Sat. Aug 24th, 2019

Wells Fargo Financial savings Account Curiosity Fee: How It Compares

 

The Wells Fargo financial savings account rate of interest is zero.01% for its Way2Save choice. That’s decrease than the nationwide common of zero.09%, and considerably worse than annual share yields, or APYs, on on-line financial savings accounts. (These will be properly above 2%.) Whereas Wells Fargo’s general star score is three.5 out of 5 stars, the Way2Save Financial savings Account earns 2.5 out of 5 stars.

When you’ve got extra money to deposit, Wells Fargo gives financial savings accounts with higher rates of interest, together with a 12-month promotional 1.55% APY on deposits of at the least $25,000. That’s a stable charge, however nonetheless decrease than what many on-line banks supply.

Wells Fargo rate of interest, charges

Rate of interest on balances0.01%.
The way it comparesThe common nationwide charge for financial savings accounts is zero.09% APY.
Month-to-month charges$5.
Tips on how to keep away from month-to-month feesMaintain minimal every day stability of at the least $300, orSet up an computerized switch from a Wells Fargo checking account, or
Be below age 18 (19 in Alabama).
Minimal opening deposit$25.
Curiosity on balances for premium financial savings accountsUp to zero.10% APY. Particular promotional charge of 1.55% APY for one 12 months on balances of at the least $25,000. (APYs could fluctuate relying on the place you reside.)

» Try high-interest charge choices with NerdWallet’s finest high-yield on-line financial savings accounts

How Wells Fargo compares to on-line banks

Megabanks like Wells Fargo typically have financial savings accounts with low rates of interest. If you’re searching for increased charges in your financial savings accounts, you’ll most likely discover higher choices at on-line banks. Along with having accounts with increased yields, many don’t have any month-to-month charges or minimal stability necessities.

Right here’s a comparability of Wells Fargo financial savings charges with accounts at prime on-line establishments:

Wells Fargo CDs and different financial savings choices

Along with its primary financial savings account, Wells Fargo gives a Platinum financial savings account that earns barely increased charges but additionally has the next minimal stability requirement. The financial institution additionally has a choice of CDs, together with choices with charges of as much as 2.60% APY with a $5,000 minimal deposit and time period size of 19 months. There are additionally customary choices with a minimal stability of $2,500 and charges as much as 1.50% for CDs with one-year phrases.

» Dive deeper: Learn NerdWallet’s Wells Fargo evaluation

Learn the way a lot curiosity you might be incomes with the calculator under. The upper the speed, the sooner your cash can develop.

» Discover this month’s finest charges in NerdWallet’s Finest Financial savings Charges

 

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