Wells Fargo Savings Account Interest Rate: How It Compares

Margarette BurnetteAugust 5, 2020

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Wells Fargo Wells Fargo Way2Save Savings
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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 0.05%, and significantly worse than annual percentage yields, or APYs, on online savings accounts. (Those can be closer to 1.00%.) While Wells Fargo's overall star rating is 3.5 out of 5 stars, the Way2Save savings account earns 3.0 out of 5 stars.

» Skip ahead to see how Wells Fargo compares with other banks

Wells Fargo interest rates

Interest rate on balances

0.01%

How it compares

The national average rate for savings accounts is 0.05% APY.

Monthly fees

$5

How to avoid monthly fees

  • Maintain minimum daily balance of at least $300, or

  • Set up a recurring automatic transfer from a Wells Fargo checking account, or

  • Be under age 18 (19 in Alabama).

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.)

» Check out high-interest rate options with NerdWallet’s best high-yield online savings accounts

How Wells Fargo compares to online banks

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.

Here’s a comparison of Wells Fargo savings rates with accounts at online institutions:

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APY

0.01%

With $1 minimum balance

APY

0.60%

With $0 minimum balance

APY

0.60%

With $0 minimum balance

Bonus

N/A

Bonus

N/A

Bonus

N/A

Wells Fargo CDs and other savings options

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.

» Dive deeper: Read NerdWallet’s Wells Fargo review

Find out how much interest you could be earning with the savings calculator below. The higher the rate, the faster your money can grow.

» Find this month's best rates in NerdWallet's best savings rates

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