Last Updated: 04/18/2025
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Highlights
APY (Annual Percentage Yield)
0.01%(Verified 06/21/2024)
Disclaimer popup with additional information
Minimum Opening Deposit
Starting at $25
Minimum Balance to Earn APY
N/A
Wells Fargo Bank Platinum Savings Account Review
Wells Fargo Bank Platinum Savings Account is offered by Wells Fargo Bank, a bank founded in 1852 and based in San Francisco, CA. Wells Fargo savings account are available in 50 states and Washington, DC.
Key Takeaways
- Low interest rate. The maximum annual percentage yield for this account is only 0.01%.
- $0 monthly account fees available. This account charges a monthly fee of up to $12, but the fee may be waived if you keep a minimum balance of$3,500.
- No ATM fees. Wells Fargo Bank Platinum Savings Account does not charge fees on ATM transactions .
Wells Fargo savings account Pros & Cons
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Wells Fargo savings account FAQ
Are savings accounts from Wells Fargo Bank federally insured?
Yes, your deposits are insured by the Federal Deposit Insurance Corporation (FDIC). The FDIC is an independent agency of the United States government that protects you against the loss of your insured deposits if an FDIC-insured bank or savings association fails. FDIC insurance is backed by the full faith and credit of the United States government.
Does Wells Fargo Bank offer a signup bonus?
Wells Fargo savings account doesn't offer a signup bonus.
What is the minimum initial deposit for Wells Fargo savings account?
The minimum deposit to open a Wells Fargo savings account is $25.| Description | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Minimum Average Balance to Avoid Monthly Service Fee | Starting at $3,500 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Minimum Opening Deposit | Starting at $25 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
What APY does Wells Fargo Bank Platinum Savings Account offer?
Wells Fargo savings account offers an APY of 0.01% (APY stands for annual percentage yield, rates may change).
The interest rate on a savings account or checking account can change based, in part, on what the Federal Reserve does. Note that the APY of a savings account is the amount of interest you will earn if you keep your money in the account for a full year expressed as a percentage. The difference between an APY and an interest rate is that the APY takes into account how often your money earns interest (or compounds). The more often your money compounds, the more it will earn. Savings accounts with an interest rate that compounds daily, for example, will earn a higher return (and therefore a higher APY) than savings accounts that compound annually. What fees does Wells Fargo savings account charge?
Wells Fargo savings account does not charge a monthly service fee. See the fee breakdown section below to view all fees.
However, you can waive the monthly fees if you have a minimum daily balance of $3,500.
- Outgoing domestic bank transfers come with a $30 fee.
- Incoming domestic bank transfers come with a $15 fee.
- Wells Fargo savings account charges $5 every time you request a paper statement.
What features and perks does Wells Fargo savings account offer?
This savings account includes the following features:
- Fraud monitoring - Wells Fargo savings account monitors transactions for potentially fraudulent activity, such as when a debit card is unexpectedly used in a different location, or you make a sudden string of costly purchases.
- Mobile Banking Services - Wells Fargo savings account allows you to manage your money online or with a mobile app. This includes depositing checks in your account with a mobile app on your smartphone.
- Nationwide ATM network - Conveniently transact at a nearby ATM.
Can you set up a direct deposit to Wells Fargo savings account?
Yes, you can typically set up a direct deposit to this account. However, it depends on the direct deposit program your employer uses. Most direct deposit programs allow you to send your paycheck to a savings or checking account. In some cases, you can even split your paycheck between the two.
What is the customer support email for Wells Fargo savings account?
The customer support email for Wells Fargo savings account is corporateresponsibility@wellsfargo.com.
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Message from Wells Fargo savings account
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All Day
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All Day
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All Day
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All Day
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All Day
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Other Savings Accounts from Wells Fargo Bank
APY (Annual Percentage Yield)
0.01%
Disclaimer popup with additional information
Minimum Opening Deposit
Starting at $25
Minimum Balance to Earn APY
$0
SuperMoney Net Recommendation Score
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Wells Fargo Bank Platinum Savings Account Community Reviews
Would you recommend Wells Fargo Bank Platinum Savings Account to your friends?
SR
Saila R.
Nov 30, 2022
May or may not recommend
I don't recommend this savings account since the savings interest rate is very poor and you have to also pay $5 monthly fee which can be waived by fulfilling some requirements. But that requirements are not always convenient to people with low-medium income earnings. It might provide a sense of security to account holders but not beneficial for investors.
TH
Trey H.
Nov 9, 2021
May or may not recommend
Storing your money at Wells Fargo depends on your personal situation/ideals/life theory. It's a larger bank, so you won't be getting the customer service or personal rapport that you might get a smaller/local bank or credit union; that being said, the great size of Wells Fargo means that one need never worry or wring their hands over a possible failure of their money holding institution when other banks may be ...Show More
Kevin F.
Oct 23, 2020
May or may not recommend
The interest rate is fairly standard (it varies) for a brick-and-mortar bank, but it's not very good compared to online options. There's nothing particularly special about this savings account, but it does allow you to save money on the monthly service fee if you have a Checkings account. You just need to set an automatic transfer from your Checkings to your Savings for a minimum of $25 per month.
SM
Steven M.
Sep 2, 2020
May or may not recommend
I have used Wells Fargo savings account for a while. I enjoy the automatic saving tools so I don't have to worry about it. I also use the online controls so I can move money to my checking account when needed. With the online controls, I don't have to go to the bank or call. I prefer doing this electronically by using their secure online access. The savings account provides ...Show More
Showing 4 of 4 reviews
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