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Wells Fargo Savings Account Interest Rates for 2024

  • Wells Fargo offers the Way2Save and Platinum Savings accounts to help you grow your savings.
  • 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.
  • See our selection of high-yield savings accounts: Western Alliance(5.24% APY), Barclays (4.35% APY), 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

Our top picks for savings accounts

Wells Fargo savings account interest rate

Wells Fargo has been in business for?more than 150 years. It has five divisions: personal banking, small business banking, investing and wealth management, corporate and investment banking, and commercial banking.

As of May 2024, the bank offers two types of savings accounts.

Overview of Wells Fargo Savings Account Interest Rates

Account name APY Minimum Deposit
Way2Save Savings 0.01% $25
Platinum Savings 0.25% - 2.50% $25

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.

The table below shows the Way2Save account interest rate and APY for ZIP code 90001 (Los Angeles/Huntington Park/Florence-Graham).

Wells Fargo Ways2Save Savings Account Interest Rate

Interest rate APY Balance for APY
0.01% 0.01% $0 (no minimum balance required)

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 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 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.

The table below shows the interest rate and APY for ZIP code 90001 (Los Angeles/Huntington Park/Florence-Graham).

Wells Fargo Platinum Savings Account Interest Rates

Account name Balance Standard Interest rate Standard APY Relationship Interest Rate Relationship APY
Platinum Savings $0 to $99,999.99 0.25% 0.25% 0.26% 0.26%
Platinum Savings $100,000 to $499,999.99 1.00% 1.01% 1.01% 1.02%
Platinum Savings $500,000 to $999,999.99 1.98% 2.00% 1.99% 2.01%
Platinum Savings $1 million or more 2.47% 2.50% 2.48% 2.51%

Wells Fargo savings account bonuses and promotions

Occasionally, Wells Fargo offers bonuses and special promotions to customers who open new savings accounts.

Until January 9, 2024, the bank has these offers available:

How to find the Wells Fargo savings account interest rate

To find rates for your area, follow these steps:

  1. Visit the?Savings Account and CD (Time Accounts) Rates?landing page on the Wells Fargo website.
  2. If the ZIP code displayed below the page title doesn’t match your location, click “Change Location.”
  3. Enter your ZIP code and click “Continue.”
  4. 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 0.47%, 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.

How Wells Fargo Savings Account Interest Rates Compare to Other Banks

Bank Interest Rate
American Express 4.25%
Barclays 4.35%
Capital One 4.25%
Discover 4.25%
Marcus 4.50%
Synchrony 4.75%
U.S. Bank 0.01%
Wells Fargo Ways2Save 0.01%
Wells Fargo Platinum 0.25% (for balances under $100K)

Is a Wells Fargo savings account right for me?

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.

If you’d rather apply online, follow these steps:

  1. Visit the?Way2Save?or?Platinum Savings?page on the Wells Fargo website.
  2. Click the “Open Now” button.
  3. 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 More See 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 More See 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 April 2024, U.S. banks and credit unions were offering an?average APY of 0.46% 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
Leigh Morgan Personal Finance

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.

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