The company was founded in 1852 to transport gold and express mail delivery from the eastern United States to fast-growing California during the Gold Rush. Wells Fargo is a San Francisco-based multinational financial institution and one of the largest banks in the country.
0.50% APY for a three-month CD (1.01% for a balance of $100,000 or more). You can open a Standard Fixed Rate CD with a minimum deposit of $2,500 with rates of: You can open a Special Fixed Rate CD with a minimum deposit of $5,000 with base rates of: These accounts come with a fixed interest rate for the duration of their renewal term, and they offer a bump to a Relationship APY if you connect the account to an eligible Wells Fargo checking account. In addition to its savings accounts, Wells Fargo offers Certificates of Deposit (CDs), also known as Time Accounts. That puts Wells Fargo’s Platinum Savings account right in line with an average savings account, though the Way2Save Savings account falls short.Įven the Platinum Savings account from Wells Fargo is a relatively low-yield way to save compared with high-yield savings accounts, which can reach around 1.00% to 2.00% APY on any balance with no fees or balance minimums.įor a high savings balance-like the $100,000 you need to earn the account’s highest APY a CD or investment account can offer a much higher return on investment than a standard savings account. The national average deposit rate for a savings account is 0.33% as of January 2023, according to the FDIC’s official record. How does Wells Fargo compare to other banks? The amount you can earn in interest on a standard savings account with Wells Fargo is relatively insignificant compared with other savings and investment options, and will likely pale in comparison to inflation. Interest compounds daily and is paid monthly on the money you deposit, so the longer your money sits in an account, the more it will earn. The amount you can earn in interest in a Wells Fargo savings account depends mostly on how much you contribute and how long you have to wait before you withdraw funds. The Platinum Savings account monthly service fee is $12 unless you keep a $3,500 minimum daily balance. (Joint ownership is available for minors.) 
The primary account holder is 24 years old or younger. (In this feature, Wells Fargo transfers $1 from your linked checking account when you use your debit card for a one-time purchase, or make a Bill Pay transaction via online banking.) One or more Save As You Go transfers from a linked Wells Fargo checking account. One automatic transfer each business day of $1 or more from a linked Wells Fargo checking account. One automatic transfer of $25 or more from a linked Wells Fargo checking account. The Way2Save Savings account monthly service fee is $5 unless you meet one of the following criteria each month: If you link your savings account to an eligible Wells Fargo checking account, you can add 0.01 percentage point to your APY to get a Relationship APY of 0.26% on balances below $100,000 or 1.02% on a balance of $100,000 or more.īoth accounts come with a monthly service fee that you can avoid by meeting certain criteria. 
If your balance is $100,000 or more, the APY goes up to 1.01%.On the Platinum Savings account, the base APY is 0.25%, although that rate increases when you meet certain criteria: On a Way2Save Savings account, you earn an APY of 0.15%. Overview of Wells Fargo savings account interest ratesīoth Wells Fargo savings accounts offer their standard APYs without conditions you just need at least $25 to open the account.
Wells Fargo savings accounts offer variable interest rates, meaning all rates are subject to change.
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