Wells Fargo Savings Accounts: A Complete Guide

Wells Fargo is one of the largest banks in the United States, with nearly 4,900 branches and more than 12,000 ATMs nationwide. As a household name in American banking, it offers a variety of financial products, including savings accounts. While Wells Fargo’s savings accounts provide a safe place to keep your money, their interest rates are relatively low compared to many online banks.

Currently, Wells Fargo offers two primary savings accounts:

• Way2Save® Savings

• Platinum Savings

Both accounts have similar structures but differ in terms of fees, features, and the ability to earn interest. Let’s take a detailed look at each, along with their pros and cons, so you can decide whether Wells Fargo savings accounts are the right choice for you.

Wells Fargo Savings Account Options

1. Way2Save® Savings

The Way2Save account is Wells Fargo’s entry-level savings account, designed for those who are just starting to build their savings habits.

Key Features:

• Minimum opening deposit: $25

• APY: 0.01% (below the national average)

• Monthly fee: $5 (waived if you meet certain requirements)

• Balance requirement: No minimum daily balance, but $300 is required to avoid the fee

Ways to avoid the $5 monthly fee:

• Maintain a daily balance of $300 or more

• Set up a $25 or more recurring automatic transfer from a Wells Fargo checking account

• Make one automatic transfer of at least $1 per business day from a linked checking account

• Enroll in Wells Fargo’s Save As You Go® program (where $1 is transferred from checking to savings every time you use your debit card or make an online bill payment)

• Be 24 years old or younger

Who it’s for:

• Students and younger account holders looking for a basic, safe place to save

• Beginners who want automatic transfer features to build savings habits

2. Platinum Savings

The Platinum Savings account is Wells Fargo’s premium option, offering slightly better benefits for customers who maintain larger balances.

Key Features:

• Minimum opening deposit: $25

• APY: 0.01% standard, or 0.02% with a qualifying linked Wells Fargo checking account (called a “relationship rate”)

• Monthly fee: $12 (waived with a $3,500 minimum daily balance)

• Balance requirement: $3,500 to avoid the monthly fee

Interest Details:

• The APY is extremely low compared to online savings accounts. For example, many online banks currently offer APYs around 0.50% to 4.00%, depending on market conditions.

• The “relationship rate” (0.02% APY) requires linking a Wells Fargo checking account.

Who it’s for:

• Customers who keep large balances at a traditional bank and value branch access

• Those who prefer to manage checking, savings, and other banking needs under one institution

Interest Rates Overview

• Accrual schedule: Interest accrues daily and is paid monthly once at least $0.01 is earned.

• Reality check: Both accounts offer interest rates far below the national average. According to the FDIC, the average U.S. savings account APY is around 0.06% (and much higher at online banks).

Pros and Cons of Wells Fargo Savings Accounts

Pros

✅ Nationwide access: Nearly 5,000 branches and 12,000 ATMs make Wells Fargo convenient for in-person banking.
✅ Automatic savings tools: Way2Save’s Save As You Go program helps people build savings habits gradually.
✅ Low opening deposit: Just $25 to open either account.
✅ Reputation and safety: Wells Fargo is FDIC-insured and one of the largest U.S. banks, so deposits are secure.
✅ Integrated banking: Easy to link savings with checking, loans, or credit products under one institution.

Cons

❌ Extremely low APY: 0.01% is well below industry averages; even the relationship rate of 0.02% is uncompetitive.
❌ Monthly fees: $5 and $12 fees can quickly erode savings if balance requirements aren’t met.
❌ Better alternatives exist: Online banks and credit unions offer significantly higher APYs, often with no monthly fees.
❌ Complicated fee waivers: Customers must maintain balances or set up automatic transfers to avoid fees.

How Wells Fargo Compares to Online Savings Accounts

If earning interest is a priority, Wells Fargo falls behind competitors. Here’s a quick comparison with popular online banks (rates approximate as of recent market data):

As the table shows, online banks often offer APYs hundreds of times higher than Wells Fargo with no fees or balance requirements. The trade-off is the lack of in-person branches.

Who Should Consider Wells Fargo Savings Accounts?

Despite the low returns, Wells Fargo accounts may still be suitable for certain customers:

1. Branch-dependent savers: People who prefer in-person service, teller interactions, or face-to-face financial guidance.

2. Existing Wells Fargo customers: Those who already have a Wells Fargo checking account, mortgage, or loan may find it convenient to keep everything in one place.

3. Young savers: Students or account holders under 24 can avoid monthly fees with Way2Save.

4. Those prioritizing security over returns: Wells Fargo’s scale and FDIC insurance provide peace of mind, even if yields are low.

Alternatives to Wells Fargo Savings

If your goal is to maximize savings growth, here are alternatives to consider:

• High-Yield Savings Accounts: Online banks such as Ally, Marcus, or Capital One offer APYs over 4.00% with no monthly fees.

• Certificates of Deposit (CDs): Lock in higher rates by committing funds for a set term.

• Money Market Accounts: Often pay higher rates while offering check-writing privileges.

• Credit Unions: Local credit unions frequently provide better rates and lower fees than large national banks.

Final Verdict: Are Wells Fargo Savings Accounts Worth It?

Wells Fargo’s savings accounts are secure, accessible, and convenient, but they fall short in one major area: interest rates. With APYs of 0.01%–0.02%, your money will grow extremely slowly compared to what online banks and credit unions offer.

However, Wells Fargo may still be the right choice if:

• You value in-person banking

• You already use Wells Fargo for other financial products

• You want automated savings tools like Save As You Go

• You are under 24 and can avoid monthly fees easily

For most savers, though, Wells Fargo’s accounts are best used as a secondary option for convenience, while serious savings goals may be better served by high-yield online accounts.

Key Takeaways

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

• Both require a $25 minimum deposit, with monthly fees of $5 and $12, respectively (waivable).

• APY is only 0.01%, or 0.02% with a linked Platinum Savings relationship account.

• Nationwide branch access and FDIC insurance provide safety and convenience.

• For higher yields, consider online banks or credit unions with APYs above 4.00%.