Wells Fargo Saving Account Interest Rate vs Top-Yielding Banks

Wells Fargo's standard savings account interest rate is currently around 0.01%, which is relatively low compared to other top-yielding banks.

Some top-yielding banks offer interest rates as high as 2.15%, making them a more attractive option for those looking to earn a higher return on their savings.

For example, Ally Bank offers a high-yield savings account with an interest rate of 2.20%, while Marcus by Goldman Sachs offers a rate of 2.15%.

If you're looking to earn a higher interest rate on your savings, you may want to consider opening an account with one of these top-yielding banks.

Wells Fargo offers two standard savings accounts: the Way2Save Savings and the Platinum Savings account with added benefits.

The Way2Save Savings account has a fixed interest rate of 0.01% APY, regardless of the balance.

You can earn a higher interest rate with the Platinum Savings account, but only if you meet certain balance requirements.

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Here's a breakdown of the interest rates for the Platinum Savings account:

The standard rate for all savings accounts at Wells Fargo is 0.05% APY, with no tiered system.

The national average rate for savings accounts is 0.42% APY, which is higher than Wells Fargo's standard rate.

You can avoid a monthly fee of $5 by maintaining a certain balance in your account, but the article doesn't specify what that balance is.

If this caught your attention, see: Average American Saving Account Balance

Wells Fargo offers two standard savings accounts: the Way2Save Savings and the Platinum Savings account. The Platinum Savings account has a slightly higher, variable relationship rate supplement for those who are part of the Portfolio by Wells Fargo program.

The Platinum Savings account has a tiered interest rate system, with different rates for different balance ranges. For balances between $0 and $99,999.99, you earn 0.26% APY. For balances between $100,000 and $499,999.99, you earn 1.01% APY, with an APY of 1.02%.

Here's a breakdown of the Platinum Savings account's interest rates:

Keep in mind that Wells Fargo's savings account interest rates are lower than those offered by top online banks, such as Bask Bank and LendingClub Bank.

Wells Fargo's base rates on its savings accounts are much lower than those offered by top online banks.

Bask Bank and LendingClub Bank are among the online-only banks offering some of the highest rates.

A higher APY can help you reach your savings goals faster.

It can be difficult to justify stashing your savings in an account offering only 0.01 when other options pay significantly more.

Wells Fargo does offer alternatives, including a range of CDs and individual retirement accounts, if you are interested in growing your money beyond a savings account.

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APY stands for Annual Percentage Yield, which is a percentage rate that reflects the total amount of interest paid on your account. The APY takes into account the interest rate and the frequency of compounding for a 365-day period.

The APY is a key factor in determining how much interest you can earn on your savings account. With a higher APY, your money can grow faster.

Wells Fargo's standard savings account offers a 0.05 percent APY on any balance, while the Platinum Savings account offers a tiered APY system. For balances up to $99,999.99, the APY is 0.26 percent.

Here's a breakdown of the APYs offered by Wells Fargo's Platinum Savings account:

Keep in mind that APYs may vary by region, and the rates shown are as of Jan. 27, 2025, using the 90210 zip code.

If you're looking to avoid the $5 monthly service fee on the Business Market Rate Savings account, you'll need to meet one of the following conditions each fee period.

You can avoid the fee by maintaining a minimum daily balance of $300.

Alternatively, you can also avoid the fee by having a total of $25 or more in automatic transfers from a Wells Fargo business checking account into this savings account each fee period.

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Wells Fargo savings account interest rates are tiered, meaning the higher your balance, the higher your interest rate.

The interest rate for balances up to $4,999.99 is 0.01% APY.

APY stands for Annual Percentage Yield, which is the rate at which your savings account earns interest over a year.

For balances between $5,000 and $24,999.99, the interest rate is 0.05% APY.

The interest rate for balances between $25,000 and $49,999.99 is 0.10% APY.

For balances of $50,000 or more, the interest rate is 0.15% APY.