Picture by Getty Pictures; Illustration by Bankrate
Wells Fargo gives clients two financial savings accounts, although the variations between them are minimal for many savers. In keeping with another massive banks, the yields are meager on each accounts. A steadiness of at the very least $100,000 within the Platinum Financial savings account at Wells Fargo does carry yields larger than the nationwide common and is extra aggressive than the everyday brick-and-mortar giant financial institution. However a lot larger yields can nonetheless be discovered on the prime on-line banks.
Alternatively, Wells Fargo has loads of branches and gives top-notch instruments for accessing financial savings accounts just about. Wells Fargo has greater than 4,500 banking areas, which is second solely to Chase for probably the most branches within the U.S.
And its cellular app has earned favorable critiques on Google Play and in Apple’s App Retailer.
Wells Fargo earned 3.6 out of 5 stars in Bankrate’s overview throughout its deposit merchandise, whereas its financial savings accounts earned 3.0 out of 5 stars.
Wells Fargo financial savings account rates of interest
Wells Fargo gives two customary financial savings accounts: the Wells Fargo Way2Save Financial savings, and a premium account with some added advantages, known as Platinum Financial savings. The Platinum Financial savings account additionally has a barely larger, variable relationship price complement for individuals who are a part of the Portfolio by Wells Fargo program. This program comes with a checking account and added advantages, together with larger limits for transferring or depositing cash.
Right here’s a breakdown of the financial savings account choices.
| Account title | Rate of interest | APY | Steadiness for APY |
|---|---|---|---|
| Way2Save Financial savings | 0.01% | 0.01% | $0 or extra |
| Platinum Financial savings | 0.26% | 0.26% | $0 – $99,999.99 |
| Platinum Financial savings | 1.01% | 1.02% | $100,000 – $499,999.99 |
| Platinum Financial savings | 1.99% | 2.01% | $500,000 – $999,999.99 |
| Platinum Financial savings | 2.48% | 2.51% | $1,000,000 and up |
Be aware: Annual share yields (APYs) proven are as of July 3, 2024 utilizing the 90210 zip code, and will fluctuate by area for some merchandise.
How Wells Fargo financial savings accounts examine to top-yielding banks
The bottom charges supplied by Wells Fargo on its financial savings accounts are a lot decrease than the yields at prime on-line banks. Wells Fargo is a big, well-known monetary establishment, however many different banks supply larger financial savings charges.
Bask Financial institution and LendingClub Financial institution are among the many online-only banks providing a number of the highest charges.
The next APY may help you attain your financial savings targets quicker. It may be tough to justify stashing your financial savings in an account that solely gives 0.01 or 0.26 p.c APY when different choices pay considerably extra. Having an account with Wells Fargo, nevertheless, might curiosity those that worth the accessibility of its many branches and ATMs.
Different financial savings choices at Wells Fargo
Wells Fargo does supply alternate options, together with a variety of CDs and particular person retirement accounts, in case you are fascinated with rising your cash past a financial savings account.
