Wells Fargo High Yield Savings Review
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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 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.
Wells Fargo: Platinum Savings
- Up to 2.50% APY
- $25 minimum opening deposit
- Waive the $12 monthly service fee with a $3,500 minimum daily balance each fee period
| Balance | APY |
|---|---|
| $0 - $99,999.99 | 0.25% |
| $100,000 - $499,999.99 | 1.01% |
| $500,000 - $999,999.99 | 2.00% |
| $1,000,000+ | 2.50% |
Rates are for zip code 91101, and may vary per location.
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
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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
High-Yield Savings Premier - 5.36% APY
- No account activity or maintenance fees
- $500 minimum opening deposit
- FDIC insured
CIT Bank Platinum Savings - 5.05% APY
- 5.05% 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
UFB Secure Savings - Earn up to 5.25% APY
- Earn up to 5.25% APY*
- No monthly maintenance fees
- No minimum deposit required to open an account
- Access your funds 24/7 with easy-to-use digital banking tools
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.
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 Banking - $200 Bonus Offer
- 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 5/31/2024.
- To qualify, open a 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 account within 90 days of opening.
- 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.
Chase Total Checking® - $300 Bonus
- 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*
U.S. Bank Smartly® Checking and Standard Savings - Up to $700 Bonus
Earn up to $500 with a new Bank Smartly Checking account. Complete the following within 90 days of account opening:
- Enroll in online banking or the U.S. Bank Mobile App
- Make two or more direct deposit(s) totaling $3,000 to $4,999.99 to earn $100, $5,000 to $9,999.99 to earn $300 or $10,000 or more to earn $500
Earn up to $200 with a new Standard Savings account.
- Make new money deposit(s) totaling $15,000 or more by July 17, 2024
- Maintain that balance until October 31, 2024
Offer may not be available if you live outside of the U.S. Bank footprint or are not an existing client of U.S. Bank or State Farm.
Online Savings Account - Earn 4.25% APY
- No fees
- No minimum opening deposit
- No minimum balance required
CIT Bank Platinum Savings - 5.05% APY
- 5.05% 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
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