Wells Fargo offers customers savings account options for different stages of their lives. Overall, the yields offered by the big bank leave something to be desired. You can find much higher APYs elsewhere.
On the other hand, the savings accounts are easily accessible online and at branches. Wells Fargo has more branches than any other bank in the U.S. and its mobile app has earned favorable reviews in the app stores.
Wells Fargo earned 2.5 out of 5 stars in Bankrate’s review across its deposit products.
Wells Fargo savings account rates
Let’s take a closer look at the savings account options in the chart below.
Account name Interest rate APY Minimum deposit
Way2Save Savings 0.01% 0.01% $25
Platinum Savings 0.01% 0.01% $25
You can earn a higher APY on the Platinum Savings account if you also have (and link) a Portfolio by Wells Fargo account.
Note: The APYs (Annual Percentage Yield) shown are as of Nov. 19 2020. The APYs for some products may vary by region.
How Wells Fargo savings accounts compare to top-yielding banks
The rates offered by Wells Fargo’s savings account are next to nothing and lower than the national average. Although Wells Fargo is an easily recognizable financial institution, many other banks offer higher interest rates.
Salem Five Direct, Vio Bank and Live Oak Bank are among the banks offering some of the highest rates.
With a higher APY, you can reach your savings goals faster. It can be difficult to justify stashing your savings in an account that is only offering you 0.01 percent APY when there are other options that pay you significantly more.
Other savings options at Wells Fargo
If you are interested in growing your money beyond a savings account, you have plenty of other options with Wells Fargo. The bank offers a range of CDs to help you meet your goals. You can also find retirement accounts to help you work toward your long-term savings goals.