Wells Fargo Savings Account Interest Rates: May 2024

Wells Fargo Savings Account Interest Rates

Wells Fargo offers two savings accounts: the Way2Save Savings account and the Platinum Savings account. The annual percentage yields (APYs) on both account types are fairly low, though Platinum savers can access higher rates if they maintain a balance of $100,000 or more.

You can also boost your Platinum Savings rate if you link a Wells Fargo Prime Checking, Premier Checking, or Private Bank Interest Checking account, though the increase is quite small.

Wells Fargo savings account rates may vary depending on where you live; this article uses New York City ZIP code 10281. The APYs listed below are up to date as of the date of publication of this article. We review the bank’s savings account rates every two weeks and update the information below accordingly.

Account Name	Balance for Highest APY	APY Range	Monthly Fee
Way2Save Savings	$0	0.01%	$5
Platinum Savings	$1 million	0.25%–2.50% (0.26%–2.51% for relationship rate)	$12

See the best high-yield savings account rates today before choosing the savings account that is best for you.

Wells Fargo Savings Accounts: Key Features

Way2Save Savings Key Features
APY Range	0.01%
Minimum Opening Deposit	$25
Withdrawal Limit	No limit
Monthly Service Fee	$5 (waived if you meet certain criteria)

Wells Fargo’s Way2Save account offers a flat APY across all balances. This rate is significantly lower than the national average savings rate of 0.45% (as of 9/18/23).

This account comes with a $5 monthly service fee, though the fee will be waived if you meet one of the following criteria:

Maintain a $300 minimum daily balance
Make one automatic transfer of $25 or more from a linked Wells Fargo checking account each fee period
Make a daily automatic transfer of $1 or more from a linked Wells Fargo Checking account
Make one or more Save As You Go transfers
Are 24 or younger

The Way2Save account comes with an ATM card to access your savings. Interest is compounded daily and paid to your account monthly.

Wells Fargo also allows parents to open individual and joint accounts for their children; contact a banker for more details on opening an account for your child.

Platinum Savings Key Features
APY Range	0.25%–2.50% (0.26%–2.51% with relationship)
Minimum Balance to Earn Highest APY	$1 million
Minimum Opening Deposit	$25
Withdrawal Limit	No limit
Monthly Service Fee	$12

The monthly fee will be waived if you maintain a $3,500 minimum daily balance each fee period.

Wells Fargo’s Platinum Savings account has a range of rates depending on your balance and relationship with the bank. Here’s what it offers by account balance.

Platinum Savings APY Breakdown
Balance	Standard APY	Relationship APY
$0–$99,999.99	0.25%	0.26%
$100,000–$499,999.99	1.01%	1.02%
$500,000–$999,999.99	2.00%	2.01%
$1,000,000 or more	2.50%	2.51%

To receive the relationship APY, you must link a Wells Fargo Prime Checking, Premier Checking, or Private Bank Interest Checking account to your Platinum Savings account.

The Platinum account compounds interest daily; interest is paid out on a monthly basis. This account comes with an ATM card and also allows you to write checks, unlike the Way2Save account.

Pros and Cons of Wells Fargo Savings Accounts

Pros

Monthly fee waiver is easy to meet: You can get a monthly fee waiver for Wells Fargo’s Ways2Save account without too much trouble. The $5 fee will be waived if you’re 24 years old or younger, or if you meet any one of these criteria each fee period: average daily balance of $300 (quite a bit lower than many other banks), one automatic transfer or Save As You Go transfer each fee period of $25 or more from a linked WF checking account, or one automatic transfer each business day of at least $1 from a linked WF checking account.
Large network of Wells Fargo branches: Wells Fargo operates around 4,600 branches across the country, which may be appealing if you want the option of in-person banking.
Customer service available 24/7 over the phone: If you run into any issues, you can call Wells Fargo 24 hours a day, seven days a week.

Cons

Wells Fargo savings account interest rates are typically low: Wells Fargo’s Way2Save savings account usually offers an APY lower than the national average, which itself is quite low. While its Platinum Savings account offers higher APYs, you may need a balance of $1 million to get the best rate, which still usually isn’t as good as the best high-yield savings accounts.
Requires a minimum deposit: While some banks don’t have any minimum deposit requirements when opening an account, Wells Fargo requires that you deposit at least $25.
Wells Fargo has a history of unfair fees: In 2022, the CFPB ordered Wells Fargo to pay billions of dollars to consumers for unfairly charging fees and mismanaging deposit and loan accounts.

Alternatives to Wells Fargo Savings Accounts

High-yield savings account: If you want to boost the rate on your savings, opt for a high-yield savings account instead of Wells Fargo’s lower-yield accounts. Some high-yield accounts offer APYs of 4% or more, significantly higher than Wells Fargo offers even for high-dollar deposits.
Checking account: A checking account is another option for storing your cash, especially if you don’t want to be subject to withdrawal limits, which some banks impose on savings accounts. Checking accounts come with debit cards, so you can take out cash at an ATM and make purchases at retailers. Some also offer interest—and although the rate will generally be lower than what you can find on the best savings accounts, some high-interest checking accounts may be comparable to Wells Fargo’s savings accounts.
Certificate of deposit (CD): If earning interest on your savings is a priority and you don’t expect to need the money soon, consider investing in a CD. Banks typically offer CDs with terms anywhere from one month to several years. CDs offer a guaranteed return on investment, as long as you don’t withdraw your cash before your term is up. Check the best CD rates to see how much you could earn.

Money market account: Money market accounts are similar to savings accounts, though they may also come with check-writing abilities and a debit card. You can often earn a good rate on your savings, but you might have to deal with monthly fees or minimum balance requirements.
I bonds: I bonds from the U.S. government are an investment option for protecting your savings from inflation. I bonds may or may not offer a higher rate than the best CDs. When you invest, you have to commit to leaving your money in the I bond for at least a year.

Savings accounts are generally low-activity accounts designed to help you save money, while checking accounts are designed for high activity and quick access to your cash on a regular basis.

About Wells Fargo: Other Savings Options

Based in San Francisco, Wells Fargo is one of the largest banks in the U.S. Along with its two savings account options, it offers checking accounts, certificates of deposit (CDs), home loans, credit cards, and other financial products.

Anyone with a valid identification, Social Security number, and opening deposit can open a Wells Fargo savings account. You don’t have to be an existing Wells Fargo customer to open a savings account, though you’ll need a checking account if you want a Wells Fargo debit card.

Wells Fargo’s savings rates are low compared to many other banks. The Way2Save account earns a meager APY, below the national average and far less than the 4% or higher rates you can find on a high-yield savings account.

In 2022, the Consumer Financial Protection Bureau (CFPB) ordered Wells Fargo to pay more than $2 billion in redress to consumers and a $1.7 billion civil penalty for legal violations. According to the CFPB, Wells Fargo mismanaged its loans and deposit accounts via illegal overdraft penalty charges, illegal freezing of consumer accounts, and deceptive claims about the availability of fee waivers.

Compare Savings Account Rates

Wells Fargo offers mediocre APYs for its savings accounts, and you can easily find higher rates elsewhere. Browse some high-yield accounts below to find the right bank to deposit your cash.

In the News: Savings account rates reached higher in 2023 than we’d seen in more than 20 years, pushed up by the Federal Reserve’s rate-hike campaign that began in March 2022 to tame decades-high inflation. The Fed held rates steady for a sixth consecutive time at its meeting that concluded May 1, 2024. The 5.25% to 5.50% range is the highest the federal funds rate has been since 2001, and Fed officials noted in their statement that there has been a lack of progress toward the committee’s goal of lowering inflation. With consumer prices showing a 3.5% inflation rate in March, Fed officials don’t foresee reducing their benchmark rate until they're confident inflation is moving toward 2%.

Because savings account yields closely follow the fed funds rate, the Fed’s current holding pattern has caused savings rates to plateau, and declines should be expected once it appears the Fed is ready to make its first cut.

Frequently Asked Questions (FAQs)

Is Wells Fargo Good for Savings?

Wells Fargo does not offer particularly good APYs on its savings accounts. Its Way2Save account has an APY that’s usually significantly lower than the national average. While its Platinum Savings account offers better rates, you’ll need at least $100,000 in your account to start earning more. You can find high-yield savings accounts at other banks with APYs of 4% or more.

What Does Wells Fargo Charge for a Savings Account?

Wells Fargo charges a monthly service fee of $5 for its Way2Save Savings account and $12 for its Platinum Savings account.

However, Way2Save account holders can get the $5 fee waived if they maintain a $300 minimum daily balance, make an automatic transfer of at least $25 from a linked Wells Fargo checking account each fee period, or meet other qualifying criteria. Platinum savers can get the $12 service fee waived if they maintain a minimum daily balance of $3,500 in their account. See our picks for the best free savings accounts for some inexpensive options with high yields.

What Is the Minimum Balance for a Wells Fargo Savings Account?

The minimum opening deposit for a Wells Fargo Way2Save or Platinum Savings account is $25. The Way2Save account has a single interest rate tier, but you’ll need a higher balance to earn the best APYs with the Platinum account; the higher your balance, the higher the APY.

How Do You Open a Wells Fargo Savings Account?

You can open a Wells Fargo Way2Save or Platinum Savings account by filling out and submitting a short application online. You’ll need to provide your Social Security number or ITIN, a valid identification, and a $25 opening deposit.