Wells Fargo’s savings and banking deposit options largely reflect many other large, national banks. That’s to say it has a couple of savings accounts and a range of CD terms, each carrying various fees and minimum balance requirements — for very low interest.
The plus side is that, as the nation’s fourth largest bank with over 4,000 branches, the money you save with Wells Fargo may be easily accessible via teller or ATM. But if you’re looking to earn any additional interest on your savings balances, Wells Fargo is not the place to maximize high-yield earnings.
Here are more details about Wells Fargo’s savings and CD accounts, and how they compare to other banks today.
Wells Fargo Savings Rates by Account Type
Wells Fargo offers two savings account options for consumers — the Way2Save Savings account and Platinum Savings account. There’s also a version of the Platinum Savings that’s slightly different for relationship customers (if you link an eligible Wells Fargo checking account).
Here’s how these accounts stack up in terms of interest rate, minimum deposit requirements and monthly service fees.
|Annual Percentage Yield (APY)||Minimum Opening Deposit||Fees|
|Way2Save Savings Account||.01%||$25||$5 monthly service fee (can be waived if you meet certain requirements)|
|Platinum Savings||.01%||$25||$12 monthly service fee (can be waived if you meet certain requirements)|
|Platinum Savings with Relationship||.02%||$25||$12 monthly service fee (can be waived if you meet certain requirements)|
Note: Interest rates may vary depending on where you live. The above rates are accurate as of publish date.
Monthly service fees can be waived for both accounts if you meet certain requirements. If you open a Way2Save savings account, you must meet at least one of the following requirements each statement period:
- Maintain a $300 minimum daily balance
- Set up one automatic transfer each fee period of $25 or more from a linked Wells Fargo checking account
- Set up one automatic transfer each business day within the fee period of $1 or more from a linked Wells Fargo checking account
- One or more Save As You Go automatic transfers from a linked Wells Fargo checking account ($1 transferred when you use your debit card or make a Billy Pay transaction via your online account)
- Be a primary account holder no older than 24
For the Platinum Savings account, the only way to waive the $12 monthly fee is by maintaining a minimum daily balance of at least $3,500 each statement period.
How Do Wells Fargo Savings Rates Compare to Other Banks?
The national average savings account interest rate is 0.17% right now, according to the Federal Deposit Insurance Corporation (FDIC). But you can find much higher offers from many online banks, which today offer interest rates over 2% with no minimum deposit requirements and no account fees.
Wells Fargo CD Rates by Type
Wells Fargo offers certificates of deposit in a few different term lengths, though the interest rates on these accounts are also poor. Here’s an overview of available CD terms from Wells Fargo, as well as current rates and minimum deposit requirements.
|Term||Annual Percentage Yield (APY)||Annual Percentage Yield (APY) with Relationship Rates||Minimum Opening Deposit|
Note: Interest rates may vary depending on where you live and the amount you deposit. The above rates are accurate as of publish date.
Wells Fargo additionally offers a Special Interest Rate CD that can help you earn a much higher rate, at least temporarily. This CD has a 7-month term and earns 1.01% APY (or 1.02% APY for relationship account holders). However, it does require a $5,000 minimum opening deposit. Once the initial 7-month term ends, your CD rolls over into a regular 6-month CD at the standard rate above.
Wells Fargo CD Rates vs. Other Banks
Wells Fargo CD yields are pretty disappointing across the board compared to high-yield CD options. Standard term CDs are far less than even national averages reported by the FDIC:
- 3-month average yield: .15%
- 6-month average yield: .34%
- 12-month average yield: .60%
Wells Fargo’s Special Interest Rate CD, with just over 1% APY, is more competitive. But it’s limited by the high minimum deposit and single term length. Plus, you can only earn that rate for the initial period before reverting to a standard six-month CD term.
Many of the best CD rates are currently well over 2%, and even shorter-term CDs with the same terms offered by Wells Fargo can range upwards of 2% APY.
Is Wells Fargo a Good Choice for a Savings or CD Account?
Wells Fargo has a large national footprint and a range of financial products, but if you’re looking to score the best interest rates on your deposits, you won’t find them here.
Compared to other large brick-and-mortar national banks, Wells Fargo does stand out with one higher-earning account, the Special Interest CD with a seven-month term. This CD still has a much lower rate than high-yield CDs with similar terms, though, which are often above 2% right now.
Otherwise, its rates remain near zero for savings and CD accounts alike, alongside potential monthly fees and steep minimum deposit requirements.
If your primary goal is saving more money though, Wells Fargo is a serviceable choice, and its many locations can be useful if you want the option to go in-branch to do your banking. The most important part of saving — even beyond scoring great interest — is simply starting the habit of contributing money to your balance. But before you opt into Wells Fargo for convenience only, be sure to compare other high-yield savings and CD options that may save you money on fees or help you add to your balance over the long term.