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Earn a higher interest rate than with many brick-and-mortar banks
Cons
$12 monthly service fee
Earn a higher interest rate with online banks
Highlights
More Information
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 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.
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
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
How do you open a Wells Fargo savings account?
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.
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.
Laura Grace Tarpley (she/her) is a personal finance reviews senior editor at Insider. She oversees coverage about mortgage rates, refinance rates, lenders, bank accounts, investing, retirement , and borrowing and savings tips for Personal Finance Insider. She was a writer and editor for Insider's "The Road to Home" series, which won a Silver award from the National Associate of Real Estate Editors. She is also a Certified Educator in Personal Finance (CEPF).She has written about personal finance for seven years. Before joining the Insider team, she was a freelance finance writer for companies like SoFi and The Penny Hoarder, as well as an editor at FluentU. You can reach Laura Grace at ltarpley@insider.com.Learn more about how Personal Finance Insider chooses, rates, and covers financial products and services »
Sophia Acevedo is a banking reporter at Insider. She covers bank reviews, banking guides, and banking and savings articles for Personal Finance Insider. She is also a Certified Educator in Personal Finance (CEPF).Sophia joined Insider in July 2021 and is an alumna of California State University Fullerton where she studied journalism and minored in political science. She is based in Los Angeles. You can reach out to her on Twitter at @sophieacvdo or email sacevedo@insider.com.Read more about how Personal Finance Insider chooses, rates, and covers financial products and services >>Below are links to some of her most popular stories:
Betterment Cash Reserve Account
New Customer Offer: Earn 5.50% (variable) APY* when you open your first cash account with qualifying deposit
*The annual percentage yield (APY) on the deposit balances in Betterment Cash Reserve (Cash Reserve) is 4.75% and represents the weighted average of the APY on deposit balances at the banks participating in Cash Reserve (the Program Banks) and is current as of August 1, 2023. This APY is variable and subject to change daily. Deposit balances are not allocated equally among the participating Program Banks. A minimum deposit of $10 is required, but there is no minimum balance required to be maintained. The APY available to a customer may be lower if that customer designates a bank or banks as ineligible to receive deposits. APY applies only to Cash Reserve and does not apply to checking accounts held through Betterment Checking. Cash Reserve and Betterment Checking are separate offerings and are not linked accounts.
Editorial Note: Any opinions, analyses, reviews or recommendations expressed in this article are those of 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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