Wells Fargo Savings Account Rates 2023


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Compare Wells Fargo savings accounts

  • Wells Fargo Way2Save® Savings Account

  • Wells Fargo Platinum Savings Account

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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.

Wells Fargo Platinum Savings Account


Annual Percentage Yield (APY)

0.25% to 2.51%


Minimum Deposit Amount

$25

Wells Fargo Platinum Savings Account


Annual Percentage Yield (APY)

0.25% to 2.51%


Minimum Deposit Amount

$25


Wells Fargo Platinum Savings Account

Details


Annual Percentage Yield (APY)

0.25% to 2.51%


Minimum Deposit Amount

$25

Pros & Cons
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Highlights
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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.

Wells Fargo Way2Save® Savings Account


Annual Percentage Yield (APY)

0.15%


Minimum Deposit Amount

$25

Wells Fargo Way2Save® Savings Account


Annual Percentage Yield (APY)

0.15%


Minimum Deposit Amount

$25


Wells Fargo Way2Save® Savings Account

Details


Annual Percentage Yield (APY)

0.15%


Minimum Deposit Amount

$25

Pros & Cons
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Highlights
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The Wells Fargo Way2Save® Savings Account pays 0.15% 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.

Compare Today’s Savings Rates

Wells Fargo Savings Rates FAQ

You can open a Wells Fargo savings account online or at a branch.

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.

How Wells Fargo Savings Rates Compare

We’ve compared the Wells Fargo Platinum Savings Account to two other national banks: Chase savings rates and Bank of America savings rates.

Compare Wells Fargo to our top picks

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Wells Fargo Savings Rates vs. Chase Savings Rates

Wells Fargo pays a slightly higher savings rate than Chase. You’ll earn 0.01% (as of 3/24/2023) APY with Chase Savings℠, and 0.01% to 0.02% APY with the Chase Premier Savings℠ Account. 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 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, regardless of your account balance. Wells Fargo also compounds interest daily rather than monthly.



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