Wells Fargo Savings Account Interest Rates for January 2023

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Savings accounts are popular financial instruments for all categories of investors. Being a large bank with various financial products, Wells Fargo offers a variety of savings account rates for its account holders.

Wells Fargo Savings Account Interest Rates

Wells Fargo offers two kinds of savings accounts:

  • Wells Fargo Way2Save®
  • Platinum Savings

Wells Fargo Way2Save

This is a standard savings account that is easily accessible to all kinds of users. To open a Wells Fargo Way2Save Account, you need a minimum $25 deposit and the APY for this account is .

There is a $5 monthly fee for this account, but you can avoid it by meeting any of these requirements:

  • Keep a minimum balance of $300.
  • Make one automatic transfer of at least $25 from a linked Wells Fargo checking account.
  • Make one automatic transfer each business day of $1 or more from a linked Wells Fargo checking account.
  • Make at least one Save As You Go® transfer from a linked Wells Fargo checking account.
  • The account owner is 24 years old or younger.
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Wells Fargo Platinum Savings

Platinum savings offers higher interest rates, and you only need $25 to open an account. However, there is a $12 monthly fee which can only be avoided if you have a minimum daily balance of $3,500 each fee period. The interest rates for this account range depending on your account balance and go up to . Wells Fargo also offers Relationship APYs if you have a linked Prime Checking, Premier Checking or Private Bank Interest Checking account.

Are Wells Fargo Savings Account Interest Rates Competitive?

Wells Fargo provides a large variety of financial products to its customers. Most of the time, savings interest rates are very low in such big banks. If you wish to earn more interest in your savings accounts, there are a few other options that you can consider.

Wells Fargo vs. Discover Bank

The Discover Bank Online Savings account provides a high APY of in comparison to the APY provided by Wells Fargo. This means that if you keep $10,000 in a Discover Online Savings account, it will increase by $330 after a year. Moreover, there is no requirement of any minimum balance to qualify for this APY.

Wells Fargo vs. Citizens

You can get APY when you open a High-Yield Online Savings account at Citizens which is significantly higher than the interest rates at Wells Fargo. Since this is an online bank, the number of features is limited in comparison to a large bank like Wells Fargo. However, the interest rates are attractive and there are no hidden fees.

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Wells Fargo vs. UFB

The UFB Best Savings account provides a high APY of and there are no monthly maintenance fees associated with this account. There is no minimum deposit required to open an account and users can easily access their funds anytime they want with the user-friendly banking tools.

Other Savings Options by Wells Fargo

Wells Fargo savings account interest rates are quite low in comparison to some other online banks. However, it offers other savings options like CDs to its customers.

Special Fixed Rate CD Account

If you open a Special Fixed Rate CD account, which requires a minimum opening deposit of $5,000, you can earn up to APY. Wells Fargo also offers an even higher relationship APY, which you can qualify for by having a linked Prime Checking, Premier Checking or Private Bank Interest Checking account.

Standard Fixed Rate CD Account

The minimum opening deposit of a Standard Fixed Rate CD account is $2,500 and the APY can be as high as . These accounts also offer relationship rate APYs that are very close to the standard APYs.

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Final Take

Although Wells Fargo savings interest rates are not competitive, it is a great financial institution because of the variety of products it offers. If you are looking for a bank where you can get access to all your financial needs, Wells Fargo is the best option.

Other online banks might be able to provide you with a better interest rate, but Wells Fargo has consistency and greater availability. If you want to earn higher rates on your savings, you can also consider high-yield savings accounts.

FAQ

  • What is the Wells Fargo savings account interest rate?
    • The interest rate for Wells Fargo's Way2Save account is 0.15%. For Platinum Savings, the APY depends on the account balance but can go up to 2.00%. Wells Fargo also offers a higher Relationship APY if you meet the set requirements.
  • Which bank gives 7.00% interest on savings accounts?
    • Landmark Credit Union can provide interest rates in that range on their savings accounts. However, there are major stipulations and conditions that customers need to satisfy to be able to able to qualify for these high rates.
  • Which bank gives 6.00% interest on savings accounts?
    • Digital Federal Credit Union offers high interest rates in that range on their savings accounts. The online bank, MangoMoney, also offers savings accounts with a high interest rate.
  • How much interest does $10,000 earn in a year?
    • If average interest rates on savings accounts range between 0.10% to 1.60%, then you can expect to earn anywhere between $10 to $160 on $10,000 after a year.
  • Is Wells Fargo a good bank for savings accounts?
    • Wells Fargo savings interest rates are not competitive, and many other online banks pay higher rates. That is why it might not be the best option when it comes to opening a savings account.

Rates are subject to change; unless otherwise noted, rates are updated periodically. All other information on accounts is accurate as of Jan. 4, 2023. 

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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About the Author

Suchetana Bhattacharyea is a financial writer and has a master’s degree in this field from the University of Calcutta. She writes about personal finance, real estate, law, cryptocurrencies, banking, economics and marketing. Suchetana has been a freelance writer for the last few years and has ghostwritten several books on finance.
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