The Wells Fargo savings account interest rate is 0.01% for its Way2Save product. That’s lower than the national average of 0.07%, and significantly worse than annual percentage yields, or APYs, on online savings accounts. (Those can be close to 2%.) While Wells Fargo’s overall star rating is 3.5 out of 5 stars, the Way2Save Savings Account earns 2.5 out of 5 stars.
» Skip ahead to see how Wells Fargo compares with two other banks.
Wells Fargo interest rate, fees
|Interest rate on balances||0.01%.|
|How it compares||The average national rate for savings accounts is 0.07% APY.|
|How to avoid monthly fees|
|Minimum opening deposit||$25.|
|Interest on balances for premium savings accounts||Up to 0.10% APY. (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 are looking for higher rates on your savings accounts, you will 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 top online institutions:
Wells Fargo CDs and other savings options
In addition to its basic savings account, Wells Fargo offers a Platinum savings account that earns slightly higher rates. The bank also has a selection of CDs, including options with rates of up to 1.55% APY with a $5,000 minimum deposit and term length of 9 months. There are also standard options with a minimum balance of $2,500, including a one-year CD with an APY of 0.15%.
» Dive deeper: Read NerdWallet’s Wells Fargo review
Find out how much interest you could be earning with the calculator below. The higher the rate, the faster your money can grow.
» Find this month’s best rates in NerdWallet’s Best Savings Rates