Wells Fargo Savings Account Interest Rates for 2024

Wells Fargo savings account interest rate

Wells Fargo has been in business for more than 150 years. It has five divisions: personal banking, small business banking, investing and wealth management, corporate and investment banking, and commercial banking.

As of April 2024, the bank offers two types of savings accounts.

• Ways2Save Savings
• Platinum Savings

Overview of Wells Fargo Savings Account Interest Rates

Way2Save Savings

Way2Save is a standard savings account with a low APY. Even though Wells Fargo is a national bank, rates vary by ZIP code. You can open an account in any U.S. state or territory.

The table below shows the Way2Save account interest rate and APY for ZIP code 90001 (Los Angeles/Huntington Park/Florence-Graham).

Wells Fargo Ways2Save Savings Account Interest Rate

Way2Save is ideal if you need a little help getting into the habit of saving. It has a $25 minimum deposit requirement and no minimum balance requirement. Wells Fargo offers a variable APY of 0.15% on this type of account.

There’s a $5 monthly maintenance fee, but Wells Fargo will waive the fee if you meet one of the following requirements during each fee period, which lasts 25 to 35 days:

• You maintain a minimum daily balance of $300.
• You’re 24 years old or younger.
• You make at least one Save As You Go® transfer from a linked Wells Fargo checking account.
• You make at least one automatic transfer of $25 or more from a linked Wells Fargo checking account.
• You make at least one automatic transfer per day ($1 or more) from a linked Wells Fargo checking account.

You get six free withdrawals per month. After that, you must pay a withdrawal fee to access your funds.

Platinum Savings

Platinum Savings has tiered savings account interest rates based on your balance and how much business you do with Wells Fargo. The APY is 0.25% (variable) for balances of up to $99,999.99, but it goes up to 2.50% based on your balance.

Like the Way2Save account, Platinum Savings has a $25 minimum deposit requirement. It also has a monthly service fee of $12, but you can avoid the fee if you maintain a $3,500 minimum daily balance during each fee period.

The APY for Platinum Savings varies based on where you live. Wells Fargo also offers a special relationship rate if you link your Platinum Savings account to a Wells Fargo checking account. The relationship rate adds a 0.01 percentage point to the standard savings rate. Additionally, there’s no withdrawal limit, giving you additional flexibility.

The table below shows the interest rate and APY for ZIP code 90001 (Los Angeles/Huntington Park/Florence-Graham).

Wells Fargo Platinum Savings Account Interest Rates

Wells Fargo savings account bonuses and promotions

Occasionally, Wells Fargo offers bonuses and special promotions to customers who open new savings accounts.

Until January 9, 2024, the bank has these offers available:

• Way2Save Savings: If you open a Way2Save account, deposit at least $25,000 to the account within 30 days and maintain a minimum balance of $25,000 for at least 90 days after account opening, Wells Fargo will give you a bonus of $525. To get the bonus, you must use a bonus code when opening your new account. Visit the Wells Fargo website and enter your email to receive the code.
• Platinum Savings: Wells Fargo is offering a promotional APY of 4.62% variable on balances of $10,000 or more. The promotional APY remains in effect for 12 months after you open your account.

How to find the Wells Fargo savings account interest rate

To find rates for your area, follow these steps:

1. Visit the Savings Account and CD (Time Accounts) Rates landing page on the Wells Fargo website.
2. If the ZIP code displayed below the page title doesn’t match your location, click “Change Location.”
3. Enter your ZIP code and click “Continue.”
4. The page will show you the rates for your area.

How the Wells Fargo savings account interest rate compares

If you’re looking for a high-interest option, you may want to look elsewhere, as Wells Fargo offers a lower yield than many other banks.

For example, banks and credit unions have an average APY of 0.47%, according to the FDIC. With an APY of 0.15% for Way2Save accounts and 0.25% for Platinum Savings accounts with balances of less than $100,000, Wells Fargo offers a below-average return on your savings.

How Wells Fargo Savings Account Interest Rates Compare to Other Banks

Is a Wells Fargo savings account right for me?

A Wells Fargo savings account may be right for you if you already bank with Wells Fargo and want to keep your money all in one place. Having multiple accounts at the same bank is convenient, especially when the bank has thousands of branches and ATMs.

It’s probably not the right fit if you’re looking for a savings account with a high APY to help you maximize your interest earnings.

Here are some pros and cons to consider before you open a savings account account with Wells Fargo.

How to apply for a Wells Fargo savings account

To apply for a Wells Fargo savings account online, you must be at least 18 years old.

If you’re a minor, you must go to a Wells Fargo branch to open your account. If you decide to open the account in person, you must have two forms of ID. Your driver’s license, state-issued ID card, passport, permanent resident card and U.S. Armed Forces ID are all acceptable forms of primary identification. For secondary ID, you’ll need a credit card, an ID issued by a government agency, a student ID or an employee ID.

If you’d rather apply online, follow these steps:

1. Visit the Way2Save or Platinum Savings page on the Wells Fargo website.
2. Click the “Open Now” button.
3. Follow the on-screen prompts to create an account and make your initial deposit.

Other savings options at Wells Fargo

If you’re interested in growing your money in other ways, Wells Fargo also offers certificates of deposit (CDs) and individual retirement accounts (IRAs).