December 26, 2023

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.

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

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

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

What feature is most important to you in a high-yield savings account?

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.

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

  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

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Expires 5/31/2024
  • The $200 bonus offer is an online only offer and must be opened through the Bank of America promotional page.
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  • Bank of America, N.A. Member FDIC.
Chase
Member FDIC

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Citibank
Member FDIC

Enhanced Direct Deposit - Earn $300 Cash Bonus

Earn $300 cash bonus when you open a new eligible checking account with Enhanced Direct Deposit and complete required activities. Member FDIC

  • Open a new eligible Citi Checking account with Enhanced Direct Deposits
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Discover Bank
Member FDIC

Discover® Online Savings - $200 Cash Bonus

Expires 3/14/2024

To get your $150 or $200 Bonus: What to do: Apply for your first Discover Online Savings Account, online, in the Discover App or by phone. Enter Offer Code CY124 when applying. 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. Deposit must be posted to account within 30 days of account open date. Maximum bonus eligibility is $200.

What to know: Offer not valid for existing or prior Discover savings customers or existing or prior customers with savings accounts that are co-branded, or affinity accounts provided by Discover. 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 interest and subject to reporting on Form 1099-INT. Offer ends 03/14/24, 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 - 5.05% 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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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.

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