Are Wells Fargo money market accounts FDIC insured?

All Wells Fargo deposit accounts are FDIC insured up to the standard maximum amount of $250,000 per depositor, per account ownership category.

How does Wells Fargo's money market account compare to a savings account?

Money market accounts typically offer higher interest rates and limited check writing, while standard savings accounts normally have fewer restrictions and lower rates.

Can I open a Wells Fargo money market account online?

If you're looking for a personal money market account, you'll need to consider other banks or credit unions. Many online banks offer competitive APYs with low fees and balance requirements.

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Wells Fargo Money Market Account Interest Rates and Features for 2025

August 15, 2025

7 min Read

Written by Andrea Norris

Edited by Elizabeth Constantineau

A red Wells Fargo sign outside the bank location in Midtown Manhattan, New York, with buildings behind

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Money market accounts offer a mix of savings and checking features, letting you earn interest while keeping access to your money. While Wells Fargo doesn’t currently offer a money market account, it does provide other interest-bearing options, including two checking accounts and certificates of deposit (CDs) and savings accounts.

Other Ways To Earn Interest With Wells Fargo Accounts

Even though Wells Fargo doesn’t offer a money market account, it does have several deposit account options that allow you to earn interest on your account balances, including the following:

CDs

Wells Fargo’s standard CD offerings include three-, six- and 12-month terms, with longer-term options available when you visit a Wells Fargo branch. Rates go higher with a qualifying Wells Fargo relationship account, which can boost your earnings. Standard CDs require a minimum opening deposit of $2,500.

Wells Fargo also offers Special CDs — limited-time promotions with higher interest rates than standard terms — so it’s worth checking the latest CD options before you open an account.

Here’s a look at current Wells Fargo CD rates for standard accounts:

Term	Annual Percentage Yield (APY)	Balance
3 months	to	Any balance
6 months	to	Any balance
12 months	to	Any balance

Platinum Savings

The Wells Fargo Platinum Savings account has a standard APY of . It also has relationship APYs that range from – . Your balance must be at least $1 million to get the highest APY, and you must carry a $3,500 minimum daily balance to avoid the $12 monthly maintenance fee.

Way2Save Savings

The Wells Fargo Way2Save Savings account has a APY. The account offers several ways to avoid the $5 monthly maintenance fee, including carrying a minimum daily balance of $300.

Prime Checking

The Wells Fargo Prime Checking account has a APY. The account has no minimum balance requirement, but you’ll pay a hefty $25 monthly service fee if you don’t maintain $20,000 in qualifying linked accounts.

Premier Checking

The Wells Fargo Premier Checking account’s APY is on all balances. You can waive the $35 monthly fee by keeping at least $250,000 in combined linked deposit and investment accounts.

Business Market Rate Savings Account

Wells Fargo’s Business Market Rate Savings account is designed for owners wanting to stash money away for unexpected expenses or who are just starting to build business savings.

The account has a APY and a $25 minimum opening deposit requirement. You can avoid the $5 monthly maintenance fee by maintaining a $300 minimum daily balance.

Do You Really Need a Money Market Account?

Money market accounts provide quick access to your money, much like a checking account. Most come with checks and a debit card, even though they may limit the number of transactions you can make per month. Some also come with steep account balance requirements to earn the best rate.

High-yield savings accounts can offer similar APYs with fewer balance requirements, so compare both before opening a money market account.

Wells Fargo Money Market Account Alternatives

You can find plenty of money market account options offered by other financial institutions, but you’ll find some of the best APYs at online banks.

Here’s a look at options that have high APYs:

Bank	Account Name	APY	Monthly Fee
UFB Direct	Portfolio Money Market		$10, waived with $5,000 balance
EverBank	Performance Money Market Account	Up to	None
Quontic Bank	Money Market Account		None
Ally Bank	Money Market Account		None
Sallie Mae	Money Market Account		None
First Internet Bank	Money Market Savings Accounts	Up to	$5, waived with $4,000 balance
U.S. Bank	Elite Money Market Account	Up to	$10, waived with $10,000 balance

UFB Direct

The UFB Portfolio Money Market account has a tiered variable rate, but it’s currently paying a APY regardless of the account balance. To avoid the $10 monthly maintenance fee, you must maintain a minimum $5,000 balance.

EverBank

With an EverBank Performance Money Market account, you get a debit card and check-writing privileges. The account’s tiered rates range from to APY, depending on your account balance. The Performance Money Market account has no monthly maintenance fee.

Quontic Bank

A Quontic Money Market account has a APY and a minimum opening deposit requirement of only $100. According to the Quontic website, you can open an account online in less than three minutes. You can get a debit card with this account, and you won’t have a monthly maintenance fee.

Ally Bank

Ally Bank has no maintenance fees or minimum balance requirements for its money market account. It offers a APY on all money market account balance tiers.

Ally imposes a limit of 10 transactions per month on certain types of transfers and withdrawals from money market and savings accounts. If you exceed the limit, you won’t pay an excessive withdrawal fee, but Ally notes that your account will be closed if you do so more than occasionally.

Sallie Mae

Sallie Mae, typically known as a student loan provider, also provides savings options. Sallie Mae’s money market account has a APY. It also comes with check-writing privileges, no monthly maintenance fees and no minimum account balance requirement.

First Internet Bank

You’ll need to maintain a $4,000 minimum average daily balance to avoid the monthly maintenance fee with a First Internet Bank Money Market Savings account, although the monthly fee is only $5.

You can open an account for as little as $100 and earn an APY of on balances of up to $1 million. If you’re fortunate enough to have an account balance over $1 million, you’ll earn a APY.

U.S. Bank

U.S. Bank’s Elite Money Market account has a APY on account balances over $25,000. You can access your funds with an ATM card, debit card or check. The account does have a $10 monthly maintenance fee that can be waived if you maintain a minimum daily balance of $10,000.

Final Thoughts: Finding Alternatives to a Wells Fargo Money Market Account

Wells Fargo doesn’t currently offer a money market account, but it does have other interest-bearing options like CDs and savings accounts — plus a Business Market Rate Savings account.

If your goal is to earn a competitive APY with flexible access to funds, you may find better rates from online banks or credit unions that offer money market accounts. Compare APYs, fees and balance requirements across multiple banks to find the best fit for your goals.

FAQs About Wells Fargo Money Market Accounts

Here are some of the most common questions about Wells Fargo money market accounts — and what to know if you’re searching for one.

Are Wells Fargo money market accounts FDIC insured?
- All Wells Fargo deposit accounts are FDIC insured up to the standard maximum amount of $250,000 per depositor, per account ownership category.
How does Wells Fargo's money market account compare to a savings account?
- Money market accounts typically offer higher interest rates and limited check writing, while standard savings accounts normally have fewer restrictions and lower rates.
Can I open a Wells Fargo money market account online?
- If you're looking for a personal money market account, you'll need to consider other banks or credit unions. Many online banks offer competitive APYs with low fees and balance requirements.

Rates are subject to change; unless otherwise noted, rates are updated periodically. All other information on accounts is accurate as of Aug. 15, 2025.

Editorial Note: This content is not provided by any entity covered in this article. Any opinions, analyses, reviews, ratings or recommendations expressed in this article are those of the author alone and have not been reviewed, approved or otherwise endorsed by any entity named in this article.

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