Wells Fargo Savings Account Interest Rate: How It Compares

Wells Fargo savings account interest rates are some of the lowest around.
Margarette Burnette
By Margarette Burnette 

Many or all of the products featured here are from our partners who compensate us. This influences which products we write about and where and how the product appears on a page. However, this does not influence our evaluations. Our opinions are our own. Here is a list of our partners and here's how we make money.

Wells Fargo Way2Save Savings
NerdWallet rating 
The investing information provided on this page is for educational purposes only. NerdWallet, Inc. does not offer advisory or brokerage services, nor does it recommend or advise investors to buy or sell particular stocks, securities or other investments.

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


How it compares

The national average rate for savings accounts is 0.46% APY.

Monthly fees


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


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.)

» 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.

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.

» Dive deeper: Read NerdWallet’s Wells Fargo review

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 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.

Investment details
Contribution frequency




Total Balance


Principal valueTotal interest
Get more for your hard-earned money
Compare the top high-yield-savings and brokerage accounts and earn more money on your money.
Bird nest with money
SoFi Bank, N.A. logo
Learn More

Member FDIC

SoFi Checking and Savings

SoFi Bank, N.A. logo


Min. balance for APY


CIT Bank logo
Learn More

Member FDIC

CIT Bank Platinum Savings

CIT Bank logo


Min. balance for APY


BMO Alto logo
Learn More

Deposits are FDIC Insured

BMO Alto Online Savings Account

BMO Alto logo


Min. balance for APY


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

NerdWallet rating 


SoFi Checking and Savings

at SoFi Bank, N.A., Member FDIC



With $0 min. balance for APY



Earn up to $300 with direct deposit. Terms apply.

Get more smart money moves – straight to your inbox
Sign up and we’ll send you Nerdy articles about the money topics that matter most to you along with other ways to help you get more from your money.