Advertiser Disclosure

Editorial Note: Blueprint may earn a commission from affiliate partner links featured here on our site. This commission does not influence our editors' opinions or evaluations. Please view our full advertiser disclosure policy.

Wells Fargo is one of the largest banks in the United States, offering customers a variety of products — from checking accounts to mortgages — that cover your financial life. 

The San Francisco-based financial institution, like many of its brick-and-mortar ilk, doesn’t offer particularly high interest rates on savings accounts, and should therefore be considered only by those with another reason for keeping their money at the bank. 

Annual percentage yields (APYs) and account details are accurate as of June 6, 2024. Rates vary by location, these rates reflect the zip code 33966.

Are Wells Fargo savings account interest rates worth it?

Wells Fargo offers two savings accounts: Wells Fargo Way2Save® Savings and Wells Fargo Platinum Savings.

Way2Save Savings
Platinum Savings
0.25% to 2.50%

Wells Fargo savings accounts offer variable interest rates, meaning all rates are subject to change.

Overview of Wells Fargo savings account interest rates

Both Wells Fargo savings accounts offer their standard APYs without conditions; you just need at least $25 to open the account.

On the Way2Save Savings account, you earn an APY of 0.01%. 

On the Platinum Savings account, you can earn a 0.25% APY on balances between $0 to $99,999.99, 1.01% APY on balances between $100,000 to $499,999.99, 2.00% APY on balances between $500,000 to $999,999.99 and 2.50% APY on balances of $100,000 or more.

If you link your savings account to an eligible Wells Fargo checking account, you can qualify for the Relationship APY, which adds a 0.01 percentage point to whatever your current APY is.

Both accounts come with a monthly service fee that you can avoid by meeting certain criteria. 

Learn more: the best high-yield savings accounts have no fees and low to no minimums. 

The Way2Save Savings account monthly service fee is $5 monthly fee (which can be waived with a $300 minimum daily balance, one automatic transfer each fee period of $25 or more from a linked Wells Fargo checking account, 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® transfers from a linked Wells Fargo checking account or if the primary account owner is 24 years old or under).

The Platinum Savings account monthly service fee is $12 which can be waived with a $3,500 minimum daily balance each fee period.

How much can you earn?

The amount you can earn in interest in a Wells Fargo savings account depends mostly on how much you contribute and how long you have to wait before you withdraw funds. Interest compounds daily and is paid monthly on the money you deposit, so the longer your money sits in an account, the more it will earn.

The amount you can typically earn in interest on a standard savings account with Wells Fargo is relatively insignificant compared with other savings and investment options, and will likely pale in comparison to inflation.

Way2Save Savings
Platinum Savings
0.25% to 2.50%
$34,553.08 to $40,071.30
$553.08 to $6,071.30

Learn more: Should you open a savings account?

How Wells Fargo compares

The national average deposit rate for a savings account is 0.45% as of May 20, 2024, . That puts Wells Fargo’s Platinum Savings account right in line with an average savings account, though the Way2Save Savings account falls short.

Even the Platinum Savings account from Wells Fargo is a relatively low-yield way to save compared with high-yield savings accounts, which can reach around 1.00% to 2.00% APY on any balance with no fees or balance minimums. 

For a high savings balance, like the $1,000,000 or more you need to earn the account’s highest APY, a CD or investment account can offer a much higher return on investment than a standard savings account.

Of course, you could have multiple savings accounts.

Other savings options at Wells Fargo

In addition to its savings accounts, Wells Fargo offers certificates of deposit (CDs), also known as Time Accounts. These accounts come with a fixed interest rate for the duration of their renewal term.

You can open a Wells Fargo Special Fixed Rate CDs with a minimum deposit of $5,000 with a base rate of 4.75% APY for a seven-month CD. 

Wells Fargo Standard Fixed Rate CDs can be opened with a minimum deposit of $2,500 with rates of:

  • 2.50% APY for a three-month CD.
  • 2.50% APY for a six-month CD.
  • 1.50% to 2.00% for a 12-month CD. 

Similar to its savings accounts, you can increase your yield by 0.01 percentage points if you qualify for the relationship APY by connecting the account to an eligible Wells Fargo checking account.

About Wells Fargo

Wells Fargo is a San Francisco-based, multinational financial institution and one of the largest banks in the country. The company was founded in 1852 to transport gold and express mail delivery from the eastern United States to fast-growing California during the Gold Rush. Through growth and acquisitions in its almost 200-year history, it’s become one of the “Big Four” banks in the country.

Frequently asked questions (FAQs)

The Wells Fargo savings accounts don’t offer the best yields and charge fees. Although you can get those fees waived by meeting certain requirements, there are plenty of other savings accounts with no monthly fees and a higher yield. 

The Way2Save Savings account rate falls well below the . And while the Wells Fargo Platinum Savings account rates are higher than the national average, they tend to be lower than what high-yield savings accounts offer.

Yes, both types of Wells Fargo savings accounts charge a monthly maintenance fee. The Way2Save Savings charges $5 and the Platinum Savings account charges $12. Both allow you to waive the fee by meeting select criteria. For example, in the Way2Save account, one of the ways you can waive the fee is by automating one monthly transfer of at least $25 from a linked Wells Fargo checking account.

If you don’t want to risk having to pay a fee, check out the best no-fee savings accounts.

You need a minimum balance of $25 to open a Wells Fargo savings account. You don’t need a minimum balance to keep the account open, but you can qualify for a monthly fee waiver by maintaining a minimum daily balance (each fee period) of $300 for the Way2Save Savings account and $3,500 for the Platinum Savings account.

Most financial institutions let you open a savings account online with a deposit from a connected bank account. Some accounts require a minimum opening deposit, an amount that varies significantly from account to account. If the institution has brick-and-mortar locations, you can also open an account in person at a branch with cash or a check for your opening deposit. Banks are required by law to verify your identity when you open an account, so you have to provide proof of identity and address, such as a passport, driver’s license, utility bill or ID card.

Blueprint is an independent publisher and comparison service, not an investment advisor. The information provided is for educational purposes only and we encourage you to seek personalized advice from qualified professionals regarding specific financial decisions. Past performance is not indicative of future results.

Blueprint has an advertiser disclosure policy. The opinions, analyses, reviews or recommendations expressed in this article are those of the Blueprint editorial staff alone. Blueprint adheres to strict editorial integrity standards. The information is accurate as of the publish date, but always check the provider’s website for the most current information.

Dana Miranda


Dana Miranda is a Certified Educator in Personal Finance® and founder of Healthy Rich, a platform for inclusive, budget-free financial education. She’s written about work and money for Forbes, The New York Times, CNBC, NextAdvisor, Insider, Inc. Magazine and more.

Taylor Tepper


Taylor Tepper is the lead banking editor for 91Ӱ Blueprint. Prior to that he was a senior writer at Forbes Advisor, Wirecutter, Bankrate and Money Magazine. He has also been published in the New York Times, NPR, Bloomberg and the Tampa Bay Times. His work has been recognized by his peers, winning a Loeb, Deadline Club and SABEW award. He has completed the education requirement from the University of Texas to qualify for a Certified Financial Planner certification, and earned a M.A. from the Craig Newmark Graduate School of Journalism at the City University of New York where he focused on business reporting and was awarded the Frederic Wiegold Prize for Business Journalism. He earned his undergraduate degree from New York University, and married his college sweetheart with whom he raises three kids in Dripping Springs, TX.

More Stories