Wells Fargo Savings Account Interest Rates for October 2024

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Anytime you can start saving money is a good time. Rather than store your funds in a shoe box, you may want to consider putting it safely in a savings account of a trusted bank. By doing this, your money can grow with interest compounded daily. Annual percentage yields vary from bank to bank and account to account, so be sure to find one that offers a rate above the national average. 

Wells Fargo Savings Account Interest Rates

Wells Fargo offers two kinds of savings accounts: Way2Save Savings and Platinum Savings. Here’s a look at their savings rates and features.

Wells Fargo Way2Save Savings

This is a standard savings account that is easily accessible to all kinds of users. To open a Wells Fargo Way2Save Savings account, you need a minimum deposit of $25. This account has an APY of .

Way2Save features automatic Save As You Go transfers from your linked Wells Fargo checking account. Every time you use your debit card for a one-time purchase or complete a bill pay transaction via online banking, Save As You Go transfers $1 from your checking account into Way2Save.

You can also set up auto transfers from your linked checking account — schedule as little as $1 per day or $25 per month.

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

• Keep a minimum daily 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.

Wells Fargo Platinum Savings

Platinum Savings offers higher interest rates, so it’s considered to be Wells Fargo’s high-yield savings account. You only need $25 to open an account. Its standard interest rate is , while its relationship rates range from to APY.

You can set up automatic transfers into the Platinum Savings account from an eligible checking account. Although Wells Fargo doesn’t call this account a money market account, you do have the option to write checks.

Here are some other key takeaways:

• 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 highest rates that this account offers are for balances of $1 million or more.
• Wells Fargo also offers relationship APYs if you have a linked Prime Checking, Premier Checking or Private Bank Interest Checking account.

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Wells Fargo Savings Rates vs. Other Banks

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

How To Maximize Your Wells Fargo Savings Account Interest Rate

Relationship banking customers get preferred rates at Wells Fargo. To qualify, you can open a Prime Checking or Premier Checking account, both of which earn interest. In return, you’ll earn slightly higher rates on savings account and CD balances. Depending on the checking account you choose, you’ll also enjoy benefits such as discounts on some loans, plus ATM fee waivers, no international purchase fees when you use your debit card, free wire transfers and priority customer service.

Just make sure you’ll get your money’s worth before you sign up — to waive the $25 fee for Prime Checking or the $35 fee for Premier Checking, you’ll have to maintain a combined balance of $20,000 or $250,000, respectively.

Other Savings Options by Wells Fargo

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

Special Fixed Rate CD Account

If you open a seven-month Special Fixed Rate CD account, which requires a minimum opening deposit of $5,000, you can earn APY. Wells Fargo also offers an even higher relationship APY of , which you can qualify for by having a linked Prime Checking or Premier Checking account. The qualifying checking account must be open at the time you open the CD.

Standard Fixed Rate CD Account

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

You can make the most of your CDs by building a CD ladder. A CD ladder is a collection of CDs with varying terms — a three-month, six-month, nine-month and 12-month CD, for example. In this example, you can either take funds out once every three months or roll the maturing CDs over into 12-month CDs — or CDs of any term you wish. The benefit is that you can earn the higher yields that longer-term CDs typically pay without locking up your money for too long.

Wells Fargo Savings Account Bonuses

Wells Fargo offers various bonuses for new account holders. Currently, it’s offering a $525 bonus for opening an eligible savings account with a $25 deposit, depositing at least $25,000 in new money into the account within 30 days, and maintaining a balance of at least $25,000 for 90 days after opening the account.

Final Take To GO

Although Wells Fargo’s savings rates are not too 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 worth considering.

However, if you want to earn higher rates on your savings, you can consider high-yield savings accounts instead.

Daria Uhlig and Caitlyn Moorhead contributed to the reporting for this article.

Rates are subject to change; unless otherwise noted, rates are updated periodically. Rates may vary by region. All other information on accounts is accurate as of Oct. 3, 2024.

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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