Wells Fargo Savings Account Interest Rates – Forbes Advisor – Forbes

Wells Fargo Bank offers two types of savings accounts: Way2Save Savings and Platinum Savings.

The base APY for these accounts is 0.01%. However, if a Platinum Savings account is linked to an eligible checking account, you can earn a relationship rate of 0.02%. These rates fall well short of the average national rate of 0.06% for savings accounts, according to data from the FDIC.

Wells Fargo requires a minimum deposit of $25 to open either a Way2Save Savings account or a Platinum Savings account.

Here’s how to save with Wells Fargo and the kind of interest you can expect to earn. Rates are accurate as of May 11, 2022.

Wells Fargo Savings Account Interest Rates

Overview of Wells Fargo Savings Interest Rates

Here’s an overview of the minimum deposit, minimum daily balance, APY, compounding schedule and monthly fees for the Way2Save Savings and Platinum Savings accounts.

Minimum Deposit

Both the Way2Save Savings account and the Platinum Savings account require a minimum opening deposit of $25.

Minimum Daily Balance

There’s no minimum daily balance requirement for either Wells Fargo savings account, but you can avoid monthly maintenance fees by maintaining certain balance levels. You can avoid the $5 monthly service fee for the Way2Save Savings account by keeping a minimum daily balance of $300 during each fee period. To avoid the $12 monthly service fee for the Platinum Savings account, you must maintain a $3,500 minimum daily balance each month.

APY

The basic APY for the Way2Save Savings account and the Platinum Savings account is 0.01%. For an account holder with an eligible linked checking account, the Platinum Savings account APY rises to a relationship rate of 0.02%.

Monthly Fees

The Way2Save Savings account charges a $5 monthly service fee. But you can avoid the fee by doing one of the following during each fee period:

• Maintain a $300 minimum daily balance
• Make one automatic transfer each fee period of $25 or more from a linked Wells Fargo checking account
• Make one automatic transfer each business day within the fee period of $1 or more from a linked Wells Fargo checking account
• Make at least one Save As You Go transfer from a linked Wells Fargo checking account. Save As You Go is an optional Wells Fargo program that automatically transfers $1 each time you use your debit card or pay a bill through the bank’s online banking platform.
• Be a primary account owner age 24 or under

The Platinum Savings account charges a $12 monthly service fee, but you can avoid it by maintaining a $3,500 minimum daily balance each fee period.

Compounding Schedule

Interest for Wells Fargo savings accounts is compounded daily and paid monthly. The daily balance in your account determines how much interest you earn. Wells Fargo pays accrued interest when it hits at least $0.01.

How Much Can You Earn?

With the base 0.01% APY for Wells Fargo savings accounts, the interest you’ll earn over a 10-year period is meager—$1 over a decade.

You can use our savings calculator to see how much you could save at a higher rate.

Wells Fargo vs. Other Banks

With or without a relationship rate, Wells Fargo’s savings accounts pay below the national average savings account APY of 0.06% and far lower than the APYs available from the best online savings accounts.

Other Wells Fargo Savings Options

Aside from traditional savings accounts, Wells Fargo offers:

• Certificates of deposit (CDs). CDs allow you to save money at a set interest rate for a set period, ranging from a few months to several years. Wells Fargo’s CDs are available in three terms: three months, six months and 12 months. Unfortunately, the bank’s CD rates are lower than the best CD rates available.

Bottom Line

Wells Fargo Bank’s savings accounts offer interest rates below the national average and well below the rates available from the best online savings accounts. If you’re looking for a higher interest rate, you’re better off shopping at online banks or credit unions.

However, Wells Fargo might provide a sense of security to account holders, as it’s one of the biggest banks in the nation by assets. Plus, if you’re not always comfortable doing business online, Wells Fargo operates about 4,900 branches and more than 12,000 ATMs.

Frequently Asked Questions (FAQs)

Source: forbes.com