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Wells Fargo Savings Account Interest Rate: How It Compares
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The Wells Fargo savings account interest rate is 0.01% for its Way2Save product. That’s below the national average of 0.06%, and significantly worse than annual percentage yields, or APYs, on online savings accounts.
Wells Fargo interest rates
Interest rate on balances
0.01%.
How it compares
The national average rate for savings accounts is 0.06% APY.
Monthly fees
$5.
How to avoid monthly fees
Maintain minimum daily balance of at least $300, or
Set up a recurring monthly or daily qualifying automatic transfer from a Wells Fargo checking account, 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.
Interest on balances for premium savings accounts
Up to 0.02% APY for customers with a linked Wells Fargo Portfolio 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. In addition to having accounts with higher yields, many 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 Portfolio 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.
0.20%Earn up to 0.30% APY with My Savings when you open a My Checking account and set up a $1,000 direct deposit. You can still earn 0.20% APY with a My Savings account if you are not ready for a My Checking account.
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.
CDs (certificate 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 (certificate of deposit) are a type of savings account with a fixed rate and term, and usually have higher interest rates than regular savings accounts.
