® Savings Account pays Wells Fargo Way2Save® Savings Account APY (Annual Percentage Yield). The account makes it easy for you to waive the $5 fee and has an automatic savings tool, but its rate is low.
Wells Fargo Savings Rates FAQ
How do you open a Wells Fargo savings account?
You can open a Wells Fargo savings account online or at a branch.
What is Wells Fargo's savings interest rate?
The Wells Fargo Way2Save® Savings Account pays Wells Fargo Way2Save® Savings Account APY, and the Wells Fargo Platinum Savings Account pays Wells Fargo Platinum Savings Account APY.
Is Wells Fargo a good bank for a savings account?
If you want an in-person bank, Wells Fargo could be a good option for a savings account. The Wells Fargo Platinum Savings Account pays a higher rate than many brick-and-mortar banks pay on savings. The Wells Fargo Way2Save® Savings Account pays a lower rate, but it has other perks like an automatic savings tool.
But if you're open to banking online, you may want to open a high-yield savings account with a different bank so you can earn more.
Methodology: How We Review Wells Fargo Savings Accounts
We rate bank accounts on a scale from zero to five stars. For our Wells Fargo Savings Rates review, we used our savings account methodology which looks at interest rates, minimum opening deposits, monthly service fees, customer support availability, mobile app ratings, and ethics of the company.
Wells Fargo pays a slightly higher savings rate than Chase. You'll earn Chase Savings℠ - APY APY with Chase Savings℠ - Product Name Only, and Chase Premier Savings℠ Account - APY APY with the Chase Premier Savings℠ Account - Product Name Only. To earn 0.02% APY on the Chase Premier Savings Account, you'll need to have Chase Premier Plus Checking℠ or Chase Sapphire℠ Checking, and make at least five monthly transactions from your checking account.
Keep in mind both national banks pay less than the average savings account. You'll also find online banks with rates that are much more competitive.
Wells Fargo Savings Rates vs. Bank of America Savings Rates
The Bank of America Advantage Savings Account - Product Name Only pays low savings rates overall. You can earn slightly higher rates by becoming a member of the Preferred Rewards program. However, to qualify there's a three-month total average balance requirement of $20,000 for the Gold tier, $50,000 for the Platinum tier, and $100,000 for the Platinum Honors tier.
Both the Wells Fargo Way2Save® Savings Account and Wells Fargo Platinum Savings Account pay higher interest rates than the Bank of America Advantage Savings Account - Product Name Only, regardless of your account balance. Wells Fargo also compounds interest daily rather than monthly.
