When you buy something using links found on our site, we may earn a small affiliate commission. This content is reviewed & supervised by The Los Angeles Times Commerce Team.
Wells Fargo offers two savings account options: Ways2Save Savings and Platinum Savings.
Ways2Save has an APY of just 0.01%. Platinum Savings has an APY has an APY ranging from 0.25% to 2.50%, depending on your balance.
Both savings accounts have low monthly fees and low minimum deposit requirements.
You may be able to earn bonuses or qualify for other promotions based on your account balance or history with Wells Fargo.
Wells Fargo also offers certificates of deposit and retirement savings accounts.
If you’re looking for a high-yield savings account, some other competitive options include Bask Bank (5.10% APY), UFB Direct (5.25% APY), Western Alliance (5.22% APY), Barclays (4.35% APY) and CIT Bank (5.00% APY).
According to the Federal Reserve, Wells Fargo is one of the top three banks in the United States. It offers several types of accounts to consumers of all ages and financial backgrounds. The bank also issues credit cards, lends money for vehicle purchases and has a booming mortgage business. With so many options available, it’s a challenge to make sense of it all. We’re here to help.
Stick with us as we walk you through:
Your savings account options with Wells Fargo
How much you can expect to earn on your savings
What other savings options are available with Wells Fargo
Overview of Wells Fargo Savings Account Interest Rates
Account name
APY
Minimum opening deposit
Way2Save Savings
0.01%
$25
Platinum Savings
0.25% to 2.50%
$25
Figures are correct as of June 2024.
Let’s take a deeper look at each of these Wells Fargo savings accounts.
Way2Save Savings
Way2Save is a standard savings account with a low APY. Even though Wells Fargo is a national bank, rates vary by ZIP code. You can open an account in any U.S. state or territory.
Figures are correct as of June 2024. Rates are for ZIP code 90001.
Way2Save is ideal if you need a little help getting into the habit of saving. It has a $25 minimum deposit requirement and no minimum balance requirement. Wells Fargo offers a variable APY of 0.15% on this type of account.
There’s a $5 monthly maintenance fee, but Wells Fargo will waive the fee if you meet one of the following requirements during each fee period, which lasts 25 to 35 days:
You maintain a minimum daily balance of $300.
You’re 24 years old or younger.
You make at least one Save As You Go® transfer from a linked Wells Fargo checking account.
You make at least one automatic transfer of $25 or more from a linked Wells Fargo checking account.
You make at least one automatic transfer per day ($1 or more) from a linked Wells Fargo checking account.
You get six free withdrawals per month. After that, you must pay a withdrawal fee to access your funds.
Platinum Savings
Platinum Savings has tiered savings account interest rates based on your balance and how much business you do with Wells Fargo. The APY is 0.25% (variable) for balances of up to $99,999.99, but it goes up to 2.50% based on your balance.
Like the Way2Save account, Platinum Savings has a $25 minimum opening deposit requirement. It also has a monthly service fee of $12, but you can avoid the fee if you maintain a $3,500 minimum daily balance during each fee period.
The APY for Platinum Savings varies based on where you live. Wells Fargo also offers a special relationship rate if you link your Platinum Savings account to a Wells Fargo checking account. The relationship rate adds a 0.01 percentage point to the standard savings rate. Additionally, there’s no withdrawal limit, giving you additional flexibility.
Figures are correct as of June 2024. Rates are for ZIP code 90001.
Wells Fargo savings account bonuses and promotions
Occasionally, Wells Fargo offers bonuses and special promotions to customers who open new savings accounts. The promotion currently available until July 9, 2024 is for the Ways2Save Savings account.
If you open a Way2Save account, deposit at least $25,000 to the account within 30 days and maintain a minimum balance of $25,000 for at least 90 days after account opening, Wells Fargo will give you a bonus of $525. To get the bonus, you must use a bonus code when opening your new account. Visit the Wells Fargo website and enter your email to receive the code.
How to find the Wells Fargo savings account interest rate
If the ZIP code displayed below the page title doesn’t match your location, click “Change Location.”
Enter your ZIP code and click “Continue.”
The page will show you the rates for your area.
How the Wells Fargo savings account interest rate compares
If you’re looking for a high-interest option, you may want to look elsewhere, as Wells Fargo offers a lower yield than many other banks.
For example, banks and credit unions have an average APY of 0.45%, according to the FDIC. With an APY of 0.15% for Way2Save accounts and 0.25% for Platinum Savings accounts with balances of less than $100,000, Wells Fargo offers a below-average return on your savings.
Wells Fargo Savings Account Interest Rates vs. Other Banks
The American Express High Yield Savings account offers a more attractive option for savers seeking higher returns and minimal costs. With an impressive APY of 4.25%, it significantly outperforms Wells Fargo’s savings rates. Plus, American Express requires no minimum opening balance and does not charge monthly fees. This makes it a cost-effective and smart choice for maximizing your savings.
Feature
Wells Fargo Ways2Save Savings
Wells Fargo Platinum Savings
American Express High Yield Savings
APY
0.01%
0.25%
4.25%
Minimum opening balance
$25
$25
$0
Monthly fee
$5
$12
$0
The Wells Fargo Platinum Savings APY is for balances under $100,000. Figures are correct as of June 2024.
Wells Fargo and Chase offer similar savings account options. Neither provides a high-yield savings account, and both have monthly fees that can be waived under certain conditions. Wells Fargo requires a $25 minimum opening deposit for its Ways2Save and Platinum Savings accounts, while Chase has no minimum deposit requirement. Overall, both banks cater to traditional banking needs with manageable fees. However, Chase’s flexibility with no opening deposit requirement and larger ATM network may appeal more to you if you’re seeking convenience.
Feature
Wells Fargo Ways2Save Savings
Wells Fargo Platinum Savings
Chase Savings
APY
0.01%
0.25%
0.01%
Minimum opening balance
$25
$25
$0
Monthly fee
$5
$12
$5
The Wells Fargo Platinum Savings APY is for balances under $100,000. Figures are correct as of June 2024.
When looking at Wells Fargo and SoFi Bank savings options, SoFi clearly emerges as the preferred choice. SoFi offers a much higher APY of up to 4.60% and charges no fees, while Wells Fargo has monthly fees ranging from $5 to $12 (although these fees can be waived). SoFi’s savings account also includes features like rounding up your debit card purchases to save spare change and automatically setting aside part of your paycheck for savings.
Feature
Wells Fargo Ways2Save Savings
Wells Fargo Platinum Savings
SoFi Checking and Savings
APY
0.01%
0.25%
Up to 4.60%
Minimum opening balance
$25
$25
$0
Monthly fee
$5
$12
$0
The Wells Fargo Platinum Savings APY is for balances under $100,000. Figures are correct as of June 2024.
A Wells Fargo savings account may be right for you if you already bank with Wells Fargo and want to keep your money all in one place. Having multiple accounts at the same bank is convenient, especially when the bank has thousands of branches and ATMs.
It’s probably not the right fit if you’re looking for a savings account with a high APY to help you maximize your interest earnings.
Here are some pros and cons to consider before you open a savings account account with Wells Fargo.
Pros
Thousands of branches where you can get in-person assistance
Established financial institution
11,000+ ATMs
Bonus offers available
Cons
Lower-than-average APY
Higher APY only available to customers with balances of $100,000 or more
How to apply for a Wells Fargo savings account
To apply for a Wells Fargo savings account online, you must be at least 18 years old.
If you’re a minor, you must go to a Wells Fargo branch to open your account. If you decide to open the account in person, you must have two forms of ID. Your driver’s license, state-issued ID card, passport, permanent resident card and U.S. Armed Forces ID are all acceptable forms of primary identification. For secondary ID, you’ll need a credit card, an ID issued by a government agency, a student ID or an employee ID.
Follow the on-screen prompts to create an account and make your initial deposit.
Other savings options at Wells Fargo
If you’re interested in growing your money in other ways, Wells Fargo also offers certificates of deposit (CDs) and individual retirement accounts (IRAs).
1
CD
This type of account offers a fixed rate on your savings, making it easier to estimate your earnings. In many cases, you need to leave your money in the account for a certain amount of time. Otherwise, you may lose some of the interest you earned as a penalty.
See MoreSee Less
2
IRA
An IRA is one of the most tax-efficient ways to save money for retirement. With this type of account, you can save with tax-free growth or on a tax-deferred basis.
See MoreSee Less
Our top picks for savings accounts
FAQ: Wells Fargo savings account interest rate
Does Wells Fargo have a high-yield savings account?
Yes. A high-yield savings account is an account that comes with a higher-than-average interest rate. As of June 2024, U.S. banks and credit unions were offering an average APY of 0.45% variable. The Wells Fargo Platinum Savings account offers an APY of up to 2.50% variable but only on accounts with balances of $1 million or more. If you have less than $100,000 to deposit, however, the APY maxes out at 0.25% (0.26% if you link your Platinum Savings account to a Wells Fargo checking account).
Is Wells Fargo a good option to open a savings account?
Yes. Wells Fargo opened in 1852, so it has a long history of providing banking services to consumers and business owners. Although the Way2Save and Platinum Savings options have monthly account fees, Wells Fargo waives those fees if you meet certain requirements. For example, you may be able to avoid the monthly maintenance fee on your Way2Save account by maintaining a minimum daily balance of $300.
Additionally, Wells Fargo has thousands of locations throughout the United States. If you feel more comfortable depositing money with a teller or consulting a personal banker regarding your finances, you can go to one of your local branches for personalized assistance. The bank also has more than 11,000 ATMs, making it easy to withdraw money on the go.
Are Wells Fargo savings rates good?
Although Wells Fargo has a low minimum opening deposit requirement and reasonable account fees, its rates aren’t as good as the rates you can get at other banks. For example, some online banks have APYs of 4.40%, such as Marcus, or more than 5.00%.
At Wells Fargo, Way2Save offers just 2.50%, and the only way to take advantage of higher Platinum Savings rates is to maintain a balance higher than $100,000. Few customers have that much cash on hand, preventing them from earning extra interest on their savings.
Do Wells Fargo savings accounts charge a monthly fee?
Yes, but there are several ways to avoid account fees. Each Way2Save account has a monthly fee of $5, but Wells Fargo waives the fee if you maintain a minimum daily balance of $300, make a certain number of automatic transfers each month or are under the age of 25.
The Platinum Savings account has a monthly fee of $12. You can avoid this fee if you maintain a minimum daily balance of $3,500.
How do you close a Wells Fargo savings account?
If you’re in the United States, contact Wells Fargo at (800) 869-3557 or visit your local branch. If you live outside the United States, fill out the form titled “Account Closure or Partial Withdrawal Request.” The form must be notarized and mailed to Wells Fargo at one of the following addresses:
Regular MailWells Fargo Bank, N.A.Exception Payments Account ClosuresMAC 9160-01XP.O. Box 9102Minneapolis, MN 55480-9102Overnight CourierWells Fargo Bank, N.A.Exception Payments Account ClosuresMAC 9160-01X1801 Park View Dr. 1st FloorShoreview, MN 55126-5030
Leigh Morgan is a seasoned personal finance contributor with over 15 years of experience writing on a diverse range of professional legal and financial topics. She specializes in subjects like navigating the complexities of insurance, savings, zero-based budgeting and emergency fund development.
In the last five years, she’s authored over 300 articles for credit unions, digital banks, and financial professionals. Morgan is also the author of “77 Tips for Preventing Elder Financial Abuse,” a book focused on helping caregivers protect the elderly from financial scams.
In addition to her writing skills, she brings real-world financial acumen thanks to her previous experience managing rental properties as part of a $34 million real estate portfolio.
Blake Esken has over 15 years of experience in product management and has been a member of the Los Angeles Times staff for over five years.
As part of his role at the Los Angeles Times Commerce Team, Blake acts as the in-house reviewer and fact checker for LA Times Compare. He supervises all content for compliance and accuracy and puts to use skills he has honed through years of experience managing high-stakes projects for a range of industry-leading companies.
He has a strong background in data analysis, compliance, and communication, which allows him to support LA Times Compare through fact-checking in an effort to provide up-to-date and factual information across our content.
LA Times Compare is committed to helping you compare products and services in a safe and helpful manner. It’s our goal to help you make sound financial decisions and choose financial products with confidence. Although we don’t feature all of the products and services available on the market, we are confident in our ability to sound advice and guidance.
We work to ensure that the information and advice we offer on our website is objective, unbiased, verifiable, easy to understand for all audiences, and free of charge to our users.
We are able to offer this and our services thanks to partners that compensate us. This may affect which products we write about as well as where and how product offers appear on our website – such as the order in which they appear. This does not affect our ability to offer unbiased reviews and information about these products and all partner offers are clearly marked. Given our collaboration with top providers, it’s important to note that our partners are not involved in deciding the order in which brands and products appear. We leave this to our expert freelance writers who review and rate each product independently.
Why Trust Us?
At LA Times Compare, our mission is to help our readers reach their financial goals by making smarter choices. As such, we follow stringent editorial guidelines to ensure we offer accurate, fact-checked and unbiased information that aligns with the needs of the Los Angeles Times audience.
Learn how we are compensated by our partners.
