Updated May 8, 2024

Wells Fargo High Yield Savings Review

Read more about Wells Fargo
Editorial Note: This content is not provided by the companies mentioned. Opinions expressed here are author's alone, and have not been reviewed, approved or otherwise endorsed by the companies.
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. (read more)

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.

5-point scale (the higher, the better)

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 rates up to Up to 2.50% APY depending on your balance tier.

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.

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.

If you have a Wells Fargo checking account, you can link it with your Platinum Savings account to be eligible for slightly higher relationship rates.

How Much Can You Earn?

Use this convenient calculator to see how much interest you can earn in Wells Fargo's Platinum Savings.

Savings Calculator

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


  • Access to physical branches and ATMs
  • Option to earn relationship rates
  • Check writing
  • Mobile check deposit
  • Comes with a digital savings tool


  • 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

Is there an ATM withdrawal limit with Wells Fargo Platinum Savings?
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:

  1. Go to the Platinum Savings page and click Open Now.
  2. Complete the application with your personal information, social security number, and valid IDs.
  3. 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!

To fund your Platinum Savings account, you can:

  • 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.

What is your primary goal for opening a high-yield savings account?

How Wells Fargo Platinum Savings Compares

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.

Which Wells Fargo savings account is better?
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!


  1. ^ Wells Fargo. Consumer Account Fee and Information Schedule, Retrieved 10/20/2023
  2. ^ Wells Fargo. Checking and Savings Help: Debit Cards, Retrieved 10/20/2023
  3. ^ National Information Center. Large Holding Companies, Retrieved 10/20/2023
  4. ^ Wells Fargo. Deposit Questions, Retrieved 12/29/23
Bank of America
Member FDIC

Bank of America Advantage Banking - $200 Bonus Offer

Expires 9/30/2024
  • The $200 bonus offer is an online only offer and must be opened through the Bank of America promotional page.
  • The offer is for new checking customers only.
  • Offer expires 9/30/2024.
  • To qualify, open a new eligible Bank of America Advantage Banking account through the promotional page and set up and receive qualifying direct deposits totaling $2,000 or more into that new eligible account within 90 days of account opening. Bank of America Advantage SafeBalance Banking® for Family Banking accounts are not eligible for this offer.
  • Once all requirements are met, Bank of America will attempt to pay bonus within 60 days.
  • Additional terms and conditions apply. See offer page for more details.
  • Bank of America, N.A. Member FDIC.
Member FDIC

Chase Total Checking® - $300 Bonus

Expires 7/24/2024
  • New Chase checking customers enjoy a $300 bonus when you open a Chase Total Checking® account with qualifying activities
  • Access to more than 15,000 Chase ATMs and more than 4,700 branches
  • Chase Mobile® app - Manage your accounts, deposit checks, transfer money and more -- all from your device.
  • JPMorgan Chase Bank, N.A. Member FDIC
  • Open your account online now
  • Available online nationwide except in Alaska, Hawaii and Puerto Rico. For branch locations, visit locator.chase.com.
  • 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*
Discover Bank
Member FDIC

Discover® Online Savings - $200 Cash Bonus

Expires 9/12/2024

To qualify for Bonus: Apply for your first Discover Online Savings Account, enter Offer Code CY624 at application, deposit into your Account a total of at least $15,000 to earn a $150 Bonus or deposit a total of at least $25,000 to earn a $200 Bonus. Qualifying deposit(s) may consist of multiple deposits and must post to Account within 45 days of account open date. Maximum bonus eligibility is $200.

What to know: Offer not valid for existing or prior Discover savings customers, including co-branded, or affinity accounts. Eligibility is based on primary account owner. Account must be open when bonus is credited. Bonus will be credited to the account within 60 days of the account qualifying for the bonus. Bonus is subject to tax reporting. Offer ends 09/12/2024, 11:59 PM ET. Offer may be modified or withdrawn without notice. See advertiser website for full details.

CIT Bank
Member FDIC

CIT Bank Platinum Savings - 5.00% APY

  • 5.00% APY with a balance of $5,000 or more
  • 0.25% APY with a balance of less than $5,000
  • $100 minimum opening deposit
  • No monthly maintenance fee
  • Member FDIC

Free Business Checking - Up to 2.0% APY

  • 2.0% APY on your balance up to $250,000 for customers that meet monthly eligibility requirements
  • $0 minimum opening deposit
  • $0 monthly service fee
Banking services provided by Coastal Community Bank, Member FDIC

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.

Subscribe to CreditDonkey: Get updates on the latest deals and keep up with the best money moves.
Your privacy is important to us. Unsubscribe anytime


Save money and build wealth. Sign up to get our FREE email newsletter.

About CreditDonkey
CreditDonkey is a bank comparison website. We publish data-driven analysis to help you save money & make savvy decisions.

Editorial Note: Any opinions, analyses, reviews or recommendations expressed on this page are those of the author's alone, and have not been reviewed, approved or otherwise endorsed by any card issuer.

†Advertiser Disclosure: Many of the offers that appear on this site are from companies from which CreditDonkey receives compensation. This compensation may impact how and where products appear on this site (including, for example, the order in which they appear). CreditDonkey does not include all companies or all offers that may be available in the marketplace.

*See the card issuer's online application for details about terms and conditions. Reasonable efforts are made to maintain accurate information. However, all information is presented without warranty. When you click on the "Apply Now" button you can review the terms and conditions on the card issuer's website.

CreditDonkey does not know your individual circumstances and provides information for general educational purposes only. CreditDonkey is not a substitute for, and should not be used as, professional legal, credit or financial advice. You should consult your own professional advisors for such advice.

About Us | Reviews | Deals | Tips | Privacy | Do Not Sell My Info | Terms | Contact Us
(888) 483-4925 | 680 East Colorado Blvd, 2nd Floor | Pasadena, CA 91101
© 2024 CreditDonkey Inc. All Rights Reserved.