Wells Fargo Savings Account Interest Rate: How It Compares
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The Wells Fargo savings account annual percentage yield is 0.01% for its Way2Save account, which is pretty low. It's below the national average of 0.45%, and significantly worse than the APYs on online savings accounts. Many top online savings accounts earn rates of 4% or more. At the moment, a Wells Fargo high-yield savings account does not exist.
Wells Fargo interest rates
APY on balances | 0.01%. |
How it compares | The national average rate for savings accounts is 0.45% APY. |
Monthly fees | $5. |
How to avoid monthly fees |
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Minimum opening deposit | $25. |
APY on balances for premium savings accounts | Up to 0.02% APY for customers with a linked Wells Fargo Relationship account. (APYs may vary depending on where you live.) |
» Check out high-interest rate options with NerdWallet’s best high-yield online savings accounts
How Wells Fargo compares to online banks
Megabanks like Wells Fargo often have savings accounts with low interest rates. If you're looking for higher rates on your savings accounts, you'll probably find better options at online banks.
If you deposit $10,000 in a Wells Fargo account that earns 0.01% APY, it would grow by about $2 after a year. But if you put that money in a high-yield savings account that earns 2% APY, it would earn about $202 after a year. That’s a large gain for simply choosing a different savings account. And on top of the better yield, many online savings accounts have no monthly fees or minimum balance requirements.
» Dive deeper: Read NerdWallet’s Wells Fargo review
Wells Fargo CDs and other savings options
In addition to its basic savings account, Wells Fargo offers a Platinum savings account with a rate that’s only slightly higher, and that’s if you have a linked Wells Fargo premium account. The bank also has a selection of CDs with a minimum opening balance of $2,500, but rates are similarly low.
Find out how much interest you could be earning with the savings calculator below. The higher the rate, the faster your money can grow.
Investment details
» Find this month's best rates in NerdWallet's best savings rates
