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Wells Fargo savings rates
Wells Fargo has two savings accounts: the Wells Fargo Platinum Savings Account and Wells Fargo Way2Save® Savings Account.
The Wells Fargo Platinum Savings Account has a tiered interest rate system based on your account balance. Even the lowest tier pays a higher interest rate than many national brick-and-mortar banks. You’ll earn a slightly higher Relationship Rate if you link this account to a Wells Fargo checking account, but the difference is minor.
This could be a good savings account for earning a relatively high rate at a brick-and-mortar bank. However, online high-yield savings accounts still pay significantly more.
The Wells Fargo Way2Save® Savings Account pays Wells Fargo Way2Save® Savings Account. The account makes it easy for you to waive the $5 fee and has an automatic savings tool, but its rate is low.
The bottom line: If you know you want to open a savings account at a large, national bank, Wells Fargo is a decent choice. The Wells Fargo Platinum Savings Account pays higher rates than most savings accounts at brick-and-mortar banks. But the $12 monthly service fee is fairly steep, so you may only want to open this account if you qualify to waive this fee.
How Wells Fargo savings rates compare
We’ve compared the Wells Fargo Platinum Savings Account to comparable savings accounts at two other national banks: Chase and Bank of America.
Other Wells Fargo savings options
The Wells Fargo Fixed Rate Certificate of Deposit pays Wells Fargo Fixed Rate Certificate of Deposit, depending on the term. You’ll likely earn a higher rate with a CD than with a Wells Fargo savings account, but you should be willing to part with your money for the length of the term.
Wells Fargo savings rates FAQ
What is Wells Fargo’s savings interest rate?
The Wells Fargo Way2Save® Savings Account pays Wells Fargo Way2Save® Savings Account, and the Wells Fargo Platinum Savings Account pays Wells Fargo Platinum Savings Account.
Is Wells Fargo a good bank for a savings account?
If you want an in-person bank, Wells Fargo could be a good option for a savings account. The Wells Fargo Platinum Savings Account pays a higher rate than many brick-and-mortar banks pay on savings. The Wells Fargo Way2Save® Savings Account pays a lower rate, but it has other perks like an automatic savings tool.
But if you’re open to banking online, you may want to open a high-yield savings account with a different bank so you can earn more.