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Wells Fargo Savings Account Interest Rate: How It Compares
Wells Fargo savings account interest rates are some of the lowest around.
Margarette Burnette is a savings expert who has been writing about bank accounts since before the Great Recession. Her work has been featured in The Associated Press, USA Today and other major newspapers. Before joining NerdWallet, Margarette was a freelance journalist with bylines in magazines such as Good Housekeeping, Black Enterprise and Parenting. She is based near Atlanta, Georgia.
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The Wells Fargo savings account annual percentage yield is 0.15% for its Way2Save account, which is pretty low. It's below the national average of 0.37%, and significantly worse than the APYs on online savings accounts. Many top online savings accounts earn rates upward of 3%. At the moment, a Wells Fargo high-yield savings account does not exist.
Wells Fargo interest rates
APY on balances
0.15%.
How it compares
The national average rate for savings accounts is 0.37% APY.
Monthly fees
$5.
How to avoid monthly fees
Maintain minimum daily balance of at least $300, or
Set up a recurring monthly qualifying automatic transfer from a linked Wells Fargo checking account ($25 or more), or
Set up a qualifying automatic transfer each business day from a Wells Fargo checking account ($1 or more), or
Have a qualifying Save As You Go transfer ($1 for each non-recurring debit card purchase or online bill pay transaction) from a linked checking account to savings, or
Be age 24 years old or younger.
Minimum opening deposit
$25.
APY on balances for premium savings accounts
Up to 0.02% APY for customers with a linked Wells Fargo Relationship account. (APYs may vary depending on where you live.)
Megabanks like Wells Fargo often have savings accounts with low interest rates. If you're looking for higher rates on your savings accounts, you'll probably find better options at online banks.
If you deposit $10,000 in a Wells Fargo account that earns 0.01% APY, it would grow by about $2 after a year. But if you put that money in a high-yield savings account that earns 2% APY, it would earn about $202 after a year. That’s a large gain for simply choosing a different savings account. And on top of the better yield, many online savings accounts have no monthly fees or minimum balance requirements.
In addition to its basic savings account, Wells Fargo offers a Platinum savings account with a rate that’s only slightly higher, and that’s if you have a linked Wells Fargo premium account. The bank also has a selection of CDs with a minimum opening balance of $2,500, but rates are similarly low.
Find out how much interest you could be earning with the savings calculator below. The higher the rate, the faster your money can grow.
4.00%SoFi members with direct deposit can earn up to 4.00% annual percentage yield (APY) on savings balances (including Vaults) and 1.20% APY on checking balances. There is no minimum direct deposit amount required to qualify for the 4.00% APY for savings. Members without direct deposit will earn 1.20% APY on all account balances in checking and savings (including Vaults). Interest rates are variable and subject to change at any time. These rates are current as of 03/17/2023. Additional information can be found at http://www.sofi.com/legal/banking-rate-sheet
3.75%3.75% APY (annual percentage yield) with $0 minimum balance to earn stated APY. Accounts must have a positive balance to remain open. APY valid as of 02/14/2023.
These cash accounts combine services and features similar to checking, savings and/or investment accounts in one product. Cash management accounts are typically offered by non-bank financial institutions.
These cash accounts combine services and features similar to checking, savings and/or investment accounts in one product. Cash management accounts are typically offered by non-bank financial institutions.
4.00%Annual percentage yield (variable) is as of 02/06/2023.
Min. balance for APY
$0
CDs (certificates of deposit) are a type of savings account with a fixed rate and term, and usually have higher interest rates than regular savings accounts.
CDs (certificates of deposit) are a type of savings account with a fixed rate and term, and usually have higher interest rates than regular savings accounts.
3.30%Your annual percentage yield can be as high as 3.30% based on the following combined rate rewards: direct deposits (not including intra-bank transfers from another account) totaling $1,500 or more each month will earn 0.40%. A qualifying direct deposit is required for the remaining interest rate qualifications to apply. Ten (10) point-of-sale transactions per month using your Rewards Checking Visa® Debit Card for normal everyday purchases with a minimum of $3 per transaction, or enrolling in Account Aggregation/Personal Finance Manager (PFM) will earn 0.30%; maintaining an average daily balance of at least $2,500 per month in an Axos Self Directed Trading Invest account will earn 1.00%; maintaining an average daily balance of at least $2,500 a month in an Axos Managed Portfolio Invest account will earn 1.00%; and making a monthly payment to an open Axos Bank consumer loan (commercial and business loans excluded) via transfer from your Rewards Checking account will earn a maximum of 0.60%.
Monthly fee
$0
Money market accounts pay rates similar to savings accounts and have some checking features.
Money market accounts pay rates similar to savings accounts and have some checking features.
