WELLS FARGO HIGH YIELD SAVINGS: 2022 Review & How to Earn 3% APY

Wells Fargo High Yield Savings Account Interest Rates, Minimum Balance
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Wells Fargo Bank offers a variety of money-saving options, such as competitive CD rates, checking accounts, and high-yield savings accounts. This article will outline high yield savings account interest rates at Wells Fargo and the minimum balance required to maintain a savings account and avoid extra charges on the account. 

Overview 

Customers can choose between two savings accounts offered by Wells Fargo, albeit the differences are minor. On both accounts, the yields are low, in line with other big banks, and far bigger APYs can be found elsewhere, such as with online-only banks.

Wells Fargo, on the other hand, has a large number of branches and provides excellent online options for accessing savings accounts. Wells Fargo has more branches than any other bank in the United States, and its mobile app has received positive reviews on Google Play and Apple’s App Store.

 In Bankrate’s analysis, Wells Fargo received 3.2 out of 5 stars for its deposit products, while its savings accounts received 2.7 out of 5 stars.

Wells Fargo Savings Account Rates

Wells Fargo provides two basic savings accounts including Wells Fargo Way2Save Savings and Wells Fargo Platinum Savings, which come with a few extra perks. So for those who are members of the Portfolio by Wells Fargo program, the Platinum Savings has a slightly higher, variable relationship rate supplement. This package includes a checking account as well as additional features such as higher transfer and deposit limits.


Account Name

Interest Rate

APY

Minimum Deposit
Way2saveSaving 0.01%0.01%$25

Platinum Savings
0.01%
0.01%
$25
Platinum Savings with relationship rate0.02%0.02%$25

Wells Fargo High Yield Savings Account Interest Rates

The interest rate for the Wells Fargo Way2Save savings account is 0.01%. This is much lower than the national average of 0.06% and annual percentage yields, or APYs, on online savings accounts. However, many of the best online savings accounts provide rates of 0.40% or higher.

The following are the interest rates for Wells Fargo high yield savings account

  • The interest rate on balances – 0.01%
  • Monthly fees – $5
  • Minimum opening deposit – $25

How it compares – The national average annual percentage yield (APY) for savings accounts is 0.06%.

Interest on balances for premium savings accounts – Customers with a linked Wells Fargo Portfolio account can earn up to 0.02% APY. (APYs may differ based on your location.)

How to Avoid Monthly Fees

There are conditions you should meet or keep on your high yield savings account, as well as things to avoid performing on your savings account, to prevent incurring monthly fees. They include either of the following

  • Keep a minimum daily balance of $300 or more.
  • Set up a monthly qualifying automatic transfer ($25 or more) from a Wells Fargo bank account
  • Set up an eligible daily automatic transfer ($1 or more) from a Wells Fargo bank account
  • Make a Save As You Go transfer from a connected checking account to savings ($1 for each non-recurring debit card purchase or online bill pay transaction)
  • You must be under the age of 24.

Wells Fargo Savings Accounts and Best-Yielding Banks

Wells Fargo’s savings account rates are near-zero and below the national average. While Wells Fargo is a well-known bank, several others offer better savings rates. Online-only banks like Comenity Direct, Vio Bank, and Marcus by Goldman Sachs give the best rates so if you’re looking for banks with high yield savings accounts, you should consider them. 

Alternatively, a higher APY can help you save faster. It’s difficult to rationalize saving in an account that pays only 0.01% APY while other alternatives pay far more. Hence, having a Wells Fargo account may appeal to those who prefer using the bank’s many branches and ATMs.

Wells Fargo and Online Banks

Savings accounts with low-interest rates are usually common at big banks like Wells Fargo. However, you’ll probably discover greater savings account rates from online banks if you’re looking for higher rates. Many have no monthly fees or minimum balance requirements, in addition to having better yielding accounts.

Other Alternatives for Wells Fargo Savings 

If you want to expand your money beyond a savings account, Wells Fargo offers a variety of CDs and individual retirement accounts. Wells Fargo also has Platinum savings account aside from the regular savings account with a slightly higher rate, but only if you have a connected Wells Fargo Portfolio account. The bank also offers CDs with a $2,500 minimum initial balance and similarly low rates.

Wells Fargo High Yield Savings Minimum Balance

A minimum balance should be in your account if you want to maintain a high yield savings account and avoid monthly fees with Wells Fargo savings accounts. Basically, a minimum deposit of $300 or more is required to make your savings account profitable and free of charge.

Wells Fargo CD Rates

Compared to other banks, Wells Fargo’s CD rates are lower. There is merely a small selection of terms to pick between. Thus, having a checking account will result in slightly higher interest rates. In addition, CD interest rates can differ depending on the type of account and the location of the branch.

TermAPYMinimum Deposit
3 Month0.01%$2,500.00
6 Month0.01%$2,500.00
1 Year0.01%$2,500.00

Wells Fargo Checking Account Rates

Wells Fargo, being one of the largest banks in the United States, offers a wide range of checking accounts to choose from. Wells Fargo is a secure financial institution. The Federal Deposit Insurance Corporation (FDIC) insures the account. As a result, if you deposit your money into a Wells Fargo checking account, you will not lose it.

Additionally, If you require assistance, you can speak with a representative at their branch or bank, or you can seek help on the internet. More than 13,000 ATMs and 7,200 physical locations are available to customers in the United States.

The disadvantages are that the interest rates are low (ie. There’s practically no interest rate) and the fees are hefty.

NameAPY
Everyday Checking0.00%

Conclusion

In summary, Well Fargo high yield savings accounts are not the best savings account to earn high interests from, however, you have the option of opening a checking account and getting your savings to an account linked to it. Even with that, your interest rate will still remain low. For high yields on a savings account, Online banks give the best savings account rates.

FAQs

What is the interest rate on savings at Wells Fargo?

The Wells Fargo savings account interest rate is 0.01% for its Way2Save account. That’s below the national average of 0.06%, and significantly worse than annual percentage yields, or APYs, on online savings accounts. Many top online savings accounts earn rates around 0.40%.

Does Wells Fargo have a good savings account?

As a traditional bank, Wells Fargo offers rates on savings that are typical of what you’d expect. The Way2Save account earns a 0.01% APY. That rate applies to all balances. There are no tiered rates with this account and no minimum balance is required to earn interest.

Is Wells Fargo FDIC approved?

Yes, Wells Fargo Bank, N.A. is a member of the FDIC. The FDIC was created in 1933 to provide insurance protection for depositors of failed banks and to help maintain sound conditions in the nation’s banking system.

How do you set up save as you go to Wells Fargo?

We’ll automatically transfer $1 from your linked Wells Fargo checking account to your Way2Save Savings account every time you do one of the following and it posts to the account: Use your debit card for a one-time purchase. Complete a Bill Pay transaction through online banking.

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