*Rates accurate as of 5/21. SoFi members with direct deposit activity can earn 4.60% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances.
Wells Fargo Savings Interest Rates
The best savings accounts serve as a place to earn interest on money you don’t need frequent access to — but you’ll still having have the ability to withdraw it quickly when you need to. The amount you’ll earn on both your balance and the interest accrued over the course of a year is called the annual percentage yield, or APY.
Wells Fargo savings accounts offer a range of rates that are compounded daily and paid monthly. There are two main accounts: Wells Fargo Way2Save Savings and Wells Fargo Platinum Savings. Both accounts can be opened online or at a Wells Fargo branch.
Way2Save is intended to help you boost your savings over time since you’ll set up automatic transfers from your checking account on a schedule you create. You earn virtually no interest on this account.
Platinum Savings is a more traditional savings account, but your rate depends on the amount of money you keep in the account. The more money you have, the higher the rate you can earn.
Regardless of the balance tier and APY, all Platinum Savings accounts are eligible to earn an additional 0.01% if the account is linked to one of the following eligible Wells Fargo checking accounts:
- Prime Checking
- Premier Checking
- Private Bank Interest Checking
| Wells Fargo Account | APY* | Minimum Balance To Earn APY | Minimum Opening Deposit |
|---|---|---|---|
| Way2Save Savings | 0.01% | $0 | $25 |
| Platinum Savings | 0.25% | $0 to $99,999.99 | $25 |
| Platinum Savings | 1.01% | $100,000 to $499,999.99 | $25 |
| Platinum Savings | 2.00% | $500,000 to $999,999.99 | $25 |
| Platinum Savings | 2.50% | $1,000,000 or more | $25 |
Wells Fargo Savings Rates vs. Competitors
Savings accounts typically offer modest interest rates, so it makes sense to compare options between banks to get the most for your money. Online banks are typically able to offer savings accounts with higher interest rates than traditional, brick-and-mortar banks since they don’t have the overhead costs of physical branches. The tradeoff is that online banks lack the convenience of larger banks, which offer in-person service.
The interest rates on Wells Fargo’s savings accounts are variable, which means they could change at any time depending on market conditions. Here’s how Wells Fargo’s interest-bearing savings account compares to similar offerings from other banks:
| Bank Account | APY* | Minimum Opening Deposit |
|---|---|---|
| Wells Fargo Platinum Savings | 0.25% to 2.50% | $25 |
| American Express High Yield Savings Account | 4.25% | None |
| Chase Premier Savings | 0.01% to 0.02% | None |
| Marcus Online Savings Account | 4.40% | None |
| Discover Online Savings Account | 4.25% | None |
| Ally Savings Account | 4.20% | None |
| Capital One 360 Performance Savings | 4.25% | None |
To learn more about how much you can save with an interest-bearing savings account, test out our savings account calculator to find out how much you can earn with each bank.
>> Related: Learn more about the best high-yield savings accounts
Current Wells Fargo Savings Account Bonuses
Below, you can find promotions and bonuses from Wells Fargo.
Earn a $525 Savings Bonus
Wells Fargo is offering a savings bonus of $525 if you open a new, eligible consumer savings account with a $25 minimum initial deposit and meet Wells Fargo’s requirements to earn the bonus. All consumer savings accounts qualify for this offer except for certificates of deposit (CDs) and Wells Fargo Private Bank accounts.
You’ll need to open your new savings account in person at a Wells Fargo branch and provide your banker with the bonus offer code, which is sent via email. You’ll then need to deposit at least $25,000 in new money within the first 30 days of opening your account and maintain that balance for 90 days. You’ll receive your bonus within 30 days of meeting all of the bonus requirements. This offer expires on June 25, 2024.
>> Related: Learn more about the best bank bonuses
Wells Fargo Savings Account: Who It’s Best For
Since Wells Fargo’s savings accounts offer lower interest rates than many other banks and credit unions, this account may be best for you if you already have a Wells Fargo checking or CD account.
If you’re currently working on building up your savings, a Way2Save account might be a good choice for you since the account makes automatic transfers to your savings when you use your debit card or pay a bill.
With Wells Fargo’s saving bonus offers for new customers, now might be the right time to sign up for a savings account if you’re shopping around.
Why Choose Wells Fargo Savings Accounts?
Wells Fargo’s savings accounts have access to a widespread network of branches and ATMs. There are more than 11,000 ATMs nationwide you can use to make a deposit or withdrawal, along with roughly 4,600 branches to conduct in-person banking. Wells Fargo offers 24/7 customer service via phone or social media, or you can schedule an in-person appointment with a banker online.
Although Wells Fargo charges overdraft fees of $35, a practice many banks have begun to eliminate, it does not charge a non-sufficient funds fee, which is when your transaction is declined for not having enough funds. With an overdraft fee, your transaction will still go through but Wells Fargo will charge you $35 to cover the shortfall.
The fee doesn’t hit right away, though. Wells Fargo offers an “Extra Grace Day Period,” which gives you an extra business day to make a deposit and avoid an overdraft fee. Eligible deposits to avoid this fee include direct deposit, cash deposit, transfers from another eligible account, wire transfers and Zelle.
A Wells Fargo savings account is well-suited for people who prefer to keep all of their banking under one roof, as the bank offers a full suite of financial services including CDs, checking accounts, credit cards, home and auto loans, personal loans and more. We’ll break down the details on the types of savings accounts it offers below.
Wells Fargo Way2Save
The Wells Fargo Way2Save account is best for building savings automatically. You can open an account with a $25 minimum opening deposit and link it to your Wells Fargo checking account. You can then automate savings in one of the following ways:
- “Save As You Go” transfers: Every time you make a purchase with your debit card or complete an online bill pay transaction, your checking account will transfer $1 into your savings account.
- Automatic transfers: You can set up recurring transfers of $25 per month or $1 per day from your linked checking account to your savings account.
A Way2Save account has a monthly service fee of $5. You can have the monthly service charge waived if you meet any one of the following conditions each fee period:
- $300 minimum daily balance
- One automatic transfer each fee period of $25 or more from a linked Wells Fargo checking account
- One automatic transfer each business day within the fee period of $1 or more from a linked Wells Fargo checking account
- One or more Save As You Go transfers from a linked Wells Fargo checking account
- Primary account owner is 24 years old or under
It’s fairly easy to meet at least one of the criteria above to have the monthly service fee waived, and the ability to automate savings is nice. However, the well-below-average interest rate on this account means your money can grow faster with a high-yield savings account offered by another bank.
Wells Fargo Platinum Savings Account
The Platinum Savings account has the same benefits of banking with Wells Fargo, but the potential for better interest rates at higher balances.
The national average APY on savings accounts is 0.45%, according to the latest data from the FDIC. The Platinum Savings account’s rates are well below that for balances below $99,999.99.
But if you have a balance between $100,000 and $499,999.99, you can earn roughly double the national average APY – 1.01% APY. Those with balances between $500,000 and $999,999.99 can earn 2.0% APY and those who hold greater than $1 million in a Platinum Savings account can earn 2.50% APY –more than five times the national average.
Keep in mind, however, that the FDIC only insures up to $250,000 per depositor, per FDIC-insured bank, per ownership category. And, you can find much higher APYs of 5.00% or more through smaller banks and credit unions, which can help your money grow faster.
Kids Savings Account
Wells Fargo’s Way2Save account is available for younger savers, a feature not offered by all banks. Like the traditional Way2Save account, you can open an account with a $25 deposit. For kids 17 and under, the account can only be opened at a branch and with an eligible adult as the joint owner. People ages 18 to 24 can open an account online and link a Wells Fargo student checking account. Anyone 24 and younger will have the $5 monthly service fee waived.
The interest rate on a Wells Fargo Kids account is the same as the standard Way2Save account. This rate is much lower than the national average APY on savings accounts. But this account could be a convenient option for those whose parents or guardians are already banking with Wells Fargo, or who already have a Wells Fargo student checking account.
>> Related: Learn more about the best savings accounts
Maximizing Your Savings at Wells Fargo
To get the best returns on a Wells Fargo savings account, you’ll need to have enough money to qualify for the highest-tier APY — which currently is $1 million or more — and also having a Prime Checking or Premier Checking account with the bank. This combination would qualify you for the additional 0.01% relationship bonus on top of the standard interest rate.
However, saving that much in an account with such a low return may not be the best financial decision — there are many other high-yield savings accounts and CDs with double the return rate of Wells Fargo’s highest offered savings rate.
The interest on Wells Fargo savings accounts is compounded daily, which means that each day you’ll earn interest on your total balance from the day before. The longer you keep your money in your savings account, the more interest you’ll earn as your balance will grow each day.
Setting savings goals and making a plan to accomplish those goals can also help you maximize your savings. For example, the automated savings option with the Way2Save account is a set-it-and-forget-it way to ensure that you’re consistently setting money aside for savings.
>> Related: Learn more about how to save money
Other Ways to Save With Wells Fargo
As a full-service bank, Wells Fargo offers other savings options, including a seven-month high-yield CD and three-month, six-month and one-year CDs.
The seven-month Special Fixed Rate CD has a minimum opening deposit requirement of $5,000 and earns 4.75% APY (or 5.01% for those who qualify for the relationship rate). Those are strong rates in the current CD environment where the highest available rates hover around 5.00%. But these rates are typically offered by smaller or online-only banks that may have limited customer service options and a lack of in-person branches.
Wells Fargo’s three-month CD has a 2.50% APY. The six-month CD has a 2.50% APY and the one-year CD has a range of 1.50% to 2.00% APY based on your deposit. Although the three-month CD’s rate is decent, you’d have to deposit a significant amount to earn anything meaningful in three months. For example, the minimum opening deposit of $2,500 would earn just $27.66 in interest. However, deposit $100,000 and you’d earn $1,106.50 in interest.
>> Related: Learn more about Wells Fargo CDs
The Bottom Line: Wells Fargo Savings Account Rates
Wells Fargo’s savings accounts offer the benefit of being a part of a large, well-established financial institution. For those who can maintain a deposit of $100,000 or more for the Platinum Savings account, the APY is above the national average. The Way2Save account also offers some unique benefits, such as including automated savings features and the ability to open a joint account for teens 13 and older.
For more information, read our review of Wells Fargo.
*Rates accurate as of 5/21/2024
**Data accurate at time of publication
Editor’s Note: Before making significant financial decisions, consider reviewing your options with someoneyou trust, such as a financial adviser, credit counselor or financial professional, since every person’s situation and needs are different.
