Image by Getty Images; Illustration by Bankrate
Wells Fargo offers customers two savings accounts, though the differences between them are minimal for most savers. The yields, in line with some other big banks, are meager on both accounts. A balance of at least $100,000 in the Platinum Savings account at Wells Fargo does bring yields higher than the national average and is more competitive than the typical brick-and-mortar large bank. But much higher yields can still be found at the top online banks.
On the other hand, Wells Fargo has an abundance of branches and offers top-notch tools for accessing savings accounts virtually. Wells Fargo has more than 4,500 banking locations, which is second only to Chase for the most branches in the U.S.
And its mobile app has earned favorable reviews on Google Play and in Apple’s App Store.
Wells Fargo earned 3.5 out of 5 stars in Bankrate’s review across its deposit products, while its savings accounts earned 2.3 out of 5 stars.
Wells Fargo savings account interest rates
Wells Fargo offers two standard savings accounts: the Wells Fargo Way2Save Savings, and a premium account with some added benefits, called Platinum Savings. The Platinum Savings account also has a slightly higher, variable relationship rate supplement for those who are part of the Portfolio by Wells Fargo program. This program comes with a checking account and added benefits, including higher limits for transferring or depositing money.
Here’s a breakdown of the savings account options.
| Account name | Interest rate | APY | Balance for APY |
|---|---|---|---|
| Way2Save Savings | 0.01% | 0.01% | $0 or more |
| Platinum Savings | 0.25% | 0.25% | $0 – $99,999.99 |
| Platinum Savings | 1.00% | 1.01% | $100,000 – $499,999.99 |
| Platinum Savings | 1.98% | 2.00% | $500,000 – $999,999.99 |
| Platinum Savings | 2.47% | 2.50% | $1,000,000 and up |
Note: Annual percentage yields (APYs) shown are as of April 9, 2024 using the 90210 zip code, and may vary by region for some products.
How Wells Fargo savings accounts compare to top-yielding banks
The base rates offered by Wells Fargo on its savings accounts are much lower than the yields at top online banks. Wells Fargo is a large, well-known financial institution, but many other banks offer higher savings rates.
Bask Bank and LendingClub Bank are among the online-only banks offering some of the highest rates.
A higher APY can help you reach your savings goals faster. It can be difficult to justify stashing your savings in an account that only offers 0.01 or 0.25 percent APY when other options pay significantly more. Having an account with Wells Fargo, however, may interest those who value the accessibility of its many branches and ATMs.
Other savings options at Wells Fargo
Wells Fargo does offer alternatives, including a range of CDs and individual retirement accounts, if you are interested in growing your money beyond a savings account.
Read the full article here
