Wells Fargo High Yield Savings Review
Ad Disclosure: This article contains references to products from our partners. We may receive compensation if you apply or shop through links in our content. This compensation may impact how and where products appear on this site. You help support CreditDonkey by using our links.
Looking for a traditional bank to grow your funds? Wells Fargo offers a high-yield savings account with a decent rate. Read on to find out more.
Overall Score | 3.4 | ||
Savings | 3.0 | ||
Fees | 3.0 | ||
Mobile App | 4.5 | ||
Customer Service | 3.0 | ||
Pros and Cons
- Access to physical branches and ATMs
- Mobile check deposit available
- Low APY
- Large balance required to earn high rate
Bottom Line
Savings account that requires a large balance to earn a decent APY
Wells Fargo Platinum Savings Account is a high-yield savings account with a decent APY and great accessibility.
It might sound appealing, but you'll need a large balance to earn the highest rate. And, there may be other drawbacks too.
Learn more about Platinum Savings and find out if it is worth getting.
What Is Wells Fargo Platinum Savings?
Wells Fargo's Platinum Savings is a high-yield savings account with depending on your balance tier and when linked to an eligible checking account.
The rate is lower compared to other high-yield savings, but it is good enough for a big traditional bank.
It has four balance tiers. To get a higher APY, you must deposit higher amounts in your account. For the best rate, you'll need at least a million dollars.
Platinum Savings (Relationship Interest Rates) - 0.05% APY
When linked to Premier Checking. Rates are for zip code 91107, and may vary per location. The information for Platinum Savings has been collected independently by CreditDonkey. The details on this page have not been reviewed or provided by the bank.
Platinum Savings (Relationship Interest Rates) - 0.02% APY
When linked to Prime Checking. Rates are for zip code 91107, and may vary per location. The information for Platinum Savings has been collected independently by CreditDonkey. The details on this page have not been reviewed or provided by the bank.
Platinum Savings - 0.01% APY
- Avoid the $12 monthly service fee with a $3,500 minimum daily balance each fee period.
- $25 minimum opening deposit
Rates are for zip code 91107, and may vary per location. The information for Platinum Savings has been collected independently by CreditDonkey. The details on this page have not been reviewed or provided by the bank.
This account lets you write checks and request an ATM card. Wells Fargo has one of the largest presence nationwide, so you get convenient access to multiple branches ATMs.
But, you can also manage your account through their website and mobile app. It also comes with the My Savings Plan tool that lets you establish a financial goal and set up automatic transfers to optimize your account.
How Much Can You Earn?
Use this convenient calculator to see how much interest you can earn in Wells Fargo's Platinum Savings.
Fees To Look Out For
 |
Here are the fees and charges tied to Wells Fargo Platinum Savings:
- $25 minimum opening deposit
- $12 monthly service fee
- $35 overdraft fees
- $15-$40 wire transfer charges
You can avoid the monthly service fee by maintaining a minimum daily balance of $3,500.[1]
Pros and Cons
Pros
- Access to physical branches and ATMs
- Option to earn relationship rates
- Check writing
- Mobile check deposit
- Comes with a digital savings tool
Cons
- Low APY compared to other banks
- Large balance to earn high APY
- $25 opening deposit requirement
- $12 monthly maintenance fee
- Has daily ATM cash withdrawal limit
Platinum Savings gives you unlimited branch and Wells Fargo ATM withdrawals, but there is a limit to how much you can withdraw. Your ATM card has a daily maximum limit on the dollar amount of cash withdrawals.
You can check your daily dollar withdrawal limits by:[2]
- Signing into your Wells Fargo Online account or the Wells Fargo Mobile® app
- Call or talk to a bank representative in person or call the phone number on the back of your card
- Read the account terms sent with your card
Is Wells Fargo Safe?
Yes, it is. Wells Fargo is a well-established bank with assets over $1.9 trillion.[3] And they are an FDIC member.
Thus, deposits are insured up to $250,000 per depositor for each account ownership category.
How To Open An Account
Follow these steps to open a Wells Fargo Platinum Savings account online:
- Go to the Platinum Savings page and click Open Now.
- Complete the application with your personal information, social security number, and valid IDs.
- Fund your account. You need at least $25 to open the account.
You can also visit any Wells Fargo branch to help you open and set up your savings account!
- Transfer from a Wells Fargo account
- Make a cash/check deposit at a Wells Fargo branch/ATM
- Mobile check deposit
- Mail a check to: Wells Fargo, PO Box 77200 Minneapolis, MN 55480[4]
Who Is It Best For?
Wells Fargo Platinum Savings is best for individuals who prioritize the stability and reliability of a bank, even if it means accepting a slightly lower rate.
However, it would be ideal for existing Wells Fargo customers who have eligible accounts to get higher relationship rates.
It is also perfect for those who value convenient access to physical branches and ATMs.
How Wells Fargo Platinum Savings Compares
CIT Bank Platinum Savings - 4.10% APY Boost
| Tier | Boost APY |
|---|---|
| Balance over $5,000 | 4.10%* |
| Balance less than $5,000 | 0.60%* |
After boost is completed, you will continue to earn our best standard rates:
| Tier | APY |
|---|---|
| Balance over $5,000 | 3.75%1 |
| Balance less than $5,000 | 0.25%1 |
- Needs to use promo code to qualify: CITBoost
- Boost lasts 6 months over standard APY
- Tiered account
- $100 minimum account opening
- Member FDIC
- No Monthly Service fees
- No account opening fees
High-Yield Savings Premier - 3.80% APY
- No account fees
- Option to open individual or joint account
- FDIC insured up to $250,000 per depositor
- Only $500 minimum opening deposit
High Yield Savings Account - 3.86% APY
- $1 minimum deposit
- No fees
- 24/7 online access to funds
- FDIC insured
What Is Wells Fargo Way2Save?
Way2Save is Wells Fargo's standard savings account, which earns a much lower APY than the Platinum Savings account.
It has the same minimum opening deposit requirement, but its monthly service fee is only $5. You can even get it waived if you maintain a balance of $300.
This is a great product for those who do not have a lot of funds yet and are just starting their savings journey.
Both accounts have their advantages and disadvantages. Way2Save is better for those who don't have a lot of funds but still want to open a savings account. While Platinum Savings is good for those who can keep a certain minimum balance to earn a high APY.
What the Experts Say
CreditDonkey asked a panel of industry experts to answer readers' most pressing questions. Here's what they said:
Bottom Line
Wells Fargo's Platinum Savings account features a low APY that requires a hefty balance. It also has fees and an opening deposit requirement that may be unappealing to some consumers.
But if you value reputation and accessibility, this is a decent account that can slowly help you boost your savings!
References
- ^ Wells Fargo. Consumer Account Fee and Information Schedule, Retrieved 10/20/2023
- ^ Wells Fargo. Checking and Savings Help: Debit Cards, Retrieved 10/20/2023
- ^ National Information Center. Large Holding Companies, Retrieved 10/20/2023
- ^ Wells Fargo. Deposit Questions, Retrieved 12/29/23
Bank of America Advantage Plus Banking® - Up to $500 Bonus Offer
- New checking customers only: Get a bonus offer up to $500 after completing qualifying transactions. See offer page for more details
- Bank of America N.A. Member FDIC.
Chase Total Checking® - $400 Bonus
- New Chase checking customers can receive $400 when you open a Chase Total Checking® account and make direct deposits totaling $1,000 or more within 90 days of coupon enrollment.
- Unlock more offers with Chase. Get up to $500 per calendar year by referring friends and family. Plus, get cash back from top brands with Chase Offers when you use your debit card.
- Chase Total Checking® has a $15 monthly service fee, you can easily avoid the fee with direct deposits totaling $500 or more, or a minimum average daily balance each statement period.
- Chase Overdraft Assist℠ – no overdraft fees if you're overdrawn by $50 or less at the end of the business day or if you're overdrawn by more than $50 and bring your account balance to overdrawn by $50 or less at the end of the next business day*
- Chase Mobile® app makes banking simple. Manage accounts, pay bills, send money to friends with Zelle® and deposit checks on the go with Chase Quick Deposit℠.
- Chase has the largest branch network in the U.S. with thousands of ATMs and branches. Use the Chase locator tool to find a branch or ATM near you.
- Chase helps keep your money protected with features like Zero Liability Protection, fraud monitoring and card lock.
- Chase Total Checking includes FDIC insurance up to the maximum amount allowed by law.
CIT Bank Platinum Savings - 4.10% APY Boost
| Tier | Boost APY |
|---|---|
| Balance over $5,000 | 4.10%* |
| Balance less than $5,000 | 0.60%* |
After boost is completed, you will continue to earn our best standard rates:
| Tier | APY |
|---|---|
| Balance over $5,000 | 3.75%1 |
| Balance less than $5,000 | 0.25%1 |
- Needs to use promo code to qualify: CITBoost
- Boost lasts 6 months over standard APY
- Tiered account
- $100 minimum account opening
- Member FDIC
- No Monthly Service fees
- No account opening fees
HSBC Premier - Up to $5,000
Discover all that Premier can do for you
- Earn our best savings rate with a Premier Relationship Savings account for an introductory period and thereafter if you qualify
- Send money internationally, securely, quickly and fee-free in the HSBC mobile app with our award-winning HSBC Global Money Transfers
- Enjoy peace of mind with unique travel benefits available through our credit cards
Here's how the offer works
- Open a Premier checking account by June 30, 2026
- Add your desired level of deposits and/or eligible investments within 20 days
- Get $1,500: Deposit or invest $150,000 to $249,999
- Get $2,500: Deposit or invest $250,000 to $499,999
- Get $3,500: Deposit or invest $500,000 to $999,999
- Get $5,000: Deposit or invest $1,000,000+
- Maintain your balances for 3 full consecutive months
- Remain opted-in to receive HSBC marketing emails
If all offer requirements are met, the bonus will be paid within 8 weeks.
No-Fee Business Checking
- $0 monthly service fee
- $0 minimum opening deposit
- Open up to 20 individual business checking accounts
- Earn up to 3.00% APY with automated savings
- Issue up to 50 Visa® debit cards to your team
Write to Darlene Santos at feedback@creditdonkey.com. Follow us on Twitter and Facebook for our latest posts.
Note: This website is made possible through financial relationships with some of the products and services mentioned on this site. We may receive compensation if you shop through links in our content. You do not have to use our links, but you help support CreditDonkey if you do.
|
|
| ||||||
|
|
|
Compare:
