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Wells Fargo is one of the largest brick-and-mortar financial institutions in the United States. The bank has two savings accounts: the Wells Fargo Platinum Savings Account and Wells Fargo Way2Save® Savings Account.
Learn about Wells Fargo savings rates below, and how their accounts stack up to the best high-yield savings accounts.
Introduction to Wells Fargo Savings Accounts
Wells Fargo Platinum Savings Account
$12
0.25% to 2.51%
$25
- Low minimum opening deposit
- Ability to write checks
- Earn a higher interest rate than with many brick-and-mortar banks
- $12 monthly service fee
- Earn a higher interest rate with online banks
- Approximately 4,900 branches and 12,000 ATMs
- Waive $12 monthly service fee by maintaining a $3,500 daily balance
- Link to an eligible Wells Fargo checking account to earn a slightly higher Relationship rate
- Your rate may increase when your balance reaches $100k, $500k, and $1 billion
- Earn 0.25% to 2.50% APY with a standard rate
- Earn 0.26% to 2.51% APY if you qualify for a relationship rate
- Interest compounded daily, paid monthly
- FDIC insured
The Wells Fargo Platinum Savings Account has a tiered interest rate system that's based on your account balance. If you can maintain $500,000 or more in your account, you'll earn more interest than with an average savings account.
You'll still find more competitive savings rates at online banks, though. You'll earn a slightly higher Relationship Rate, but the difference is minor.
Wells Fargo Way2Save Savings Account
$5 monthly service fee
0.01%
$25
- $25 minimum opening deposit
- Automatic savings feature
- Low APY
- $5 monthly service fee
- Approximately 4,900 branches and 12,000 ATMs
- Waive $5 monthly service fee by maintaining a $300 daily balance, OR setting up automatic savings options, OR be under age 24 and the primary account owner OR transferring $25 or more from a linked Wells Fargo checking account, or have 1 automatic transfer each business day within the fee period of $1 or more from a linked Wells Fargo checking account
- Save As You Go® transfers $1 into your Way2Save Savings Account from checking each time you swipe your debit card
- Interest compounded daily, paid monthly
- FDIC insured
This account offers several ways to waive the $5 monthly service fee and has an automatic savings tool, but its rate is low, which is a major downside.
Wells Fargo Bank Savings Rates
Current Wells Fargo Savings Rates for 2024
Wells Fargo savings rates vary depending on which account you open and how much money you keep in the account.
The Wells Fargo Way2Save® Savings Account pays 0.01% APY regardless of your account balance.
Meanwhile, the Wells Fargo Platinum Savings Account pays 0.25% to 2.51% APY. Wells Fargo offers Relationship Rates for this account. To be eligible for Relationship Rates, you must link a savings account to Wells Fargo Prime Checking or Wells Fargo Premier Checking. Here's more information about the tier system for the Platinum Savings Account.
| Account Tier | Standard APY | Relationship APY |
| Under $100,000 | 0.25% | 0.26% |
| $100,000 to $499,999.99 | 1.01% | 1.02% |
| $500,000 to $999,999.99 | 2.00% | 2.01% |
| $1 million or more | 2.50% | 2.51% |
Compare Today's Rates
Wells Fargo Savings Account vs. Other Savings Accounts
Wells Fargo isn't the best option for getting a competitive interest rate on a savings account.
The average savings account interest rate is 0.45% APY, according to the FDIC. The Wells Fargo Way2Save® Savings Account pays less than the average savings account on all balances and the Wells Fargo Platinum Savings Account only pays more than the national average when you maintain a high account balance.
Wells Fargo doesn't offer a high-yield savings account, so if you want to open one, you'll have to choose a different bank. High-yield savings accounts stand out from traditional savings accounts because they offer a higher interest rate — in fact, some banks have 5% interest savings accounts.
Key Features and Benefits of Wells Fargo Savings Accounts
Wells Fargo National Branch and ATM Accessibility
The primary benefit to banking with Wells Fargo is that you'll have access to one of the biggest banks in the U.S.
Wells Fargo has locations in Alabama, Alaska, Arizona, Arkansas, California, Colorado, Delaware, Florida, Georgia, Idaho, Illinois, Iowa, Kansas, Maryland, Minnesota, Mississippi, Montana, Nebraska, Nevada, New Jersey, New Mexico, New York, North Carolina, North Dakota, Oregon, Pennsylvania, South Carolina, South Dakota, Tennessee, Texas, Utah, Virginia, Washington, Wisconsin, Wyoming, and Washington, DC.
Wells Fargo Savings Account Monthly Service Fees
One of the downsides to Wells Fargo's savings accounts is that they have monthly bank maintenance fees. You'll need to meet certain requirements to waive fees.
To waive the $12 monthly service fee on the Wells Fargo Platinum Savings Account, you must maintain a daily balance of $3,500 or more.
To waive the $5 monthly service fee on the Wells Fargo Way2Save® Savings Account you have a couple of options. You can avoid the fee if you meet one of the following requirements each month:
- Maintain a $300 daily balance
- Make an automatic transfer of $25 or more from a linked Wells Fargo checking account
- Make an automatic transfer each business day of $1 or more from a linked Wells Fargo checking account
- Make at least one Save As You Go transfer from a linked Wells Fargo checking account (Save as You Go is a tool that transfers money automatically when you make debit card purchases or use online bill pay)
- Are 24 years old or under
If your priority is finding a free savings account, the best online banks will have stronger picks for you. These banks have savings account that do not charge any monthly service fees.
Wells Fargo Savings Account FDIC Insurance
Wells Fargo savings accounts are federally insured by the FDIC for up to $250,000 per depositor, per ownership category. If the bank shuts down, the FDIC keeps your money safe. You'll have access to insured deposits following the bank failure. The FDIC will communicate how you'll be able to access your money.
Wells Fargo Online and Mobile Banking
The Wells Fargo mobile app is rated 4.8 out of 5 stars in the Apple Store based on nearly 9 million ratings. In the Google Play store, it's rated 4.8 out of 5 stars based on over 2 million reviews.
Wells Fargo Customer Support Availability
You can speak with a Wells Fargo representative by phone or go to a branch. Wells Fargo branch hours vary by location, but most are open weekdays from 9 a.m. to 5 p.m. in your respective timezone.
We use ratings from the Better Business Bureau to help determine our overall rating for Wells Fargo savings accounts. The Better Business Bureau assigns a grade to each company based on customer complaints and transparency about business practices.
Wells Fargo received an F rating because it has failed to respond to customer complaints on the BBB website and government action has been taken against the bank.
In December 2022, the Consumer Financial Protection Bureau required Wells Fargo to pay more than $3.7 billion in a settlement that accused the bank of wrongfully charging fees that led thousands of customers to lose vehicles and homes. The settlement also accused the bank of wrongfully charging overdraft fees on checking and savings accounts.
In 2021, Wells Fargo also consented to a Cease and Desist order from the Office of the Comptroller of the Currency. The OCC stated that the bank's home lending loss mitigation program was unsuccessful, and it charged Wells Fargo a $250 million civil penalty.
How to Open a Wells Fargo Savings Account
You can open the Wells Fargo Way2Save® Savings Account or the Wells Fargo Platinum Savings Account online or at a branch.
You must be at least 18 years old to apply for a savings account online. If you're opening a bank account for a minor, you cannot apply online. You must visit a branch.
When applying for an account, you'll need to provide documentation. Wells Fargo accepts the following IDs: a driver's license, a passport, a permanent resident card, or a student ID (for minors).
Wells Fargo savings accounts have a $25 minimum opening deposit. If you are funding your savings account by transferring money from another bank account, have your routing and account numbers at hand.
Managing Your Wells Fargo Savings Account
Tips for Maximizing Your Savings at Wells Fargo
To maximize your savings at Wells Fargo, select a bank account that best aligns with your habits and goals.
For example, if you regularly maintain a high balance, it may benefit you to open a Wells Fargo Platinum Savings Account instead of a Wells Fargo Way2Save® Savings Account to make more interest. You could also get a Wells Fargo CD instead of a savings account if you would rather earn a fixed interest rate.
If you have a Wells Fargo checking account, you can also use the Save As You Go® feature to help you save money. Save As You Go® lets you transfer $1 from your Wells Fargo checking account to your Wells Fargo Way2Save® Savings Account each time you make a debit card purchase or use online bill pay.
Understanding Wells Fargo Fees and Charges
At Wells Fargo, you'll need to be mindful of monthly service fees, non-Wells Fargo ATM fees, overdraft fees, and wire transfer fees.
Wells Fargo Bank Savings Rates Pros and Cons
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Wells Fargo Savings Rates FAQs
National branch accessibility is one of the primary benefits of getting a Wells Fargo savings account. The bank offers over 4,000 locations, making it one of the most robust banks in the U.S.
You can open a Wells Fargo savings account online or at a branch.
The Wells Fargo Way2Save® Savings Account pays 0.01% APY, and the Wells Fargo Platinum Savings Account pays 0.25% to 2.51% APY.
Some potential fees associated with a Wells Fargo savings account include monthly service fees, overdraft fees, out-of-network ATM fees, and wire transfer fees. You might be able to avoid fees. However, it depends on how you manage your account.
You can maximize your earnings with Wells Fargo by selecting an account that matches your habits and savings goals. The best savings option for you will depend on how much you want to keep in the account and whether you need to access your money soon.
How Wells Fargo Bank Savings Rates Compare
Wells Fargo Savings Rates vs. Chase Savings Rates
Wells Fargo pays a slightly higher savings rate than Chase. You'll earn 0.01% 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.
Both Wells Fargo and Chase savings rates 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
Bank of America savings rates are low 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.
Is a Wells Fargo Savings Account Right For You?
The Wells Fargo Platinum Savings Account pays higher rates than most savings accounts at brick-and-mortar banks, so it may be a decent choice if you want to open a savings account at a large national bank.
However, if you aren't looking for a traditional national bank, consider other savings accounts instead. The best online banks still pay significantly more. You can also find banks that do not charge any monthly service fees on savings accounts.
Why You Should Trust Us: 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 bank account methodology which looks at interest rates, minimum opening deposits, monthly service fees, customer support availability, mobile app ratings, and ethics of the company.
Editorial Note: Any opinions, analyses, reviews, or recommendations expressed in this article are the author’s alone, and have not been reviewed, approved, or otherwise endorsed by any card issuer. Read our editorial standards.
Please note: While the offers mentioned above are accurate at the time of publication, they're subject to change at any time and may have changed, or may no longer be available.
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