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Wells Fargo Savings Account Interest Rate: How It Compares
Wells Fargo savings account interest rates are lower than rates on savings accounts at other banks.
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The Wells Fargo savings account interest rate is 0.01% for its Way2Save account. That’s below the national average of 0.10%, and significantly worse than annual percentage yields, or APYs, on online savings accounts. Many top online savings accounts earn rates around 0.50%.
Wells Fargo interest rates
Interest rate on balances
0.01%.
How it compares
The national average rate for savings accounts is 0.10% 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 daily qualifying automatic transfer 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.
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.
2.00%SoFi members with direct deposit can earn up to 2.00% annual percentage yield (APY) interest on all account balances in their Checking and Savings accounts (including Vaults). Members without direct deposit will earn 1.00% APY on all account balances in Checking and Savings (including Vaults). Interest rates are variable and subject to change at any time. Rate of 2.00% APY is current as of 08/12/2022. Additional information can be found at http://www.sofi.com/legal/banking-rate-sheet
1.70%1.70% 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 08/12/2022.
1.60%Advertised Online Savings Account APY is accurate as of 08/12/2022
Min. balance for APY
$0
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.
5.00%The Aspiration Save Account’s up to 5.00% Annual Percentage Yield (“APY”) with up to 71x the national interest rate is variable, subject to change, and only available to customers enrolled in Aspiration Plus after conditions are met. Customers not enrolled in Aspiration Plus receive 3.00% APY after conditions are met.
1.60%The annual percentage yield ("APY") on the deposit balances in Betterment Cash Reserve ("Cash Reserve") is 1.60% and represents the weighted average of the APY on deposit balances at the banks participating in Cash Reserve (the "Program Banks") and is current as of August 01, 2022. This APY is variable and subject to change daily. Deposit balances are not allocated equally among the participating Program Banks. A minimum deposit of $10 is required, but there is no minimum balance required to be maintained. The APY available to a customer may be lower if that customer designates a bank or banks as ineligible to receive deposits. APY applies only to Cash Reserve and does not apply to checking accounts held through Betterment Checking. Cash Reserve and Betterment Checking are separate offerings and are not linked accounts.
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.
2.00%SoFi members with direct deposit can earn up to 2.00% annual percentage yield (APY) interest on all account balances in their Checking and Savings accounts (including Vaults). Members without direct deposit will earn 1.00% APY on all account balances in Checking and Savings (including Vaults). Interest rates are variable and subject to change at any time. Rate of 2.00% APY is current as of 08/12/2022. Additional information can be found at http://www.sofi.com/legal/banking-rate-sheet
