3.5 NerdWallet rating

 

The Wells Fargo savings account interest rate is 0.01% for its Way2Save option. That’s lower than the national average of 0.09%, and significantly worse than annual percentage yields, or APYs, on online savings accounts. (Those can be well above 2%.) While Wells Fargo’s overall star rating is 3.5 out of 5 stars, the Way2Save Savings Account earns 2.5 out of 5 stars.

If you have more money to deposit, Wells Fargo offers savings accounts with better interest rates, including a 12-month promotional 1.55% APY on deposits of at least $25,000. That’s a solid rate, but still lower than what many online banks offer.

Wells Fargo interest rate, fees

Interest rate on balances 0.01%.
How it compares The average national rate for savings accounts is 0.09% APY.
Monthly fees $5.
How to avoid monthly fees
  • Maintain minimum daily balance of at least $300, or
  • Set up an automatic transfer from a Wells Fargo checking account, or
  • Be under age 18 (19 in Alabama).
Minimum opening deposit $25.
Interest on balances for premium savings accounts Up to 0.10% APY. Special promotional rate of 1.55% APY for one year on balances of at least $25,000. (APYs may vary depending on where you live.)

» Check out high-interest rate options with NerdWallet’s best high-yield online savings accounts

How Wells Fargo compares to online banks

Megabanks like Wells Fargo often have savings accounts with low interest rates. If you are looking for higher rates on your savings accounts, you will probably find better options at online banks. In addition to having accounts with higher yields, many have no monthly fees or minimum balance requirements.

Here’s a comparison of Wells Fargo savings rates with accounts at top online institutions:

Wells Fargo CDs and other savings options

In addition to its basic savings account, Wells Fargo offers a Platinum savings account that earns slightly higher rates but also has a higher minimum balance requirement. The bank also has a selection of CDs, including options with rates of up to 2.60% APY with a $5,000 minimum deposit and term length of 19 months. There are also standard options with a minimum balance of $2,500 and rates up to 1.50% for CDs with one-year terms.

» Dive deeper: Read NerdWallet’s Wells Fargo review

Find out how much interest you could be earning with the calculator below. The higher the rate, the faster your money can grow.

» Find this month’s best rates in NerdWallet’s Best Savings Rates

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