Wells Fargo Interest Rates: How to Get the Bank’s Best Rates

Wells Fargo Bank offers a variety of customer products and services, from checking and savings accounts to personal loans. Rates offered by the bank are not the same for every customer, so shopping around for the best account can work to your advantage. Here’s a look at the some of the interest-related accounts at Wells Fargo, along with current interest rates and suggestions on how you can get the best interest rates at this national bank.

How to Get the Best Wells Fargo Interest Rates

When it comes to interest rates, you want higher rates on checking and savings accounts and lower rates on credit accounts, such as personal loans. Factors that can affect the rate you earn on checking and savings accounts at Wells Fargo include the type of account you open, the amount of money you deposit, and your existing banking relationship. For loans, a high credit score is the best way to keep your rate low.

Find Out: 7 Reasons Why You’re Getting That Interest Rate Today

Checking Account Interest Rates

Wells Fargo offers two interest-bearing checking accounts: the Wells Fargo Portfolio Checking account and the Wells Fargo Preferred Checking account. Interest rates on both types of account are low. To get the best checking interest rate Wells Fargo offers — 0.05% APY — deposit $5,000 or more in the Portfolio Checking account. Otherwise, you’ll earn just a 0.01% APY, regardless of the account or the amount you deposit. With the exception of larger deposits in the Portfolio Checking account, rates at Wells Fargo are below the national average checking interest rate, which stood at 0.07% APY as of March 19, 2018.

Learn: How to Set Up Wells Fargo Direct Deposit

Savings Interest Rates

Wells Fargo offers three types of savings accounts:

• Way2Save Savings Account
• Opportunity Savings Account
• Platinum Savings Account

Unfortunately, depositing additional money doesn’t get you access to a higher savings rate at Wells Fargo, as all three accounts pay the same 0.01 percent rate. This is below the national average savings rate of 0.07 percent. The only way to get a higher savings rate at Wells Fargo is to open the Platinum Savings Account and link it to a Portfolio by Wells Fargo relationship; this entitles you to a bonus rate of 0.06 percent.

Commit to saving your money for the longer term and you can earn better interest rates with Wells Fargo CD. Rates range from 0.05% APY for a three-month CD to 1.05% APY for a 58-month term.

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Personal Loan Interest Rates

Because personal loans don’t require any collateral, rates tend to be higher than for other types of loans. At Wells Fargo, you can get a personal loan for between $3,000 and $100,000, and you’ll pay no origination fees or prepayment penalties. Rates vary based on your credit history and the amount of credit you request. For a $10,000 loan with a three-year term, sample rates range from 6.99% APR to 19.99% APR. These rates already factor in a 0.25 percent discount, which applies if you have a Wells Fargo checking account and set up automatic loan payments from that account. For a personal line of credit, rates range from 9.25 percent to 20.75 percent, already including the 0.25 percent discount.

Wells Fargo pays interest on a complete range of products, from checking and savings accounts to CDs. It also charges interest on personal loans, auto loans and home mortgages. The best way to get better rates across the board is to have a combination of good credit, higher amounts on deposit, and a banking relationship with the company.

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