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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 NerdWallet authority on savings, 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 0.46%, and significantly worse than the APYs on online savings accounts. Many top online savings accounts earn rates of 4% or more. 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 0.46% 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.
4.60%SoFi members with Direct Deposit or $5,000 or more in Qualifying Deposits during the 30-Day Evaluation Period can earn 4.60% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. There is no minimum Direct Deposit amount required to qualify for the stated interest rate. Members without either Direct Deposit or Qualifying Deposits, during the 30-Day Evaluation Period will earn 1.20% APY on savings balances (including Vaults) and 0.50% APY on checking balances. Interest rates are variable and subject to change at any time. These rates are current as of 10/24/2023. There is no minimum balance requirement. Additional information can be found at http://www.sofi.com/legal/banking-rate-sheet.
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.
5.50%*Base annual percentage yield (variable) is 4.75% as of 7/31/23. 5.50% APY reflects a .75% boost available as a special offer with qualifying deposit. Terms apply. Cash Reserve is only available to clients of Betterment LLC, which is not a bank, and cash transfers to program banks are conducted through clients’ brokerage accounts at Betterment Securities.
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.
5.60%All Bread Savings APYs are accurate as of 10/26/2023. APYs are subject to change at any time without notice. Offers apply to personal accounts only. Fees may reduce earnings. To open a CD, a minimum of $1,500 is required and must be deposited in a single transaction. A penalty will be imposed for early withdrawals on CDs. At maturity, your CD will automatically renew and earn the base interest rate in effect at that time.
0.50%SoFi members with Direct Deposit or $5,000 or more in Qualifying Deposits during the 30-Day Evaluation Period can earn 4.60% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. There is no minimum Direct Deposit amount required to qualify for the stated interest rate. Members without either Direct Deposit or Qualifying Deposits, during the 30-Day Evaluation Period will earn 1.20% APY on savings balances (including Vaults) and 0.50% APY on checking balances. Interest rates are variable and subject to change at any time. These rates are current as of 10/24/2023. There is no minimum balance requirement. Additional information can be found at http://www.sofi.com/legal/banking-rate-sheet.
NerdWallet's ratings are determined by our editorial team. The scoring formulas take into account multiple data points for each financial product and service.
