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Wells Fargo Bank offers two types of savings accounts: Way2Save Savings and Platinum Savings.
The base APY for these accounts is 0.01%. However, if a Platinum Savings account is linked to an eligible checking account, you can earn a link rate of 0.02%. Those rates are well below the national average rate of 0.06% for savings accounts, according to FDIC data.
Wells Fargo requires a minimum deposit of $25 to open a Way2Save Savings Account or a Platinum Savings Account.
Here’s how to save with Wells Fargo and what kind of interest you can expect to earn. Rates are correct as of May 11, 2022.
Wells Fargo Savings Account Interest Rates
Wells Fargo Savings Interest Rate Overview
Here is an overview of the minimum deposit, minimum daily balance, APY, compounding schedule and monthly fee for Way2Save Savings and Platinum Savings accounts.
Way2Save Savings Account and Platinum Savings Account require a minimum opening deposit of $25.
Minimum daily balance
There is no minimum daily balance requirement for either Wells Fargo savings account, but you can avoid monthly maintenance fees by maintaining certain balance levels. You can avoid the $5 monthly service fee for the Way2Save Savings Account by maintaining a minimum daily balance of $300 during each fee period. To avoid the $12 monthly service fee for the Platinum Savings Account, you must maintain a minimum daily balance of $3,500 each month.
Base APY for Way2Save Savings Account and Platinum Savings Account is 0.01%. For an account holder with an eligible linked checking account, the Platinum Savings Account APY changes to a relationship rate of 0.02%.
The Way2Save savings account charges a monthly service fee of $5. But you can avoid the charge by taking one of the following actions during each charge period:
- Maintain a minimum daily balance of $300
- Automatically deposit for each charge period of $25 or more from a linked Wells Fargo checking account
- Make an automatic transfer every business day during the fee period 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 an optional Wells Fargo program that automatically transfers $1 each time you use your debit card or pay a bill through the bank’s online banking platform.
- Be the primary account holder aged 24 or younger
The Platinum Savings Account charges a monthly service fee of $12, but you can avoid this by maintaining a minimum daily balance of $3,500 each fee period.
Wells Fargo savings account interest is compounded daily and paid monthly. Your daily account balance determines the amount of interest you earn. Wells Fargo pays accrued interest when it reaches at least $0.01.
How much can you earn?
With the base APY of 0.01% for Wells Fargo savings accounts, the interest you’ll earn over a 10-year period is meager: $1 over a decade.
You can use our savings calculator to see how much you could save at a higher rate.
Wells Fargo versus other banks
With or without a relationship rate, Wells Fargo savings accounts pay below the national savings account average APY of 0.06% and well below the APYs available on top online savings accounts.
Other Wells Fargo Savings Options
In addition to traditional savings accounts, Wells Fargo offers:
- Certificates of Deposit (CD). CDs allow you to save money at a fixed interest rate for a fixed period, ranging from a few months to several years. Wells Fargo CDs are available in three terms: three months, six months and 12 months. Unfortunately, the bank’s CD rates are lower than the best CD rates available.
Find the best online savings accounts of 2022
Wells Fargo Bank savings accounts offer interest rates below the national average and well below the rates available on the best online savings accounts. If you are looking for a higher interest rate, you better shop around at online banks or credit unions.
However, Wells Fargo could offer a sense of security to account holders, as it is one of the largest banks in the country by assets. Plus, if you’re not always comfortable doing business online, Wells Fargo operates approximately 4,900 branches and over 12,000 ATMs.
Frequently Asked Questions (FAQ)
What is a High Yield Savings Account?
High Yield Savings Accounts offer interest rates several times higher than the national average. Often you will find these accounts at online banks and credit unions.
How much should I keep in savings?
It depends on your financial needs and goals. Financial experts generally recommend keeping at least three to six months of living expenses in an emergency savings account.
Can I have more than one savings account?
Yes, you can have more than one savings account. You may decide to open several savings accounts for different purposes, one to function as an emergency fund and another as a vacation fund, for example.