Wells Fargo Money Market Account: Everything You Need To Know

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Many money market accounts combine the APY of a high-yield savings account with the easy account access of a checking account. It can be a good savings vehicle for your emergency fund or funds for other short-term savings goals. Money market account requirements and features can vary significantly by financial institution, so shopping around is essential to finding an account that best meets your needs. If you’re wondering whether Wells Fargo has a money market account, here’s what you need to know.

Does Wells Fargo Have a Money Market Account?

Wells Fargo doesn’t currently offer a money market account. It does have two interest-bearing checking account options as well as CDs and savings accounts.

Wells Fargo’s Interest-Bearing Account Options

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.


Wells Fargo’s standard CD offerings include three-, six- and 12-month terms, although you can get a longer-term CD by visiting a Wells Fargo branch. Wells Fargo CDs require a minimum opening deposit of $2,500. The standard APYs vary by term as follows:

Term APY Balance
3 months Any balance
6 months Any balance
12 months Less than $100,000
12 months $100,000 and up

Platinum Savings

The Wells Fargo Platinum Savings account has a tiered standard APY based on the account balance that ranges from to . 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.

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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

Wells Fargo Premier Checking’s APY is on balances less than $100,000 and for higher balances.

What Is a Wells Fargo Market Rate Account?

Wells Fargo’s Business Market Rate Savings account is a business account 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, and it requires a $300 minimum account balance to avoid the monthly maintenance fee.

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.  

UFB Direct

The UFB High Yield 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. You can open an account in as little as 15 minutes on the UFB Direct website.


With an EverBank Yield Pledge Money Market account, you get a debit card and check-writing privileges. The account’s tiered rates range from to 4.30% APY depending on your account balance, but EverBank has a APY one-year introductory rate for new account holders. The Yield Pledge Money Market account has no monthly maintenance fee.

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Discover Bank, Member FDIC

Discover’s money market account comes with no fees and a APY on balances under $100,000. Higher balances earn a APY. The account provides checks and a debit card you can use at over 60,000 ATMs. The minimum opening deposit requirement is $2,500.

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, 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 monthly maintenance fees with a First Internet Bank money market 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.

US 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 if you don’t maintain a minimum $10,000 balance or meet other account requirements.  

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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 for making payments or withdrawing cash, 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.

Some high-yield savings accounts have APYs as high as money market accounts, if not higher, and many have no monthly fees or minimum balance requirements. They also may have monthly withdrawal limits like money market accounts. Online banking now makes it very easy and fast to transfer money from a savings account to a checking account for the same quick access to your funds. You simply transfer money from savings to checking as needed and then use your checking account just as you would a money market account.

Final Take

Wells Fargo does not offer money market accounts, but many financial institutions do. You should be able to find one that meets your needs with an attractive APY and no fees. You should also consider whether a high-yield savings account coupled with a checking account could meet your banking needs. Whichever type of account you choose, be sure to compare offerings at several financial institutions, including APYs, account requirements and fees.


  • How do I open a Wells Fargo money market account?
    • Wells Fargo does not currently offer a money market account. However, you can open many Wells Fargo accounts online or at any branch.
  • 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, although Wells Fargo doesn't currently offer a money market account.
  • What is the best CD rate at Wells Fargo?
    • Among its standard offerings, Wells Fargo's best CD rate is the 4.51% APY on its three-month CD. The APY applies to any CD balance. The minimum opening deposit is $2,500. If you qualify for the relationship rate, you'll earn an APY of 4.51%.
    • Wells Fargo's 11-month promotional CD offers an APY of 5.00%, or 5.26% if you qualify for the relationship rate.
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Rates are subject to change; unless otherwise noted, rates are updated periodically. All other information on accounts is accurate as of Nov. 2, 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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