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.

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. At the Fed's most recent meeting in March, the committee decided to hold rates steady—the fifth meeting in a row it has done so—but said again that it expects to cut rates later this year. The Fed's dot plot shows that Fed members believe there will be three rate cuts later this year. Interest rates closely follow the fed funds rate. Once it appears the Fed is ready to make a rate cut, interest rates are expected to fall.

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.

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.